OPEN-SOURCE SCRIPT

Pivot Channel Breaks [BigBeluga]

Pivot Channel Break

The Pivot Channel Break indicator identifies key pivot points and creates a dynamic channel based on these pivots. It detects breakouts from this channel, providing potential entry and exit signals for traders.

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🔵How to Use
  1. Channel Identification:
    - Upper and lower channel lines drawn based on pivot highs and lows
    - Channel width dynamically adjusted using ATR-like calculation
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  2. Breakout Signals:
    - Upward breakout: Price closes above upper channel line
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    - Downward breakout: Price closes below lower channel line
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    - Signals shown as X marks on the chart

  3. Pivot Points:
    - High pivots marked with "H" triangles
    - Low pivots marked with "L" triangles
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  4. Support & Resistance:
    - Optional signals when price touches but doesn't break channel lines
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  5. Trend Visualization:
    - Optional bar coloring based on the most recent breakout direction

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🔵Customization
• Pivot Right: Lookback period for pivot detection (default: 10)
• Pivot Left: Forward period for pivot confirmation (default: 40)
• Channel Width: Multiplier for channel width calculation (default: 1.0)
• Support & Resistance Signals: Toggle additional touch signals
• Bar Color: Enable/disable trend-based bar coloring

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Calculation:
  1. Detect pivot highs and lows using specified lookback periods
  2. Calculate channel basis using 10-period SMA of close prices
  3. Determine channel width using ATR-like calculation: RMA(high - low, 10) * width multiplier
  4. Set channel lines based on pivot points and calculated deviations
  5. Identify breakouts when price crosses beyond channel lines



The Pivot Channel Break indicator offers a dynamic approach to identifying potential trend changes and breakout opportunities. It combines pivot point analysis with a flexible channel calculation, providing traders with a visual tool for market structure analysis. Use this indicator in conjunction with other technical analysis methods to confirm signals and manage risk effectively.
Bands and ChannelsbreakoutsbreakoutsignalbreakouttradingchannelbreakPivot points and levelsTrend Analysis

Script open-source

In pieno spirito TradingView, l'autore di questo script lo ha pubblicato open-source, in modo che i trader possano comprenderlo e verificarlo. Un saluto all'autore! È possibile utilizzarlo gratuitamente, ma il riutilizzo di questo codice in una pubblicazione è regolato dal nostro Regolamento. Per aggiungerlo al grafico, mettilo tra i preferiti.

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