OPEN-SOURCE SCRIPT
Tomorrow CPR & Next Week CPR
The "Tomorrow CPR & Next Week CPR" indicator is designed for traders who use CPR (Central Pivot Range) and Pivot Points to plan their intraday and swing trading strategies. It provides a comprehensive view of critical support and resistance levels, enabling better market predictions for tomorrow and the upcoming week.
Key Features:
Tomorrow’s CPR: Visualize the central pivot range (CPR) for the next trading day.
Next Weekly CPR: Plan your trades with CPR for the upcoming week.
Historical Data: Access historical daily and weekly CPR levels for back testing and analysis.
Additional Levels:
Previous day's high, low, and close for context.
Weekly high and low for broader market trends.
R3, S3, and other pivot levels for precise decision-making.
Customizable Settings: Toggle visibility for each feature to tailor the indicator to your trading style.
Who Should Use This Indicator?
This tool is ideal for intraday and swing traders who want to enhance their market analysis by incorporating CPR and pivot level insights.
Benefits:
Anticipate market movements with future CPR projections.
Identify key levels for potential reversals or breakouts.
Improve accuracy in trend prediction and risk management.
Disclaimer: This script is provided as is, and the user is responsible for their trading decisions. Always combine technical tools with other analyses for the best results.
Trading Rules for Effective Use
Identify the Trend
Use the plotted EMA (20, 200) to identify the broader market trend.
Bullish Trend: Price above the 200 EMA and CPR levels.
Bearish Trend: Price below the 200 EMA and CPR levels.
Entry Rules
Buy: Enter long positions when the price bounces off the support levels (S1/S2) or rises above the CPR levels with strong volume.
Sell: Enter short positions when the price rejects resistance levels (R1/R2) or falls below CPR levels with confirmation.
Stop Loss
For long trades, place the stop loss slightly below the nearest support (S1/S2).
For short trades, place the stop loss slightly above the nearest resistance (R1/R2).
Take Profit
Set target levels at the next resistance or support levels (R1, R2, or S1, S2).
Use R3 and S3 for extended targets on highly volatile days.
Avoid Trading in No-Trend Zones
Avoid initiating trades when price moves narrowly within the CPR range or lacks clear direction.
Use Weekly CPR for Swing Trades
Weekly CPR levels provide insight into broader market dynamics, ideal for swing trades.
Combine with Price Action
Look for confirmation signals such as candlestick patterns (e.g., pin bars, engulfing candles) or breakout retests near CPR, resistance, or support levels.
Time of Day
Focus on high-volume trading hours for better reliability (e.g., opening hours and post-lunch sessions in your market).
License: This source code is subject to the terms of the Mozilla Public License 2.0 at mozilla.org/MPL/2.0/.
Trading Rules for Effective Use
Identify the Trend
Use the plotted EMA (20, 200) to identify the broader market trend.
Bullish Trend: Price above the 200 EMA and CPR levels.
Bearish Trend: Price below the 200 EMA and CPR levels.
Entry Rules
Buy: Enter long positions when the price bounces off the support levels (S1/S2) or rises above the CPR levels with strong volume.
Sell: Enter short positions when the price rejects resistance levels (R1/R2) or falls below CPR levels with confirmation.
Stop Loss
For long trades, place the stop loss slightly below the nearest support (S1/S2).
For short trades, place the stop loss slightly above the nearest resistance (R1/R2).
Take Profit
Set target levels at the next resistance or support levels (R1, R2, or S1, S2).
Use R3 and S3 for extended targets on highly volatile days.
Avoid Trading in No-Trend Zones
Avoid initiating trades when price moves narrowly within the CPR range or lacks clear direction.
Use Weekly CPR for Swing Trades
Weekly CPR levels provide insight into broader market dynamics, ideal for swing trades.
Combine with Price Action
Look for confirmation signals such as candlestick patterns (e.g., pin bars, engulfing candles) or breakout retests near CPR, resistance, or support levels.
Time of Day
Focus on high-volume trading hours for better reliability (e.g., opening hours and post-lunch sessions in your market).
Thanks.
© TradingDirection
Key Features:
Tomorrow’s CPR: Visualize the central pivot range (CPR) for the next trading day.
Next Weekly CPR: Plan your trades with CPR for the upcoming week.
Historical Data: Access historical daily and weekly CPR levels for back testing and analysis.
Additional Levels:
Previous day's high, low, and close for context.
Weekly high and low for broader market trends.
R3, S3, and other pivot levels for precise decision-making.
Customizable Settings: Toggle visibility for each feature to tailor the indicator to your trading style.
Who Should Use This Indicator?
This tool is ideal for intraday and swing traders who want to enhance their market analysis by incorporating CPR and pivot level insights.
Benefits:
Anticipate market movements with future CPR projections.
Identify key levels for potential reversals or breakouts.
Improve accuracy in trend prediction and risk management.
Disclaimer: This script is provided as is, and the user is responsible for their trading decisions. Always combine technical tools with other analyses for the best results.
Trading Rules for Effective Use
Identify the Trend
Use the plotted EMA (20, 200) to identify the broader market trend.
Bullish Trend: Price above the 200 EMA and CPR levels.
Bearish Trend: Price below the 200 EMA and CPR levels.
Entry Rules
Buy: Enter long positions when the price bounces off the support levels (S1/S2) or rises above the CPR levels with strong volume.
Sell: Enter short positions when the price rejects resistance levels (R1/R2) or falls below CPR levels with confirmation.
Stop Loss
For long trades, place the stop loss slightly below the nearest support (S1/S2).
For short trades, place the stop loss slightly above the nearest resistance (R1/R2).
Take Profit
Set target levels at the next resistance or support levels (R1, R2, or S1, S2).
Use R3 and S3 for extended targets on highly volatile days.
Avoid Trading in No-Trend Zones
Avoid initiating trades when price moves narrowly within the CPR range or lacks clear direction.
Use Weekly CPR for Swing Trades
Weekly CPR levels provide insight into broader market dynamics, ideal for swing trades.
Combine with Price Action
Look for confirmation signals such as candlestick patterns (e.g., pin bars, engulfing candles) or breakout retests near CPR, resistance, or support levels.
Time of Day
Focus on high-volume trading hours for better reliability (e.g., opening hours and post-lunch sessions in your market).
License: This source code is subject to the terms of the Mozilla Public License 2.0 at mozilla.org/MPL/2.0/.
Trading Rules for Effective Use
Identify the Trend
Use the plotted EMA (20, 200) to identify the broader market trend.
Bullish Trend: Price above the 200 EMA and CPR levels.
Bearish Trend: Price below the 200 EMA and CPR levels.
Entry Rules
Buy: Enter long positions when the price bounces off the support levels (S1/S2) or rises above the CPR levels with strong volume.
Sell: Enter short positions when the price rejects resistance levels (R1/R2) or falls below CPR levels with confirmation.
Stop Loss
For long trades, place the stop loss slightly below the nearest support (S1/S2).
For short trades, place the stop loss slightly above the nearest resistance (R1/R2).
Take Profit
Set target levels at the next resistance or support levels (R1, R2, or S1, S2).
Use R3 and S3 for extended targets on highly volatile days.
Avoid Trading in No-Trend Zones
Avoid initiating trades when price moves narrowly within the CPR range or lacks clear direction.
Use Weekly CPR for Swing Trades
Weekly CPR levels provide insight into broader market dynamics, ideal for swing trades.
Combine with Price Action
Look for confirmation signals such as candlestick patterns (e.g., pin bars, engulfing candles) or breakout retests near CPR, resistance, or support levels.
Time of Day
Focus on high-volume trading hours for better reliability (e.g., opening hours and post-lunch sessions in your market).
Thanks.
© TradingDirection
Script de código abierto
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