Bigul Index Analysis

"Bigul Index Analysis" is a comprehensive TradingView Pine Script v5 indicator that combines consolidation zone detection with standard pivot point levels for professional index trading analysis.

Core Features
Consolidation Zones

Detects price consolidation periods using zigzag pivot logic over a configurable loopback period (default: 10 bars)

Identifies when price forms tight ranges lasting minimum length (default: 5 bars)

Paints consolidation areas with customizable semi-transparent zones

Draws dynamic upper (red dashed) and lower (lime dashed) boundary lines

Generates breakout alerts when price breaks above/below established zones

Pivot Point Levels

Calculates Standard Pivot Points (PP, R1, S1) using previous day's High, Low, Close

PP = (High + Low + Close) / 3

R1 = 2 × PP - Low

S1 = 2 × PP - High

Plots Yesterday's High/Low as key reference levels

Multiple display options: continuous lines, endpoint labels, or both

Visual Elements
text
📊 Information Table (Top Right)
┌─────────┬──────────┐
│ Level │ Value │
├─────────┼──────────┤
│ PP │ 24567.89 │ ← Yellow
│ R1 │ 24890.12 │ ← Red
│ S1 │ 24245.67 │ ← Green
│ YH/YL │ 24912/24123 │ ← Blue
└─────────┴──────────┘
Color Coding:

🟡 Yellow line: Pivot Point (PP)

🔴 Red line: Resistance 1 (R1)

🟢 Green line: Support 1 (S1)

🟠 Orange stepline: Yesterday High

🟣 Purple stepline: Yesterday Low

🔵 Blue zone: Consolidation area

➖ Red/Lime dashed: Zone boundaries

Trading Signals & Alerts
5 Alert Conditions:

Consolidation Breakout UP - Price breaks above zone

Consolidation Breakout DOWN - Price breaks below zone

Price Above R1 - Close crosses above R1 level

Price Below S1 - Close crosses below S1 level

Customization Options
text
Loopback Period: 2-50 bars (default: 10)
Min Consolidation Length: 2-20 bars (default: 5)
Paint Zones: Toggle on/off
Zone Color: Customizable transparency
Pivot Display: Lines / Labels / Both
Toggle Pivot Points & Yesterday H/L independently
Use Case for Bigul Index Trading
Perfect for NIFTY/BANKNIFTY intraday analysis:

Identify consolidation zones for breakout setups

Use pivot levels as intraday support/resistance

Yesterday H/L as key reference for stop-loss/target

Multiple timeframe confirmation with table values

Strategy Example: Long when price breaks consolidation zone upward AND above PP/R1 confluence