OPEN-SOURCE SCRIPT
Central Pivot Range - Daily and Weekly
entral Pivot Range is a versatile technical indicator usually comprising of 3 levels – a central pivot point (pivot), top central level (TC), and bottom central level (BC).
The calculation of the levels is very simple:
TC = (Pivot – BC) + Pivot
Pivot = (High + Low + Close)/3
BC = (High + Low)/2
As you can see from the above CPR formula, all the 3 levels are calculated using just 3 variables, High, Low, and Close price. When you add CPR levels in a stock’s chart, TC is highest, the pivot is at the center and BC is the lowest level. However, depending on market conditions TC’s value may be lower than BC. Irrespective of the calculation, the highest of the 3 values is typically termed as TC and the lowest is BC.
The fundamental idea behind this indicator is that the particular day’s trading range captures everything about the market sentiment, and hence this range can be used to predict the price movement of the following days.
The calculation of the levels is very simple:
TC = (Pivot – BC) + Pivot
Pivot = (High + Low + Close)/3
BC = (High + Low)/2
As you can see from the above CPR formula, all the 3 levels are calculated using just 3 variables, High, Low, and Close price. When you add CPR levels in a stock’s chart, TC is highest, the pivot is at the center and BC is the lowest level. However, depending on market conditions TC’s value may be lower than BC. Irrespective of the calculation, the highest of the 3 values is typically termed as TC and the lowest is BC.
The fundamental idea behind this indicator is that the particular day’s trading range captures everything about the market sentiment, and hence this range can be used to predict the price movement of the following days.
Open-source Skript
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