This indicator plots local pivot points / support resistance levels in real time (No Repaint). I created this indicator based on my own research and testing (i.e. it is not just a a Pinescript adaptation of some other indicator available online).
The Problem with Similar Indicators Which Are Currently Available On TradingView:
My Solution:
P.S.: Future developments will be using these levels to create an automatic plot of fibonacci retracement levels.
The Problem with Similar Indicators Which Are Currently Available On TradingView:
- Inaccurate placement of swing/pivot/SR points (making your screen cluttered with meaningless levels).
- Repainting (meaning the historical values change as new data becomes available; this is misleading and not very useful when trading in real time).
- Have a long delay before confirming/plotting the new pivot points (20/20 hindsight...).
- Require you to specify a lookback period and simply looks for the highest or lowest value over that time frame (which isn't very useful since it disregards all of the swings in between).
- Do not show all of the historical swing levels, only the most recent ones.
My Solution:
- Accurately places swing/pivot/SR points on local highs and lows once a short term trend is over (allowing you to easily identify reversal points).
- Does not repaint (the historic values shown are exactly what would have been seen upon the close of the given candles in live trading; this means you can use this indicator for live trading).
- Has minimal lag. New swing lows/highs are typically identified by this indicator on the candle which immediately following the swing point (this allows for better entries/exits rather than waiting for the price to run too far in the wrong direction before confirmation).
- No lookback period required. The indicator will automatically identify new swings regardless how long the run lasts.
- Allows you to adjust for more/less sensitivity.
P.S.: Future developments will be using these levels to create an automatic plot of fibonacci retracement levels.
Release Notes:
Added extra logic to prevent repainting during "replay mode"
Release Notes:
candle colors for short term trend direction
Release Notes:
Updated for increased precision
Release Notes:
Removed accidental drawings on last update