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Complete Pivot Ranges

I forgot what book I read this from. But basically a successful trader would create a range using the open/high/low/close of the previous day, and the high/low of the previous day.
I created the indicator from the book, but also added a few other pivots to it. You can hide the ones you don't need in settings.
He also mentioned that the resistance of this area is a lot like a samurai and armour, and that if price falls through the pivot, it will fall faster. Just like a sword that penetrates armour will go straight through your body.
Green = half day pivot. :: I've noticed price can be rejected from these areas against the trend during the day
Blue = daily pivot. :: My favourite. You can see how the trend is going by checking how it steps. There is good value in putting orders on in this range, especially when price is touching a 50 ema on the 15 min chart.
Red = 5 day rolling pivot :: collects the open/high/low/close of the last 5 days and makes a daily range with them. Best used with 50ema on the hour chart. The book used a 3 day rolling pivot but I find this more useful.
Yellow = 5 week rolling pivot :: like the red rolling pivot above but using the last 5 weeks. Best on 4 hour chart.
As with all indicators see if it can give you value and if it's right for your trading.
Cheers
I created the indicator from the book, but also added a few other pivots to it. You can hide the ones you don't need in settings.
He also mentioned that the resistance of this area is a lot like a samurai and armour, and that if price falls through the pivot, it will fall faster. Just like a sword that penetrates armour will go straight through your body.
Green = half day pivot. :: I've noticed price can be rejected from these areas against the trend during the day
Blue = daily pivot. :: My favourite. You can see how the trend is going by checking how it steps. There is good value in putting orders on in this range, especially when price is touching a 50 ema on the 15 min chart.
Red = 5 day rolling pivot :: collects the open/high/low/close of the last 5 days and makes a daily range with them. Best used with 50ema on the hour chart. The book used a 3 day rolling pivot but I find this more useful.
Yellow = 5 week rolling pivot :: like the red rolling pivot above but using the last 5 weeks. Best on 4 hour chart.
As with all indicators see if it can give you value and if it's right for your trading.
Cheers
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보호된 스크립트입니다
이 스크립트는 비공개 소스로 게시됩니다. 하지만 제한 없이 자유롭게 사용할 수 있습니다 — 여기에서 자세히 알아보기.
면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.