Script marks namely 4 types of ,
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 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 is to go long when the LPH is broken, and trail the price with SPLs.
Vice-versa for shorts.
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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.
This should speed up the code compilation times.
Indicator is now ready for the prime time!
No change in the indicator or the user interface.
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