Mukkull

Pivott_Boss Tool

Hello FAM ,

Introduction to the Script:
This script is purely formulated according to the concepts of the Pivot Boss Book written by Mr.Frank Ochoa! This tool will help you simply the concepts which are given in the book and also will you trade based on price levels which are formulated according to Pivot Boss Concepts.

How to use:

1. Pivots:
- In this section you will find CPR being generated with respect to various time frames you wish to trade.
- Additionally, it will also generate price levels in the form of buy and sell levels which can be used for placing your orders and it becomes even more handy with target and SL labels in place.
- Mid Points are placed in the form dotted lines to help to track the momentum in that particular script.

2. Floating SnR:
- This section has completely been formulated in combinations of movings averages with respect to PEMA ( pivot exponential moving average ) concepts stated in the Secrets of Pivot Boss book.
- PEMA has three MA's which are stated in the settings of the indicator and one can switch between various intensity bands according to their needs.
- This helps you in determining the trend continuation/reversals and also pullbacks while in a unidirectional trend.
- VWAP will help you track the intraday weightage average price where the market is creating an equilibrium which can be plotted easily.

3. Candle:
- This is simply a dojo candle with a defined body size which is taken from the concept of Demand and Supply.
- This are technically called "boring candles".

4. ATR SL:
- ATR ( Average True Range ) is included with default settings for users to define their max stops in accordance with the trend as per the calculations of the indicators.

5. PIVOT TABLE & Color Codes:
- This is the most interesting part of the indicator where the user gets to the Pivot Trend, RSI values and CPR relationship all under one table which comes to be very handy during day trading!
# Pivot Trend gives you an idea of whether the pivots levels are taken out or not giving you an idea of the direction of that particular script.
# RSI parameters are defined as:
- OverBought above 70
- Netural
- Oversold below 30
# CPR relationship gives an idea of the trend direction and intensity which is exactly formulated according the concepts of Pivot Boss Book and it also states the relationship of CPR's with customisable colour codes in the indicator settings.

6. Pivot Cloud:
- Here, the concept of Developing Pivots and Pivot Shift Indication is combined to form a cloud like structure which will give you an idea of the ongoing trend, resistance or support, upcoming trend direction.
- This can be viewed with respects to all possible time frames from the indicator settings.

Credits:
teamtauras for enlightening the path.
Mr. Frank Ochoa for the wonderful book.

Lastly, I would like to conclude that this is just a basic tool to help you analyse charts in a simple way yet keeping all the concepts and formulas intact in accordance with the concepts described in the Pivot Boss Book.

Thank You.
Protected script
This script is published closed-source and you may use it freely. You can favorite it to use it on a chart. You cannot view or modify its source code.
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