This script will mark the structural pivots based on some rules.
Solid green/red lines are for major trend to mark LPH (Large Pivot High) and LPL (Large Pivot Low). Dotted green/red lines are for minor trend SPH (Small Pivot High) and SPL (Small Pivot Low). SPH and SPL are not marked as labels to reduce congestion on the chart. Gray lines are to identify temporary large pivots before they get promoted to LPH / LPL Blue lines are to identify temporary small pivots before they get promoted to SPH / SPL
Couple of common trading strategies - Go Long above LPH - Go Short below LPL - Go Long above SPH after LPH - Go Short below SPL after LPL
Mean Reversion - Go Long above SPH after LPL - Go Short below SPL after LPH
This is the initial version and I am making it as public beta to iron out any issues. I might make this script private in future - FYI
Release Notes
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29-Jan-2022 Changes
Added input to turn on/off small pivot labels
Trend line colors continue to be green as long as trend is bullish and vice-versa for both Major and Minor trends
Release Notes
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User can change SPH/SPL Label color though input option
Picture Perfect. This will help in entering and exiting the trade easily. Hope you will not make it private once we are addicted to this i
ganiga
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Alternately can you incorporate small change Mark SPL and SPH in UPPER CASE - Many Thanks for this tremendous effort in coding not all easy
ILuvMarkets
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@ganiga, Two options I am thinking of (1) Color them green/red lighter shade or (2) instead of a label, just print a green / red dot in top/bottom of the bar to save on real estate on the screen. I will post the updated script tonight
ganiga
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@ILuvMarkets, Coloring seems to be a good option, though , dot might get conflated with drawn dash. Many Thanks for this effort.
ILuvMarkets
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@ganiga, added input option to change color for sph/spl labels. Please use the latest version
ganiga
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@ILuvMarkets, Awesome, Thank you for your time and efforts. God bless you.
LoneTrader05
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Is it possible to add a settings window to change the color and label shape of lph and lpl? perhaps an option to choose just an arrow down s
ILuvMarkets
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@LoneTrader05, Not getting time these days as I am busy with other efforts. Will put this one in the enhancements list and will get it done when I have some free time.. Thanks!
Hey hai. I really loved this indicator. Can I get access source code for this please. I need to convert it to strategy and back test my ideas. If you don;t mind please let me know how can I compensate for this favour thank you.