This indicator calculates pivots of 2nd, 3rd and 4th order in the current timeframe. The idea is borrowed from the book "The Art and Science of Technical Trading" by Adam Grimes: "A pivot high is a bar that has a higher high than the bar that came before it and the bar that comes after it" "Second-order pivot highs are first-order pivot highs that are preceded and followed by lower first-order pivot highs.
The type of picot calculation can be found as well in script "Higher Order Pivots" by rumpypumpydumpy. However, this script is different in the following ways: 1. Shows pivots of order 2, 3 and 4 2. The chart timeframe can be different than the pivot timeframe, allowing e.g. to map daily pivots to intraday charts via lines 3. Labels and/or lines can be used to show pivot points 4. Use of extended session data can be enabled/disabled, independently from the current chart settings 5. To disable older pivots, a starting time for the pivot calculation can be set
Please consider following limitations: 1. Maximum of 500 drawing objects per chart. Use Notification option to keep track of when running out of chart objects. 2. Lookback history: The max lookback history is limited by the currently selected timeframe. E.g. on a 5min timeframe, 20000 bars (Premium Plan) result in approx. 5 months of lookback period, meaning you may want to verify with a 30 min or higher chart to get a complete picture of pivots.
Note di rilascio
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Changes: 1. Removed ext option since extended data does not seem to be available through security/ticker when using a regular session chart 2. Changed timeframe input type from "timeframe" to custom "string" to be able to use current timeframe as well as 10min timeframe 3. Fixed array bug; arrays for 2nd, 3rd, 4th order pivots will now be cleared before evaluating main pivot 1st order
Need to say thank you and very useful, is it possible to add alert then it will be perfect
vinikumar72
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Lines and pivot doesn't show।does this work in intraday also। How to plot on chart।
p87403
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Hey just want to say thank you for creating this indicator. Spending some time but could not find the version that is used in Adam Grimes book (especially the 2th and 3rd level). There are so many "pivot points" defined in different ways lol.
schroederjoa
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@p87403, what do you mean by "could not find the version"? There is only one version implemented here and the relevant section of the book is quoted. If you are unsure what nth order the pivots are, just play with the settings and enable/disable them.
p87403
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@schroederjoa, sorry for not making myself clear, I mean I could not find the version elsewhere until I find yours! Huge thanks!
schroederjoa
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@p87403, I see, sorry for that. Hope it will be useful to you. It is simple yet effective. I use it every day as part of my strategy.
ERQ81
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Thanks for creating this! Any ideas about why 2nd order pivots are not displaying on daily charts?
EUTDV
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Does this indicator work on daily or weekly charts? I couldn't get it displayed the indicator on these timeframes.