[CP]Pivot Boss Floor Pivots with ATR Dilation and Dynamic Levels

pranjalchaubey Premium Mis à jour   
Compared to all the Pivot Indicators available on Trading View Public Library, this Floor Pivots Indicator differentiates itself in two major original ways:
There were a few features whose logic I had figured out, but I could not implement them due Pine Script’s Limitation (they should really work on increasing Pine Script’s capacity instead of adding more and more features to the language in order to make it look ‘better’):
  • Showing multiple timeframe pivots at the same time (not possible due to Pine Script’s limitation on the ‘Max Number of Outputs’)
  • Automatic Detection of highly profitable Double Hot Pivot Zones ( DPZ ), also due to the ‘Max Number of Outputs’ limit

Most of the settings are self-explanatory, however, a few of them need some explanation:
  • Show Floor Pivots Dynamically – This will turn ON the dynamic pivot levels, please note that this function will work ONLY IN INTRADAY timeframes.
  • Dynamic Pivot ATR Period – Period over which the ATR value is calculated to show the pivots dynamically.
  • ATR Threshold for Dynamic Floor Pivots Simply put, the indicator will start displaying Pivot Levels if they fall within the 2*ATR distance (default value) of the price. You can increase this number if the volatility increases and vice-versa.
  • Use ATR to Dilate Intraday Pivot Levels – This will turn ON Floor Pivot Dilation, turning pivot ‘lines’ into ‘bands’.
  • ATR Dilation Factor – This number decides the width of the Pivot bands. Larger this number, thicker the bands. Typically, high volatility stocks will require a higher number.
  • ATR Period – Same as Dynamic Pivot ATR Period, but for Pivot Level Dilation.

    This indicator works great in conjunction with my Pivot Boss Candlestick Scanner indicator.
    There are a lot of optimizations I have done in the code, although it looks trivial at first glance, but it's fairly complex.
    Feel free to use it and modify it as you wish.

    Here are a few examples where the indicator has shown great entries and exits, with the default settings:
    NIFTY 5m Chart

    Reliance 5m Chart

    Tesla 5m Chart

    Bitcoin-USDT 15m Chart

  • Please understand that I have Cherry Picked the examples to showcase the capability of the indicator and its usage.
  • DO NOT conflate the accuracy of examples with the accuracy of this indicator.
  • Once you start using floor pivots , you will realize that a lot of days simply don’t give any high probability setups and you will simply sit out of the market and do nothing (which is a good thing).
  • If you really want to learn how to use Pivots , read the book ’Secrets of a Pivot Boss’. This book can change your life.

Notes de version: UPDATE:
  • There was an unsightly graphic bug when plotting CPR, that has been fixed
  • Bonus Indicators

As most of the users here have a free version of TradingView, and based on some DMs that I have received, chose to add a few Bonus Indicators that people generally use in Day Trading:
  • Moving Averages x3 - You can individually choose them to be SMA/EMA/WMA/VWMA
  • Bollinger Band

I wanted to add a few more, but was hit by Pine Scripts limitation as usual (you can have only so many calls to 'Plot' function).
Moving Averages was the most common request, so we got that covered here.

Script open-source

Dans le véritable esprit de TradingView, l'auteur de ce script l'a publié en open-source, afin que les traders puissent le comprendre et le vérifier. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais la réutilisation de ce code dans une publication est régie par le règlement. Vous pouvez le mettre en favori pour l'utiliser sur un graphique.

Clause de non-responsabilité

Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.

Vous voulez utiliser ce script sur un graphique ?