Returns pivot points high/low alongside the percentage change between one pivot and the previous one (Δ%) and the distance between the same type of pivots in bars (Δt). The trailing mean for each of these metrics is returned on a dashboard on the chart. The indicator also returns an estimate of the future time position of the pivot points.
This indicator by its very nature is not real-time and is meant for descriptive analysis alongside other components of the script. This is normal behavior for scripts detecting pivots as a part of a system and it is important you are aware the pivot labels are not designed to be traded in real-time themselves
🔶 USAGE
The indicator can provide information helping the user to infer the position of future pivot points. This information is directly used in the indicator to provide such forecasting. Note that each metric is calculated relative to the same type of pivot points.
It is also common for analysts to use pivot points for the construction of various figures, getting the percentage change and distance for each pivot point can allow them to eventually filter out points of non-interest.
🔹 Forecast
We use the trailing mean of the distance between respective pivots to estimate the time position of future pivot points, this can be useful to estimate the location of future tops/bottoms. The time position of the forecasted pivot is given by a vertical dashed line on the chart.
We can see a successful application of this method below:
Above we see the forecasted pivots for BTCUSD15. The forecast of interest being the pivot high. We highlight the forecast position with a blue dotted line for reference.
After some time we obtain a new pivot high with a new forecast. However, we can see that the time location of this new pivot high matches perfectly with the prior forecast.
The position in time for the forecast is given by:
x1_ph + E[Δt]
x1_pl + E[Δt]
where x1_ph denotes the position in time of the most recent pivot high. x1_pl denotes the position in time of the most recent pivot low and E[Δt] the average distance between respective pivot points.
🔶 SETTINGS
Length: Window size for the detection of pivot points.
Show Forecasted Pivots: Display forecast of future pivot points.
🔹 Dashboard
Dashboard Location: Location of the dashboard on the chart
Dashboard Size: Size of the dashboard on the chart
Text/Frame Color: Determines the color of the frame grid as well as the text color
a youtube video to break this down more in depth would be awesome
s1lv3rc3ll
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Do the green vertical lines mean possible support? Where the red vertical lines mean it will be possibly bearish? Or are they not support or resistance lines?
@ChrisMoody, Hi, Can you enlighten us on how to interpret this for trading? this is something I can not understand how to enter and how to exit. Description above is rocket science for me! Thank you for your time.
I tried the indicator with real time data. Unfortunately the signals are in past tense. When you give a signal at the bottom and the top, the price already seems to be up or very low. I made a screen recording and watched it for 3 hours. unfortunately this is the truth.