OPEN-SOURCE SCRIPT
PIVOT difference
all credit to pine coders of TV- tradingview.com/blog/en/line-get_price-new-function-in-pine-script-18894/
this is just example of the new function and how we can make smart pivot system for low TF
on the right side (the normal pivot that we use S1 and R1 level shown)
the lines represent the trend of the pivot and there levels
here i use 30 min pivot MTF on 5 min chart
in this example we can see that we have much more correct way to estimate break up or down
the get price function allow you to make alerts of crossing of the trend line ( I am lazy now so maybe later I add it:) )
you can use same TF as the chart or higher
and then examine where you think you nned to buy and sell
I normaly add linear regression or other method of choice for conformation of buy or sell oppertunity
this is just raw idea but this function can be exploited with any trend line or system that one can think about
this is just example to think on :)
this is just example of the new function and how we can make smart pivot system for low TF
on the right side (the normal pivot that we use S1 and R1 level shown)
the lines represent the trend of the pivot and there levels
here i use 30 min pivot MTF on 5 min chart
in this example we can see that we have much more correct way to estimate break up or down
the get price function allow you to make alerts of crossing of the trend line ( I am lazy now so maybe later I add it:) )
you can use same TF as the chart or higher
and then examine where you think you nned to buy and sell
I normaly add linear regression or other method of choice for conformation of buy or sell oppertunity
this is just raw idea but this function can be exploited with any trend line or system that one can think about
this is just example to think on :)
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.