PROTECTED SOURCE SCRIPT
PivotWidth@scorpiomanojFRM
Updated
This is an indicator which shows the width of pivots created by prev day h l c.
If the width is narrower, it implies possibility of trending markets.
If the width is broader, it implies possibility of rangebound market.
Narrower width is denoted if the pwidth is less than 0.25.
Background color can be differentiated for narrower width pivot days.
This indicator also plots the actual CPR.
Hence if you opt for pivotwidth, do not opt for others like Pivots, upper pivot, lower pivot, etc. as the pivot width scaling is different from pivots.
If the width is narrower, it implies possibility of trending markets.
If the width is broader, it implies possibility of rangebound market.
Narrower width is denoted if the pwidth is less than 0.25.
Background color can be differentiated for narrower width pivot days.
This indicator also plots the actual CPR.
Hence if you opt for pivotwidth, do not opt for others like Pivots, upper pivot, lower pivot, etc. as the pivot width scaling is different from pivots.
Release Notes
Included options for Weekly pivot width as well.If you analyse weekly pivot width, ensure you analyse using HTF charts (30 min to 4 h)
If you analyse daily pivot width, ensure you analyse using LTF charts (2min to 15min)
GoodLuck.
Release Notes
Sophistications to assess the pivotwidth in advance for next session.
Trading is my passion.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.