[CP]Pivot Boss Floor Pivots with ATR Dilation and Dynamic LevelsINTRODUCTION:
Compared to all the Pivot Indicators available on Trading View Public Library, this Floor Pivots Indicator differentiates itself in two major original ways:
Dilates the Pivot Support/Resistance Levels into Support/Resistance Bands based on volatility
Displays the S/R Levels Dynamically , that is, only those levels will be shown that are close enough to the price resulting in much cleaner looking charts.
There were a few features whose logic I had figured out, but I could not implement them due Pine Script’s Limitation (they should really work on increasing Pine Script’s capacity instead of adding more and more features to the language in order to make it look ‘better’):
Showing multiple timeframe pivots at the same time (not possible due to Pine Script’s limitation on the ‘Max Number of Outputs’ )
Automatic Detection of highly profitable Double Hot Pivot Zones (DPZ), also due to the ‘Max Number of Outputs’ limit
GENERAL USER INPUTS:
Most of the settings are self-explanatory, however, a few of them need some explanation:
Show Floor Pivots Dynamically – This will turn ON the dynamic pivot levels, please note that this function will work ONLY IN INTRADAY timeframes.
Dynamic Pivot ATR Period – Period over which the ATR value is calculated to show the pivots dynamically.
ATR Threshold for Dynamic Floor Pivots – Simply put, the indicator will start displaying Pivot Levels if they fall within the 2*ATR distance (default value) of the price. You can increase this number if the volatility increases and vice-versa.
Use ATR to Dilate Intraday Pivot Levels – This will turn ON Floor Pivot Dilation, turning pivot ‘lines’ into ‘bands’ .
ATR Dilation Factor – This number decides the width of the Pivot bands. Larger this number, thicker the bands. Typically, high volatility stocks will require a higher number.
ATR Period – Same as Dynamic Pivot ATR Period, but for Pivot Level Dilation.
INDICATOR USAGE EXAMPLES:
This indicator works great in conjunction with my Pivot Boss Candlestick Scanner indicator.
There are a lot of optimizations I have done in the code, although it looks trivial at first glance, but it's fairly complex.
Feel free to use it and modify it as you wish.
Here are a few examples where the indicator has shown great entries and exits, with the default settings:
NIFTY 5m Chart
Reliance 5m Chart
Tesla 5m Chart
Bitcoin-USDT 15m Chart
FINAL WORDS:
Please understand that I have Cherry Picked the examples to showcase the capability of the indicator and its usage.
DO NOT conflate the accuracy of examples with the accuracy of this indicator.
Once you start using floor pivots, you will realize that a lot of days simply don’t give any high probability setups and you will simply sit out of the market and do nothing (which is a good thing).
If you really want to learn how to use Pivots, read the book ’Secrets of a Pivot Boss’ . This book can change your life.
Floorpivots
Dynamic Pivot Box for Month and YearThe basic idea of the ‘Dynamic Pivot Box’ is to show only the Pivots that are closer to the Price. This is, the nearest pivots acting as support and resistance; thus hiding all other pivots which are further away from the price and also hiding the pivots from previous periods… Pivots will be hidden until price breaks out from the current box and moves to the next one. Hopefully, with this change you can focus more on the actual price action/ price patterns on the chart rather than on several/ noisy lines on the screen.
**Please note that the recommended use for this indicator is on the daily or higher timeframes if you want to see Year pivots... Monthly pivots can be still seen on the hourly chart, but I am afraid that lower timeframes will not plot the indicator properly.**
The Pivots are taken from Frank Ochoa’s book ‘Secrets of a Pivot Boss’, so if you are not familiar with them, I would recommend you to first take a look at the theory behind them.
The Pivots in this indicator are divided in two groups: ‘Standard pivot’ and ‘Camarilla’ pivots.; and then this latter is group is divided in two also: the ‘Main Camarilla’ and ‘Regular Camarilla pivot’. You can select which groups of pivots are taken into account for the ‘Dynamic Pivot Box’.
If you decide to select all Three Groups: ‘Standard Pivot’, ‘Main Camarilla’ and ‘Regular Camarilla pivot’ you will see ALWAYS 4 pivots surrounding the price. My recommendation is to select only ‘Standard Pivot’ and ‘Main Camarilla’ so that you see only between 2-3 pivots on the screen. This recommended view is actually the default settings.
In addition, if you want to further reduce noise from the chart, you can unselect the ‘Lines’ option within the SETTINGS/ STYLE menu.
What you see on the chart/sample is actually this indicator plotted twice:
1. Year Pivots which have the default settings and are shown as white ines
2. Month Pivots have also the default settings BUT I also selected the option ‘Previous Pivots’ to show the pivots from previous period , and also I unselected the ‘Lines’ options as mentioned above to reduce noise.
You are more than welcome to enhance the current version, my only ask is to please share the enhanced version back with the community. I wish I could make amends or modify the current version myself but I actually just came up with the idea and I paid a coder in Fiverr to develop it.
Bollinger Bands and Floor Pivot pointsThe Bollinger bands set the standard deviation of the reversal points with smoothing over the specified period. That is, if you want to see the standard deviation of resistance and support on an hourly chart with a smoothing period for one day, then you need to set the period 24 in the settings. In this case, the pivot points always coincide with the chart.
The middle Bollinger band smooths out the pivot point, and the upper and lower bands-the resistance of r1 and the support of s1, respectively.
In the settings, you can set the smoothing of the standard deviation of the resistance and support of r2 and s2 instead of r1 and s1
example for working on the daily timeframe for the XRP/USDT cryptocurrency pair
Floor Pivots_DWMBasic Pivot points.
Script is easy to modify to personal requirements, and explained step-by-step on Kodify.com.
Original script credits: Kodify.com (kodify.net)
Extended Floor Trader PivotsThe Floor Trader Pivots indicator is a technical indicator that has long been used in the pits of exchanges. They define an equilibrium point called the primary pivot point or central pivot. Through much research, I can find no one to directly credit for establishing the original calculations which are used in this indicator. The original formulas calculate the primary pivot point (PP) and support/resistance levels based off the PP. Most pivot indicators only derive two support/resistance levels (R1, S1, R2, S2). This indicator provides the PP level as well as four additional support/resistance levels (R1-4, S1-4). This indicator also provides standard Open, High, Low, and Close levels. The calculations are as follows:
PP = (High + Low + Close) / 3
R1 = (PP * 2) - Low
S1 = (PP * 2) - High
R2 = (PP - S1) + R1
S2 = PP - (R1 - S1)
R3 = (PP - S2) + R1
S3 = PP - (R2 - S1)
R4 = (PP - S2) + R2
S4 = PP - (R2 - S2)
Pivot levels can be calculated for any time frame. This indicator provides Weekly, Monthly, Quarterly, and Yearly plots at each pivot level (PP - R4/S4).
This indicator can be used for a variety of different trading strategies and is widely used in equity markets, but can also be applied to Forex and Futures markets. It is most often used as profit taking/loss limiting levels as well as identifying possible areas for trend reversals.
IndianPivotBossPivotShiftThis Indicator has to be used as a censorship as under:
Do not go long (STRICTLY) when the following is observed:
(ie, either go short if any other indicator supports or do nothing)
a) If the histogram is lower than the previous histogram; in other words sloping downwards.
Do not go short (STRICTLY) when the following is observed:
(ie, either go long if any other indicator supports or do nothing)
a) If the histogram is higher than the previous histogram; in other words sloping upwards.
This can be used for intraday / swing / positional.
The histogram are constructed from combination of floor pivots. The histogram are different from Pivot based oscillators.
For intraday, select Daily from the parameters and use chart timeframe less than 15 min preferably.
For swing, select Weekly from the parameters and use chart timeframe more than 15 min preferably but less than daily charts.
For positional, select Monthly from the parameters and use daily time frame charts.
It is an effective indicator that potentially prevents you from taking wrong trades.
The computation mechanism of the indicator is confidential as it is proprietary.
PivotWidthForNextSession@scorpiomanojFRMCalculates 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.
PivotWidth@scorpiomanojFRMThis 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.
PivotIntradayStrategy@scorpiomanojFRMThis is an intraday trading strategy using Floor Pivots for BankNifty.
This strategy overlays on the charts with wide variety of drawing floor pivots and previous day levels.
VERY IMPORTANT :
1) LONGS AND SHORTS TO BE TAKEN IN 5 MIN CHART. 15 MIN CHART IS DISPLAYED BECAUSE TV DOESNT ALLOW TO PUBLISH WITH TF LESS THAN 15 MIN.
2) BACKTEST RESULTS ASSUME EXITS AT DAY CLOSE ONLY AND NOT BASED ON ANY OTHER CONDITIONS. HENCE ONCE LONG OR SHORT INITIATED IT IS SUGGESTED TO EXIT USING TRAILING STOP OR YOUR OWN RISK APPETITE. EVEN DAY CLOSE INTRADAY EXITS OFFERS A FAIRLY GOOD RESULT WITH ABOVE AVERAGE SUCCESS RATE AND PROFIT FACTOR IN EXCESS OF 1.75.
3) STRATEGY IS BASED ON COMBINATION OF PATTERNS INVOLVING DAILY PIVOTS AND PREV DAY LEVELS THAT IS FOUND TO REPEAT IN BANKNIFTY.
THE DETAILS OF THE STRATEGY IS CONFIDENTIAL.
4) THIS WILL BE AVAILABLE PUBLICLY ONLY FOR A LIMITED PERIOD. THIS LIMITED PERIOD AVAILABILITY IS TO TEST THE RESULTS AMONG VARIOUS PARTICIPANTS INORDER TO SEE THE CONSISTENCY.
YOU CAN REACH ME AT MY TWITTER ID scorpiomanojfrm or my email scorpiomanojfrm AT gmail DOT com
PivotEMA@scorpiomanojFRMThis plots the running pivots along with 50 period EMA of the running pivots.
It is a very good indicator for intraday entries. It has to be used in conjunction with 'Updated Floor Pivots at scorpiomanojFRM'.
How to use it?
If price is above Floor Pivot and this indicator has crossed up 50 period EMA it signals buy.
If price is below Floor Pivot and this indicator has crossed down 50 period EMA it signals short.
Exits should be cross down of 50 period ema in case of buy exit and cross up of 50 period ema in case of short exit.
Good Luck. Trade Well.
Updated Floor Pivots @scorpiomanojFRMThis features intraday pivots for Indian markets.
The total trading time per day is 375 minutes.
This is bifurcated into 3 zones of 125 minutes each.
Pivots constructed based on prior 125 minutes which are called intraday pivots.
These intraday pivots provide key clues on the possible direction of the markets.
These can be used as supports and resistances in conjunction with higher time frame pivots for scalping / intraday trades.
