OPEN-SOURCE SCRIPT
Drummond Geometry - Pldot and Envelope
This script implements the two essential elements of the Drummond Geometry methodology: the Pldot and the Envelope.
The Pldot is a short term moving average that is calculated as the average of the last three candles high, low and close which is then also averaged.
The Pldot is very responsive. Congestion is a horizontal line formed by the Pldot, whereas a trend is a sloping line. The Pldot often can be found on the top or bottom of a bar, pushing the market down or up in a so called "Pldot push". When price strays away from the Pldot, there is a pattern where price returns to the Pldot level, also known as "Pldot refresh". In essence, the Pldot contains energy that waxes and wanes depending on the circumstances.
The envelope top and bottom are the second most important element of DG.
The most important element is the projection in time where one can see the levels for the upcoming week, day, hour, etc...
The Pldot is a short term moving average that is calculated as the average of the last three candles high, low and close which is then also averaged.
The Pldot is very responsive. Congestion is a horizontal line formed by the Pldot, whereas a trend is a sloping line. The Pldot often can be found on the top or bottom of a bar, pushing the market down or up in a so called "Pldot push". When price strays away from the Pldot, there is a pattern where price returns to the Pldot level, also known as "Pldot refresh". In essence, the Pldot contains energy that waxes and wanes depending on the circumstances.
The envelope top and bottom are the second most important element of DG.
The most important element is the projection in time where one can see the levels for the upcoming week, day, hour, etc...
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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