OPEN-SOURCE SCRIPT
Pocket Pivot
Updated
The Pocket Pivot was originated by traders Gil Morales and Dr. Chris Kacher. A Pocket Pivot is a price and volume pattern that reveals an interest of institutional buyers. The indicator is best used when the stock is is a proper consolidation base and in a prior uptrend.
The indicator shows up when the following conditions are is true.
Current day's price has a close greater than the open.
Current day's volume is greater than previous 10 trading days.
Current day crosses up over the 10 day or 50 day SMA.
There are no changeable inputs other than color and shape. The script also does not check to see if the stock is in a proper base which allow the indicator to show up in other conditions.
I welcome your feedback and any enhancements you may suggest.
The indicator shows up when the following conditions are is true.
Current day's price has a close greater than the open.
Current day's volume is greater than previous 10 trading days.
Current day crosses up over the 10 day or 50 day SMA.
There are no changeable inputs other than color and shape. The script also does not check to see if the stock is in a proper base which allow the indicator to show up in other conditions.
I welcome your feedback and any enhancements you may suggest.
Release Notes
I added the following features to the Pocket Pivot.1. Ability to change SMA lengths from the standard 10 and 50 SMAs.
2. Ability to change the Pocket Pivot lookback length from the standard 10-day length.
3. Added Volume Pocket Pivot signature that shows high volume days that do not cross the 10 and 50 SMAs.
Release Notes
Changed Upday criteria from needing have Close > Open AND current day's Close > previous day's Close to Close > Open OR current day's Close > previous day's Close.Release Notes
MACross variable was updated to count a real pocket pivot in the event of a gap up over the 10 or 50 SMA Release Notes
Added different price action criteria for the real Pocket Pivots and just Volume Pocket Pivots.Release Notes
Added the ability to change the volume length for both true pocket pivots (Blue up arrow indicator) and just volume pocket pivots (yellow down arrow indicator). Pocket pivots allow you to see signs of accumulation of a stock, which is especially important when a stock is basing.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 publication is governed by House rules. You can favorite it to use it on a chart.
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