dbdecoy

Standard Deviation Pivot points

Support Resistance points that are calculated based on the standard deviation of the traditional pivot point (previous session's high, low and close). More often stocks tend to oscillate between 3 levels of deviation forming day's high or low. A breakout of the 3rd SR level with volume indicates a strong trend day.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

Comments

3rd SR level is the third red line?
+3 Reply
any way to remove the the past pivot points, hate the clutter, love the indicator
Reply
@dbdecoy This is really useful. I found this to be much more responsive than Stand Pivots. Thank you!
Reply
Hi , could you let me know a resource where I can find info on how standard deviation is used in calculation of the pivots, they really do contain price really well and I want to know why, is it because they are used widely? I don't think they are, or is it that they reflect the limits of price movement by virtue of normal distribution of the price data. Any info welcome
Reply
dbdecoy Interzona
@Interzona, This is just a deviation of the variables that are used to calculate the standard floor pivot point which is used by almost everyone and plots the normal distribution values. You may not find this indicator anywhere but is very effective in predicting the price levels.
Reply
Interzona dbdecoy
@dbdecoy, ok thanks , I worked it out , they really are POWERFULL levels. I notice tomorrow's SD1 PIVOTS often line up with support for previous day's hi or low , have you thought about putting a developing pivot together. This would be very useful for entries especially towards the end of the day as most data points are already in place
Reply
How does this work?
Reply
dbdecoy LeoWildz
@LeoWildz, You can use these levels as stoploss and targets for intraday positions.
Reply