[JRL] Pivot Regression Oscillator

Introducing the Pivot Regression Oscillator. This oscillator uses a similar formula to the Stochastic Oscillator. However, instead of comparing the closing price to the lowest price of a period, it compares the distance between current price and the current pivot point . By basing our oscillator on pivot levels, we incorporate a much more relevant and consequential price point around which to base our comparisons.

The indicator can give reliable overbought and oversold signals, and it plots two exponential moving averages as output, which provides crossover signals that can be used to help time trades.

The Pivot Regression Oscillator can be effective for timing re-entries into a trend and seems to be able to avoid some of the false signals of other indicators.

Let me know if you find this useful. Cheers!
Versionshinweise: Added alerts
Versionshinweise: fixed bug
Open-source Skript

Ganz im Sinne von TradingView hat der Autor dieses Skripts es als Open-Source veröffentlicht, damit Trader es verstehen und überprüfen können. Ein Hoch auf den Autor! Sie können es kostenlos verwenden, aber die Wiederverwendung dieses Codes in einer Publikation unterliegt den Hausregeln. Sie können das Skript den Favoriten hinzufügen, um es auf dem Chart zu verwenden.

Möchten Sie dieses Skript auf einem Chart verwenden?


Thanks, great job!

Please tell me how to set up an alert when the blue crosses the yellow line and vice versa?
We need arrow also, thanks.
Hello, I really liked your work, in my opinion there are not enough notifications, tell me how to make an alert when crossing lines
JRL_6 cryptoinvests
@cryptoinvests, Thanks for your comment. I always forget to add the notification settings, so thanks for reminding me. I'll add them this evening and I'll post an updated version. Stay tuned!
+1 Antworten
JRL_6 cryptoinvests
@cryptoinvests, I've added alerts. Cheers!
+3 Antworten
@JRL_6, Thank you very much for your work.
+2 Antworten
I checked the indicator against Stochastics of RSI on SPX 1-Hour Chart. The indicator's re-entry lags stochastics of RSI.
For Timing re-entry, as well as align with Murrey Math 1/8th levels, Fast Fourier Transform has the potential to perform better.
JRL_6 AudienceXP
@AudienceXP, thanks for your feedback. You can lower the Fast setting all the way down to 1 to display the raw output, which would be more equivalent to stochastic in terms of speed. I think I do need to test more to find optimal settings. The two lines are both EMAs, so it will be slightly slower because of that, but I don’t mind that if the signals are more reliable.
Hey, You're simply Amazing! Will test this indicator today and revert. Thanks for all the Great Work!
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