A convenient script for using CPR with R1S1 strategy with this indicator. It works on Daily, 60m and 15m timeframes. For all other timeframes it will display an error message.
The CPR values are calculated based on the following logic:
For 1D timeframe, and R1 and S1 calculations are based on previous month candle
For 60m timeframe, and R1 and S1 calculations are based on previous week candle
For 15m timeframe, and R1 and S2 calculations are based on previous daily candle
When switching between the 3 timeframes, it sets the base timeframe, so the levels are adjusted automatically.
There is an option to also select between "Standard", "Fibonacci" and "Demark" methods for calculating R1 and S1 levels.
CPR is known to be a good indicator to show the sideways trend with a narrow range of the CPR .
CPR in combination with R1 and S1 levels are often used as "pull-back" trading mechanism. For example, a pullback from R1 to TC is considered a good entry point and an expectation that there is an upcoming upside in the underlying.
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.