PROTECTED SOURCE SCRIPT
PivotWidthForNextSession@scorpiomanojFRM
Updated
Calculates daily and weekly pivot width to assess next day's possible setup.
Also has features to plot daily and weekly pivot levels without charts.
It also plots 0.65 of 20 day average level of pivot width and 125% of 20 day average level of pivot width.
If pivot width is less than 0.65 of 20 day average level of pivot width, the possibility of a trending day can be seen in the following session.
If pivot width is more than 1.25 of 20 day average level of pivot width, the possibility of a ranging day can be seen in the following session.
Suggested settings:
The suggested settings are for assessing daily pivot width.
1) Inputs tab - Keep default settings
2) Setup tab - Ensure you uncheck every thing except the following :
a) Daily cpr width
b) 65% of 20 day average
c) 125% of 20 day average
Color combinations can be chosen for the above.
The preferred chart time frame is 5 min time frame.
Also has features to plot daily and weekly pivot levels without charts.
It also plots 0.65 of 20 day average level of pivot width and 125% of 20 day average level of pivot width.
If pivot width is less than 0.65 of 20 day average level of pivot width, the possibility of a trending day can be seen in the following session.
If pivot width is more than 1.25 of 20 day average level of pivot width, the possibility of a ranging day can be seen in the following session.
Suggested settings:
The suggested settings are for assessing daily pivot width.
1) Inputs tab - Keep default settings
2) Setup tab - Ensure you uncheck every thing except the following :
a) Daily cpr width
b) 65% of 20 day average
c) 125% of 20 day average
Color combinations can be chosen for the above.
The preferred chart time frame is 5 min time frame.
Release Notes
Updated script.Now includes Weekly pivot width as well.
When you use weekly pivot width ensure you use in 15min charts - daily tf charts.
Release Notes
This indicator can be used to assess the pivot width for the next session.Includes daily cpr width, daily camarilla level3 width, weekly cpr width, monthly cpr width.
In general if the pivotwidth is less than 65% of the average pivotwidth over the last 10 or 20 days, it is considered narrow pivotwidth and the chances of a trending day increases the next day.
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