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Nanda86
Feb 25, 2020 8:49 PM

PivotBoss ADR Price Targets 

NSE:CANBK5
CANARA BANKNSE

Description

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This script forcasts daily, weekly, Monthly targets well in advance so that you can position yourself accordingly. Script has four target levels such as 50% target level, 75% target level, 100% target level and 125% target level. You can scale out your position across these levels. Price has 80% potential to reach 1st target level, 70% potential to reach 2nd second target level and 50% potential to reach 3rd and 4th target level.

The script takes 10 period average daily range and high of the period to project the downside targets, 10 period ADR and low of the peiod to project upsdie target levels.

When the price is trades in the narrow range in the prior period then the potehtial to reach 125% target level increase by 90%.

This script is purely price based use it with other pivotBoss pivots and volume profile for confirmation of your bias

Release Notes

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Minor Code Updates

Release Notes

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Matured Code
-- Daily Bear Targets
-- Weekly Bear Targets
-- Monthly Bear Targets
-- Monthly Bull Targets


Release Notes

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Minor code changes..
Pivot PointspricetargetsADR
Comments
Nanda86
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This script is crazy accurate..sometimes scary...what you guys think?
Sacredmonkey
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@Nanda86, will use it from today. will let you know. I have ordered Frank ochoa pivot book, Any suggestions for me.
Nanda86
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@Vinayrk2909, try his masters course for detailed analysis
Sacredmonkey
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@Nanda86, Thank you!!
Sonugupta2001
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@Nanda86, How to access his mastercourse?
kingjamesa77
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@Nanda86, I don't understand the concept of ADR Price Targets. Are they based of future pivot points ? A brief tutorial video would be much appreciated
Nanda86
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Formula used in this script

dhigh = security(syminfo.tickerid, "D", high[0], lookahead=barmerge.lookahead_on)
dlow = security(syminfo.tickerid, "D", low[0], lookahead=barmerge.lookahead_on)
dayrange = dhigh - dlow

r1 = security(syminfo.tickerid, 'D', dayrange[1])
r2 = security(syminfo.tickerid, 'D', dayrange[2])
r3 = security(syminfo.tickerid, 'D', dayrange[3])
r4 = security(syminfo.tickerid, 'D', dayrange[4])
r5 = security(syminfo.tickerid, 'D', dayrange[5])
r6 = security(syminfo.tickerid, 'D', dayrange[6])
r7 = security(syminfo.tickerid, 'D', dayrange[7])
r8 = security(syminfo.tickerid, 'D', dayrange[8])
r9 = security(syminfo.tickerid, 'D', dayrange[9])
r10 = security(syminfo.tickerid, 'D', dayrange[10])

//get average daily range of prior 10 period
adr = (r1 + r2 + r3 + r4 + r5 + r6 + r7 + r8 + r9 + r10) / 10

//Intraday Bull Targets
Bull_target1 = dlow + (adr*0.5)
Bull_target2 = dlow + (adr*0.75)
Bull_target3 = (dlow + adr)
Bull_target4 = dlow + (adr*1.25)

//Intraday Bear Targets
Bear_target1 = dhigh - (adr*0.5)
Bear_target2 = dhigh - (adr*0.75)
Bear_target3 = (dhigh - adr)
Bear_target4 = dhigh - (adr*1.25)
Saravanan_Ragavan
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@Nanda86, Bro. I think this is wrong code. you no need to define r1 to r10 . here r1 to r10 everything will return the same value.

below is the correct code

r = security(syminfo.tickerid, 'D', dayrange)
adr = (r(1)+ r(2) + r(3) + r(4) + r(5) + r(6) + r(7) + r(8) + r(9) + r(10)) / 10

since this comment section not allowing to use square bracket I used () for r variables....
Linktind
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@Nanda86, have a look at the comment above. Something is wrong with your indicator: if I change ADR from 10 to any other value the targets still remain the same....
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