Pivot Reversal Strategy Alerts
This “trading signals” indicator plots buy and sell signals points entries when the price breaks the last pivot High/Low levels.
These levels are defined by price tops and bottoms found after the price made:
- highest high with “leftP” candles on its left and “rightP” candles on its right
- lowest low with “leftP” candles on its left and “rightP” candles on its right
The levels are marked with dark grey dots on the charts.
The signals are given during the candlestick formation and not afterwards.
//PRC_Pivot Reversal Strategy | indicator
//14.02.2019
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
// --- settings
leftp = 4
rightp = 2
// --- end of settings
period=max(leftp,rightp)
hh = highest[period](high)
ll = lowest[period](low)
if hh<>hh[1] then
hhbar=barindex
hhprice=high
endif
if ll<>ll[1] then
llbar=barindex
llprice=low
endif
if barindex-hhbar=rightp then
drawtext("•",hhbar,hhprice) coloured(168,168,168)
top=hhprice
endif
if barindex-llbar=rightp then
drawtext("•",llbar,llprice) coloured(168,168,168)
bottom=llprice
endif
atr=averagetruerange[14]
if high crosses over top and lastsig<=0 then
drawarrowup(barindex,low-atr/2) coloured(30,144,255)
lastsig=1
endif
if low crosses under bottom and lastsig>=0 then
drawarrowdown(barindex,high+atr/2) coloured(255,48,48)
lastsig=-1
endif
RETURN
Comments
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Hello Nicolas, I will try tonight when I get home, just one last question, I trade the DAX and NASDAQ in 1 MN AND 5 minutes, the default parameters are 4 and 2, can you explain to me if I have to keep 2 points apart if I want to decrease the number of arrows and have better signals? Do you have any suggestions for parameters according to the timeframe? in a few words the more I increase the periods the less signals I have but better quality? again thank you in advance for your support
bonjour Nicolas, j'aimerais tout d'abord vous remercier pour tout ce que vous faite et j'aimerais savoir si on peu faire un backtest pour cet indicateurj'ai essayer de copier le code mais j'ai un message d'erreur qui s'affiche m'indiquant qu'il y a une erreur sur la ligne 20. merci d'avance
Hi Nicolas, I am a beginner to this and I think your Pivot reversal strategy alerts indicator is ecellent I was wondering if you ever converted this to an automatic trading stratergy? Cheers Greg
Hi Nicolas, should this work on all software. Wont work on tradingviews pinescript
Much appreciated Nicolas! I have been looking for something to highlight reversal bars for quite a while now. Thanks again, kind regards, Shaun
thank you very much, it was a beginner's mistake
hello, I have installed the file, but the indicator appears in a separate window. Do you know how I can install it in the price window?
Very good evening sir if any possible to convert Mt 4 version waiting for your reply sir thank you very much sir 🙏