By request, some more of the levels that I like to see. I find that this works well on gold and crude oil the best. Stocks and ETF's sometimes have weird bars in after hours, and this sometimes destroys the week's levels. Any non liquid jump and back bars will likely not be tolerated by the study and ruin its data. The indexes sometimes work, but I find that the other pivot study I released is better for index futures. Forex hasn't been tested on this particular pivot study as of yet. Feel free to comment with your experiences using this with currencies.
This one is designed to show you your current week's action versus last week's action. Fibonacci levels are drawn from the range created by the week before, then offset from pivot HLC/3. These do not reprint so you can trust them to remain the same straight away from Sunday night into Friday's close. On other platforms I can get the next week in future to print as well, showing you where the next week trade levels on Friday before. Maybe I can figure out how to make pinescript print in the right extension, haven't got there yet.
Pretty good selection in 12 days of being a member though, so I am psyched how well this is going in TradingView, learnin' more language all the time. Feel free to leave some feedback, and happy to answer any questions. ~B3
Hello, thank you for sharing! Maybe make weeklies and monthlies into 1 indicator?
How do you judge if pivot's going to be broken or if the price would reverse when pivot is approached? MACD?
@kiero, hi!
I could do that .. I use several frames in other platforms. They're not the easiest to make in pinescript, but that is a good idea to combine the monthlys or have two separates.
Judging pivotal levels is an art for sure. My method is simple. Trends live in the deviation from the mean, and Oscillation lives in the retreat to the mean. So an level in an outward movement from the pivot or mean would be a target, and inward to the mean, it becomes a target. A cross of the mean is sometimes a nice trend switch trade, and often the mean is magnetic offering little more than a chop to play.
Hope that helps. I don't try and guess what is going to break or not break, I play trends away from the means to targets, or I am play the oscillation back to mean as a target. The only "judge" I can think of is the order book and time and sales, as it will tell you what is and is not an immediately important level. :)
HammondB3
⋅
sry for typos
kingjamesa77
⋅
@HammondB3, These levels look very useful ! What do they represent ? They are not R1 and S1 levels of the weekly pivot. Kindly Explain.
HammondB3
⋅
@kingjamesa77, true range is taken from the week before and turned into dynamic range by taking HLC3 of week before and setting that as the middle, then juxtaposing that TR where the pivot becomes 50%. I find them extremely useful and use the math several ways in other platforms for sure!
The SR is Fibonacci based:
sr1 = 0.618
sr2 = 0.786
sr3 = cloud of 1.0 to actual HH or LL of week before
sr4 = 1.236
sr5 = cloud of 1.5 to 1.618
sr6 = 2
kiero
⋅
@HammondB3, thank you for your thoughts!
Don't know if I'll ever start serious trading, but I'm enjoying the thought process of people who readily share, like you do.
How do you judge if pivot's going to be broken or if the price would reverse when pivot is approached? MACD?