allanster

Pivotal Moments

allanster Wizard Updated   
Pivotal Moments draws lines for each of up to 500 pivot high and pivot low levels that have never been revisited at the present moment in time. After the Pivotal Moments indicator has been loaded onto chart and any of the subsequent realtime bars that are formed touch or cross a pivot level it is deleted. The duration for how long any touched or crossed pivot levels remain on chart before deletion may be extended by N bars or N units of time.

There are user selectable options for the following:
Pivot Bars Left: the number of lower highs or higher lows that must be formed before a possible pivot bar can occur.
Right: the number of lower highs or higher lows that must be formed after potential pivot to validate a pivot bar.
Lines Show As: the choice of line style to use for the drawn pivot levels includes Dashed, Dotted, or Solid.
Wide: the number of lines wide for how thick the drawn pivot levels are desired to be on the chart.
Delay Removal: the number of units that touched or crossed pivot levels will persist on chart.
Units: the choice of which delay unit type includes nBars, nSecs, nMins, nHrs, or nDays.
Extend Right: the number of bars right of current bar to extend drawn pivot levels.
Show: the number of maximum recent drawn pivot levels to keep on chart.
Colors Used: the colors used for pivots high, low, and dual pivot bars.
Show Price Labels: the choice whether to show prices for levels.
On Right: the choice to move prices to right of pivot levels.
Show Pivot Bars: the choice to colorize pivot bars.

If desired, alerts can be received for whenever new touches or crosses occur for both pivot highs and pivot lows by creating a single Alert. Note that these alerts are triggered by realtime bars which by their very nature are repainting prices, thus the alert creation window will warn of this with an orange exclamation symbol. For an illustration of how to create alerts for this indicator click the chart below:



Credit: this indicator was originally built for @Luckshury, who has graciously given me permission to publish it publicly.


NOTICE: This is an example script and not meant to be used as an actual strategy. By using this script or any portion thereof, you acknowledge that you have read and understood that this is for research purposes only and I am not responsible for any financial losses you may incur by using this script!
Release Notes:
Revision 1
• Cosmetic only, comment changes and added line spacing, no changes to code.

Telegram: t.me/allanster • Website: www.allanster.com

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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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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