[CP]Structural Pivots v2.0
This script marks structural pivots on a chart.
Script marks namely 4 types of pivots,
SPL (Blue circles at bar low) is marked by finding a combination of 3 bars, an Anchor Bar, Bar 1 and Bar 2.
Bar 1 and Bar 2 should have a higher high and a higher close relative to the Anchor Bar in order to qualify as a legitimate SPL .
Reverse conditions are required for a point to be marked as SPH (Blue circles at bar high).
The complication happens for the fact that Anchor Bar, Bar 1 and Bar 2 need not be consecutive.
They can be far apart from themselves.
To solve this problem, the script generates 3-bar Combinations of all the bars from the last pivot to the current bar.
LPH are marked when an SPL gets broken (price goes below the previously marked SPL).
LPL are marked when an SPH gets broken (price goes above the previously marked SPH).
Unlike 'regular' methods of quantifying breakouts and trailing stops by optimizing various parameters of indicators, this method essentially
finds out swing highs, swing lows and S/R breaks.
One way to use the pivots is to go long when the LPH is broken, and trail the price with SPLs.
Vice-versa for shorts.
PM me on TradingView to obtain access.
Please don't ask for access in the comments section.
Script marks namely 4 types of pivots,
- Structural Pivot High (SPH)
- Structural Pivot Low (SPL)
- Large Pivot High (LPH)
- Large Pivot High (LPL)
SPL (Blue circles at bar low) is marked by finding a combination of 3 bars, an Anchor Bar, Bar 1 and Bar 2.
Bar 1 and Bar 2 should have a higher high and a higher close relative to the Anchor Bar in order to qualify as a legitimate SPL .
Reverse conditions are required for a point to be marked as SPH (Blue circles at bar high).
The complication happens for the fact that Anchor Bar, Bar 1 and Bar 2 need not be consecutive.
They can be far apart from themselves.
To solve this problem, the script generates 3-bar Combinations of all the bars from the last pivot to the current bar.
LPH are marked when an SPL gets broken (price goes below the previously marked SPL).
LPL are marked when an SPH gets broken (price goes above the previously marked SPH).
Unlike 'regular' methods of quantifying breakouts and trailing stops by optimizing various parameters of indicators, this method essentially
finds out swing highs, swing lows and S/R breaks.
One way to use the pivots is to go long when the LPH is broken, and trail the price with SPLs.
Vice-versa for shorts.
PM me on TradingView to obtain access.
Please don't ask for access in the comments section.
Release Notes:
The new release contains two visualization improvements.
1. Pivot markings in the previous version were quite large and taking up a lot of chart space.
This has been solved in this version.
You get three options, Auto, Large and Small.
The default option, 'Auto', gives the best results as it automatically increases or decreases the size of pivot markings depending upon your zoom level.
2. The shape of the small pivots can now be changed. Circle and Triangle are the two options.
1. Pivot markings in the previous version were quite large and taking up a lot of chart space.
This has been solved in this version.
You get three options, Auto, Large and Small.
The default option, 'Auto', gives the best results as it automatically increases or decreases the size of pivot markings depending upon your zoom level.
2. The shape of the small pivots can now be changed. Circle and Triangle are the two options.
Release Notes:
Removed some unnecessary debug information that was showing up in the Data Window.
This should speed up the code compilation times.
Indicator is now ready for the prime time!
This should speed up the code compilation times.
Indicator is now ready for the prime time!
Release Notes:
Minor change in the values shown in the Data Window.
No change in the indicator or the user interface.
No change in the indicator or the user interface.