OPEN-SOURCE SCRIPT

The Next Pivot [Kioseff Trading]

Hello!

This script "The Next Pivot" uses various similarity measures to compare historical price sequences to the current price sequence!

Features

  • Find the most similar price sequence up to 100 bars from the current bar
  • Forecast price path up to 250 bars
  • Forecast ZigZag up to 250 bars
  • Spearmen
  • Pearson
  • Absolute Difference
  • Cosine Similarity
  • Mean Squared Error
  • Kendall
  • Forecasted linear regression channel


snapshot

The image above shows/explains some of the indicator's capabilities!

snapshot

The image above highlights the projected zig zag (pivots) pattern!

Colors are customizable (:

snapshot

Additionally, you can plot a forecasted LinReg channel.

Should load times permit it, the script can search all bar history for a correlating sequence. This won't always be possible, contingent on the forecast length, correlation length, and the number of bars on the chart.

Reasonable Assessment

The script uses various similarity measures to find the "most similar" price sequence to what's currently happening. Once found, the subsequent price move (to the most similar sequence) is recorded and projected forward.

So,

1: Script finds most similar price sequence
2: Script takes what happened after and projects forward

While this may be useful, the projection is simply the reaction to a possible one-off "similarity" to what's currently happening. Random fluctuations are likely and, if occurring, similarities between the current price sequence and the "most similar" sequence are plausibly coincidental.

That said, if you have any ideas on cool features to add please let me know!

Thank you (:


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Script open-source

Dans le plus pur esprit 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 nos Règles. Vous pouvez le mettre en favori pour l'utiliser sur un graphique.

Vous voulez utiliser ce script sur un graphique ?


•Access to Next-Gen Optimization Tools: kiosefftrading.com

•Discord Server: discord.gg/3cKVU28Z9Z
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