CPR by PIVOT EDGE - Trend based coloring + Labels
Introduction to the Indicator " CPR by PIVOT EDGE - Trend based coloring + Labels "
The Foundation layout for this indicator is based on PIVOT's which are nothing but the most important levels that the price has respected in the past.The values for the pivots are derived from the key attributes of the price in any timeframe such as the OPEN, HIGH, LOW and CLOSE. These define the mood of the price and where it intends to move in relation to the previous range formed.Earlier HIGH - LOW i.e the RANGE indicates the possible movement that a stock can make in the current session and as per the calculated pivots we can possible find out the tentative supports and resistances. In addition to this indicator, It is advisable to use the price action theory which helps in taking a right decision for entries.
This indicator by itself is complete in nature, i.e it guides the user for possible entry levels and the projected targets that we can achieve and also the likely stop loss limit in case the price reverses. So beforehand even before entering into a trade position, the user can ascertain what can be his loss or max profit and then he can chose an optimum position size for favorable results.
The beauty of this Indicator lies in the fact that it can be used for all types of trading like Scalping, Intra day, Swing or Positional and Investments also. It works on all timeframes and across all market segments like EQUITY, COMMODITIES , FUTURES , OPTIONS , FOREX etc.
This indicator can be used for any exchange and any timezone also without any changes or adjustments needed.
Now let us understand the features of this Indicator in detail.
TIMEFRAME - It has options to choose between Day,week and month as timeframe. By default it is set to Day timeframe
DISPLAY CPR BAND - This displays the CPR range that consists of Pivot, TC and BC. This Band or Range is the core of this indicator and this givesa detailed information about the tentative range and momentum of the market for the present period
as well a prediction for next session and also can tell you the history of its pior period. This level acts as both support and resistance based on the direction of the trend. The unique feature built in this indicator is that
the Pivot changes its color based on the trend in the market and by looking at the color of the pivot itself you can make out what the current trend in the market is.
DISPLAY SUPPORT RESISTANCE - This indicates the important support and resitance levels for the day which is derived from the price details of prior period that is based on HIGH / LOW / CLOSE of prior period.
DISPLAY PREVIOUS HIGH / LOW / CLOSE - I have included Daily / Weekly and monthly levels. It is important to know the earlier highs / lows and close since price respects it very must just like support and resistance.
DISPLAY TOMORROW CPR - This displays the CPR band and support / resistance for tomorrow.It give an advance information of tomorrows trend and momentum today itself if you study the CPR concepts you can be prepared for tomomorrows market and can very well know in advance if it will be a sideways market or a trending day.
MINOR TREND - This displays a combination of 2 moving averages. By default I have coded for 20 and 50 period which can be modified as per your needs. These 2 moving averages depicts the prevailing minor trend in the market and you can take decision to enter trade based on this trend projection.
For users ease, I have conditionally coded the moving average curves and also the background color to depict the present trend i.e red denoted bearish trend and green denoting bullish trend. The colors change automatically based on the change in price behaviour.
MAJOR TREND - This displays the prevailing major trend in the market and I have used as 200 period moving average by default which you can change to suit your needs. You can check the major trend of the market by using higher timeframes above 1Hr.
IMPORTANT NOTE : This indicator does not guarantee any favorable results nor protect your from any loss. You own the complete risk of your trades. It is suggested that you use this indicator and do back testing for considerable period to understand how it works the the potential win rate it can give.
If you have any doubts or need any clarifications of assistance in understanding, you can message me and i will try to help.
I will soon try to make a Video and explain the use of this indicator for better clarity and understanding.
Happy and Safe trading - Mohan from PIVOT EDGE
The Foundation layout for this indicator is based on PIVOT's which are nothing but the most important levels that the price has respected in the past.The values for the pivots are derived from the key attributes of the price in any timeframe such as the OPEN, HIGH, LOW and CLOSE. These define the mood of the price and where it intends to move in relation to the previous range formed.Earlier HIGH - LOW i.e the RANGE indicates the possible movement that a stock can make in the current session and as per the calculated pivots we can possible find out the tentative supports and resistances. In addition to this indicator, It is advisable to use the price action theory which helps in taking a right decision for entries.
This indicator by itself is complete in nature, i.e it guides the user for possible entry levels and the projected targets that we can achieve and also the likely stop loss limit in case the price reverses. So beforehand even before entering into a trade position, the user can ascertain what can be his loss or max profit and then he can chose an optimum position size for favorable results.
The beauty of this Indicator lies in the fact that it can be used for all types of trading like Scalping, Intra day, Swing or Positional and Investments also. It works on all timeframes and across all market segments like EQUITY, COMMODITIES , FUTURES , OPTIONS , FOREX etc.
This indicator can be used for any exchange and any timezone also without any changes or adjustments needed.
Now let us understand the features of this Indicator in detail.
TIMEFRAME - It has options to choose between Day,week and month as timeframe. By default it is set to Day timeframe
DISPLAY CPR BAND - This displays the CPR range that consists of Pivot, TC and BC. This Band or Range is the core of this indicator and this givesa detailed information about the tentative range and momentum of the market for the present period
as well a prediction for next session and also can tell you the history of its pior period. This level acts as both support and resistance based on the direction of the trend. The unique feature built in this indicator is that
the Pivot changes its color based on the trend in the market and by looking at the color of the pivot itself you can make out what the current trend in the market is.
DISPLAY SUPPORT RESISTANCE - This indicates the important support and resitance levels for the day which is derived from the price details of prior period that is based on HIGH / LOW / CLOSE of prior period.
DISPLAY PREVIOUS HIGH / LOW / CLOSE - I have included Daily / Weekly and monthly levels. It is important to know the earlier highs / lows and close since price respects it very must just like support and resistance.
DISPLAY TOMORROW CPR - This displays the CPR band and support / resistance for tomorrow.It give an advance information of tomorrows trend and momentum today itself if you study the CPR concepts you can be prepared for tomomorrows market and can very well know in advance if it will be a sideways market or a trending day.
MINOR TREND - This displays a combination of 2 moving averages. By default I have coded for 20 and 50 period which can be modified as per your needs. These 2 moving averages depicts the prevailing minor trend in the market and you can take decision to enter trade based on this trend projection.
For users ease, I have conditionally coded the moving average curves and also the background color to depict the present trend i.e red denoted bearish trend and green denoting bullish trend. The colors change automatically based on the change in price behaviour.
MAJOR TREND - This displays the prevailing major trend in the market and I have used as 200 period moving average by default which you can change to suit your needs. You can check the major trend of the market by using higher timeframes above 1Hr.
IMPORTANT NOTE : This indicator does not guarantee any favorable results nor protect your from any loss. You own the complete risk of your trades. It is suggested that you use this indicator and do back testing for considerable period to understand how it works the the potential win rate it can give.
If you have any doubts or need any clarifications of assistance in understanding, you can message me and i will try to help.
I will soon try to make a Video and explain the use of this indicator for better clarity and understanding.
Happy and Safe trading - Mohan from PIVOT EDGE