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X-Day Rolling Pivot
Rolling pivot is a trading method suggested by Mark B. Fisher in his book "The Logical Trader". The original version just monitors 3 latest days for pivot calculation, but in our version we allow you to decide the number of days: it can be 3, 5, 7, 10 days... The basic idea is taking into account the highest high, lowest low of the past X days, and the close to calculate the pivot plots.
Fisher’s rolling pivot low & high are displayed as S1 and R1 in our indicator. The area between S1 and R1 is where the market trades without a clear bias. Therefore, our indicator shades this area in yellow to signal traders of a choppy zone where you should not trade.
You should only trade when the market moves out of the choppy zone between S1 and R1. When the market breaches above R1, a bullish phase is established and long trades are favored. When the market breaches below S1, a bearish phase is established and short trades are favored.
In order to help you have targets for long/short trades, we added S2/R2, S3/R3, S4/R4 which are user-defined offsets from the PP line (those new S/R plots are our improvements compared to Fisher’s version).
Especially, we allow you to specify the minimum differential percentage to normalize pivot differential between days, which helps the S/R lines locate better: neither too expanding nor too collapsing.Key features:
- Allow configuring the number of days (X)
- Allow configuring minimum differential percentage
- Plot pivots of today’s session as well as all the past sessions
- Plot up to S4/R4 (optionally show/hide each pair)
- Allow modifying factors to compute S/R levels
- Colorize PP line to reflect if the market is bullish or bearish
- Shade the middle zone to highlight choppy price action
- Display how bullish/bearish the market is with an innovative ribbon
- Label each pivot lines (with an optional pivot name)
- Trigger alerts on middle zone breakout
- Print markers on middle zone breakout
- Be NinjaScript ready for advanced usage, only restricted by your imagination
- Expose dedicated NinjaScript signals
Sound alert (configurable rearm)
Email alert (possibly configured as SMS alert)
Message displayed in Alerts Log window
- 14 Jun 2021 - Massive changes, fixes and improvements were made (DPI, display name, Z order, alert properties, marker string, chart info, property naming/positioning/grouping).
- 13 Jun 2020 - The indicator was released (built new).
X-Day Rolling Pivot $$5 5Bill From Atlanta, GA100%I’ve owned several ninZa.co studies and I wouldn’t trade without them. Second to none! Besides the indicators, there is an excellent support staff always available.
These testimonials may not be representative of the experience of other users or customers and do not guarantee future performance or success.
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