OPEN-SOURCE SCRIPT
Pivot Average
This is an interesting application of Tradingview's basic Pivot HL indicator.
Pivot Average Indicator takes N number of the most recent Pivot Points (for both High and Low) and computes the average of the pivot points. The average price is then plotted on the chart.
The number of pivot points to average is a user defined variable that can be adjusted in the settings.
One can develop his/her own strategy by using this. One way to use this indicator is to buy when the price breaks above the average of High Pivot points and to sell when the price breaks below the average of Low Pivot points.
Pivot Average Indicator takes N number of the most recent Pivot Points (for both High and Low) and computes the average of the pivot points. The average price is then plotted on the chart.
The number of pivot points to average is a user defined variable that can be adjusted in the settings.
One can develop his/her own strategy by using this. One way to use this indicator is to buy when the price breaks above the average of High Pivot points and to sell when the price breaks below the average of Low Pivot points.
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.
Want to use this script on a chart?
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