Adjustable Pivot Points-Highlights Important Price Bars

The Adjustable Pivot Point script highlights important price bars that are moving out of short-term consolidation.

What can you do with it:

• Set the % the price bar should be up on the day
  
  
• Set the longer-term lookback period
  
  
• Set the % that the current price needs to be within the longer-term lookback period
  
  
• Set the short-term new high period
  
  
• Set the % of price fluctuation of a 5-day period
  

An example:

You could highlight price bars that are up 3% on the day, within 5% of a new 40-day closing high, at a new 5-day closing high after moving less than 5% over the previous 5 days. Pivot point bars can offer good entries for both swing traders and traders looking to own a stock over several months.

A key is to have a long enough lookback period so that you don't have a lot of false price highlights and at the same time set the % fluctuation over 5 days low enough to see valid consolidations.

Best of luck!