OPEN-SOURCE SCRIPT
Pivot Point Bounce
Pivot Point Bounce
(Generated by trade-pilot.app Builder)
Overview
Pivot Point Bounce is an intraday support & resistance indicator that automatically plots daily pivot levels and highlights high-probability bounce reactions from those levels during the trading session. It is designed to help traders identify areas where price is likely to react, reject, or reverse.
Daily Pivot Point Levels
The indicator calculates daily pivot points based on the previous trading day’s High, Low, and Close:
Pivot (P) – central equilibrium level
Resistance levels: R1, R2, R3
Support levels: S1, S2, S3
These levels are fixed for the entire trading day and are drawn as horizontal lines on the chart:
Pivot: yellow
Resistances: red
Supports: green
This creates a clear intraday liquidity map that updates automatically every new day.
Bounce Detection Logic
The indicator continuously monitors price interaction with pivot levels and looks for true bounce behavior, not simple touches.
A bounce is detected when:
Price touches or slightly crosses a pivot level (using an ATR-based tolerance).
The next candle closes back on the correct side of the level:
Long bounce: price touches S1, S2, or Pivot from below and closes back above with a bullish candle.
Short bounce: price touches R1, R2, or Pivot from above and closes back below with a bearish candle.
This helps filter out false breaks and focuses on real rejection from key levels.
RSI Confirmation
RSI is used as an additional confirmation layer:
Oversold RSI supports long bounces.
Overbought RSI supports short bounces.
RSI values and thresholds are fully customizable through inputs.
Session Filter
Signals are only generated inside the selected trading session (default: 09:30–16:00 New York time).
This prevents signals during low-liquidity or off-market hours.
Visual Signals & Alerts
When all conditions are met, the indicator:
Displays LONG / SHORT labels directly on the chart.
Plots directional arrows at signal candles.
Supports TradingView alerts for automated notifications.
Why This Indicator Is Useful
Clearly visualizes institutional pivot levels.
Helps identify high-probability bounce trades.
Avoids random entries in the middle of price action.
Combines structure, momentum, and time-based filtering.
Clean, readable, and optimized for intraday trading.
(Generated by trade-pilot.app Builder)
Overview
Pivot Point Bounce is an intraday support & resistance indicator that automatically plots daily pivot levels and highlights high-probability bounce reactions from those levels during the trading session. It is designed to help traders identify areas where price is likely to react, reject, or reverse.
Daily Pivot Point Levels
The indicator calculates daily pivot points based on the previous trading day’s High, Low, and Close:
Pivot (P) – central equilibrium level
Resistance levels: R1, R2, R3
Support levels: S1, S2, S3
These levels are fixed for the entire trading day and are drawn as horizontal lines on the chart:
Pivot: yellow
Resistances: red
Supports: green
This creates a clear intraday liquidity map that updates automatically every new day.
Bounce Detection Logic
The indicator continuously monitors price interaction with pivot levels and looks for true bounce behavior, not simple touches.
A bounce is detected when:
Price touches or slightly crosses a pivot level (using an ATR-based tolerance).
The next candle closes back on the correct side of the level:
Long bounce: price touches S1, S2, or Pivot from below and closes back above with a bullish candle.
Short bounce: price touches R1, R2, or Pivot from above and closes back below with a bearish candle.
This helps filter out false breaks and focuses on real rejection from key levels.
RSI Confirmation
RSI is used as an additional confirmation layer:
Oversold RSI supports long bounces.
Overbought RSI supports short bounces.
RSI values and thresholds are fully customizable through inputs.
Session Filter
Signals are only generated inside the selected trading session (default: 09:30–16:00 New York time).
This prevents signals during low-liquidity or off-market hours.
Visual Signals & Alerts
When all conditions are met, the indicator:
Displays LONG / SHORT labels directly on the chart.
Plots directional arrows at signal candles.
Supports TradingView alerts for automated notifications.
Why This Indicator Is Useful
Clearly visualizes institutional pivot levels.
Helps identify high-probability bounce trades.
Avoids random entries in the middle of price action.
Combines structure, momentum, and time-based filtering.
Clean, readable, and optimized for intraday trading.
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.