OPEN-SOURCE SCRIPT
[MF] CURRENT AND NEXT CPR LEVELS
Updated
This is CPR with Monthly, Weekly and Daily time frames of the current and next* CPR levels.
* The following lines only become relevant at the end of the cycle.
CPR LEVELS:
P (pivot point) = (H + L + C) / 3
BC (Bottom Central) = (H + L) / 2
TC (Top Central) = (P - BC) + P
Resistance Levels
- Green = R1 Levels ( 2×P - L )
- Green = R2 Levels ( P + (H - L) )
- Green = R3 Levels ( H + 2 * (P - L) )
Support Levels
- Red = S1 Levels ( 2×P - H )
- Red = S2 Levels ( P - (H - L) )
- Red = S3 Levels ( L - 2 * (H- P) )
Description and Refrences:
en.wikipedia.org/wiki/Pivot_point_(technical_analysis)
Rules For BUY Setup with CPR
1) Today's Pivot Level Should be higher than Previous Day's Pivot Level
2) The previous day's close should be near day high.
Rules For SELL Setup with CPR
1) Today's Pivot Level Should be lower than Previous Day's Pivot Level
2) The previous day's close should be near day low.
CPR or central pivot range is the best tool available for the trader to see the price base indicator. You can use this tool i.e CPR (central pivot range) to check the price indicator in the stock market. You know the price of shares sometimes goes up or sometimes goes down in the stock market. So it will be best to stay updated and know it before the time the share market/stock market fall or rises.
* The following lines only become relevant at the end of the cycle.
CPR LEVELS:
P (pivot point) = (H + L + C) / 3
BC (Bottom Central) = (H + L) / 2
TC (Top Central) = (P - BC) + P
Resistance Levels
- Green = R1 Levels ( 2×P - L )
- Green = R2 Levels ( P + (H - L) )
- Green = R3 Levels ( H + 2 * (P - L) )
Support Levels
- Red = S1 Levels ( 2×P - H )
- Red = S2 Levels ( P - (H - L) )
- Red = S3 Levels ( L - 2 * (H- P) )
Description and Refrences:
en.wikipedia.org/wiki/Pivot_point_(technical_analysis)
Rules For BUY Setup with CPR
1) Today's Pivot Level Should be higher than Previous Day's Pivot Level
2) The previous day's close should be near day high.
Rules For SELL Setup with CPR
1) Today's Pivot Level Should be lower than Previous Day's Pivot Level
2) The previous day's close should be near day low.
CPR or central pivot range is the best tool available for the trader to see the price base indicator. You can use this tool i.e CPR (central pivot range) to check the price indicator in the stock market. You know the price of shares sometimes goes up or sometimes goes down in the stock market. So it will be best to stay updated and know it before the time the share market/stock market fall or rises.
Release Notes
Update:- Added Labels of Current Lines
- Fixed error of negativ Support Lines
Release Notes
Update:- Show previous High & Low
Release Notes
Added Mid Levels of Resistance and SupportResistance Mid Levels
R23 = (R2 + R3) / 2
R12 = (R1 + R2) / 2
RP1 = (P + R1) / 2
Support Mid Levels
SP1 = (P + S1) / 2
S12 = (S1 + S2) / 2
S23 = (S2 + S3) / 2
Release Notes
- Fixed error of monthly closeRelease Notes
bugfix:If BC is higher than TC the positions are swapped
Release Notes
...Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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