pranjalchaubey

[CP]Pivot Boss Floor Pivots with ATR Dilation and Dynamic Levels

INTRODUCTION:
Compared to all the Pivot Indicators available on Trading View Public Library, this Floor Pivots Indicator differentiates itself in two major original ways:
There were a few features whose logic I had figured out, but I could not implement them due Pine Script’s Limitation (they should really work on increasing Pine Script’s capacity instead of adding more and more features to the language in order to make it look ‘better’):
  • Showing multiple timeframe pivots at the same time (not possible due to Pine Script’s limitation on the ‘Max Number of Outputs’)
  • Automatic Detection of highly profitable Double Hot Pivot Zones ( DPZ ), also due to the ‘Max Number of Outputs’ limit

GENERAL USER INPUTS:
Most of the settings are self-explanatory, however, a few of them need some explanation:
  • Show Floor Pivots Dynamically – This will turn ON the dynamic pivot levels, please note that this function will work ONLY IN INTRADAY timeframes.
  • Dynamic Pivot ATR Period – Period over which the ATR value is calculated to show the pivots dynamically.
  • ATR Threshold for Dynamic Floor Pivots Simply put, the indicator will start displaying Pivot Levels if they fall within the 2*ATR distance (default value) of the price. You can increase this number if the volatility increases and vice-versa.
  • Use ATR to Dilate Intraday Pivot Levels – This will turn ON Floor Pivot Dilation, turning pivot ‘lines’ into ‘bands’.
  • ATR Dilation Factor – This number decides the width of the Pivot bands. Larger this number, thicker the bands. Typically, high volatility stocks will require a higher number.
  • ATR Period – Same as Dynamic Pivot ATR Period, but for Pivot Level Dilation.


    INDICATOR USAGE EXAMPLES:
    This indicator works great in conjunction with my Pivot Boss Candlestick Scanner indicator.
    There are a lot of optimizations I have done in the code, although it looks trivial at first glance, but it's fairly complex.
    Feel free to use it and modify it as you wish.

    Here are a few examples where the indicator has shown great entries and exits, with the default settings:
    NIFTY 5m Chart

    Reliance 5m Chart

    Tesla 5m Chart

    Bitcoin-USDT 15m Chart

    FINAL WORDS:
  • Please understand that I have Cherry Picked the examples to showcase the capability of the indicator and its usage.
  • DO NOT conflate the accuracy of examples with the accuracy of this indicator.
  • Once you start using floor pivots , you will realize that a lot of days simply don’t give any high probability setups and you will simply sit out of the market and do nothing (which is a good thing).
  • If you really want to learn how to use Pivots , read the book ’Secrets of a Pivot Boss’. This book can change your life.


Script de código abierto

Siguiendo el verdadero espíritu de TradingView, el autor de este script lo ha publicado en código abierto, para que los traders puedan entenderlo y verificarlo. ¡Un hurra por el autor! Puede utilizarlo de forma gratuita, aunque si vuelve a utilizar este código en una publicación, debe cumplir con lo establecido en las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.

¿Quiere utilizar este script en un gráfico?