simple pine script trading strategy pivot points

Calculating Pivot Points

By definition, a pivot power point is a point of rotation. The prices victimised to calculate the pivot man point are the previous catamenia's high, low anddannbsp;mop up damagedannbsp;for a security system. Prices can be taken from daily stemm charts, Other right smart of calculating Pivot Point is using the hourly charts of stock market.

However most traders prefer to take the pivots, as swell as thedannbsp;support and resistivity levels, off of the daily charts and so apply those to thedannbsp;intraday charts (i.e., hourly, every 30 minutes or every 15 minutes). When calculated victimization price information from a shorter time-frame, tends to abbreviate both accuracy and significance.

The calculation for a pivot point is A follows:

Central Pivot Point (P) = (High + Lowly + Walk-to) / 3

The formula used for primary resistance and support is as follow:

First Resistance (R1) = (2*P) – Low

First Support (S1) = (2*P) – High

The formula used for alternate resistance and fend for is as follows:

Second Resistance (R2) = P + (R1-S1)

Sec Support (S2) = P – (R1- S1)

Strategy Rules

LE Rules: When a input Leontyne Price value is found that meets the requirement of a pivot point at low-lying, a long entryway order is placed for the future bar.

LX Rules: A low pivot legal profession is defined by this strategy. As a bar that is preceded away Left Force (Input) number of high Price values and followed past Right Strength (Input) number of higher Damage values. Long passing takes place

SE Rules: When a Toll (Stimulation) value is found that meets the essential of a pivot point at altissimo, a suddenly entry order is located for the next bar.

SX Rules: A squealing pivot bar is characterised by this strategy arsenic a saloon that is preceded past Left Strength (Input signal) number of lower Price values and followed by Right Effectiveness (Stimulant) number of lower Price values, short exit takes place.

TradingView Settings for Pin Annex Pine hand Scheme

STEP 1: Download the strategy filedannbsp;here

STEP 2: After that open in demand chart in trading view with normal candle holder ,select desired time frame of the chart. Side by side, follow these steps: (1) Go to yearn editor segment, remove the default code, (2) glue the downloaded code, (3) save the file and (4) add to chart. See screenshot below.

TradingView settings for Pivot Extension Pine script Strategy

Tone dannbsp;3: Once Strategy applied on chart, click on settings to optimize parameters dannbsp;for your ain trading.

Left Bars : Number of higher values needful on the left incline of (preceding) the stinky pivot ginmill.

Right Bars : Number of higher values necessary on the right side of (pursuing) the high pivot bar.

Intraday Trade School term : During this session Entree Trade Will be Taken.

EXITdannbsp; Session : During this Trades will be squared off.

Setting Up Cognizant

Before scene up alert make sure that You have selected desired handwriting, timeframe, strategy settings, apibridge is configured and running. Click in settings add alert and paste {{strategy.regulate.comment}} in message package.

Important: do non change any settings during live trading.

NOTE: The pinescript works both with webhook alerts (TV Pro plan) and normal popup alerts (Idiot box free plan).STEP 4 : Settings Alerts for Auto Trading with API Bridge . Just Glue {{strategy.edict.gloss}}dannbsp; in Alive Window.

That's all, you are ready to Trade!