Clone Levels - Auto-pivot using clones. WONTON

19. Nov. 2018Method sets out pivots
100%
75%
50%
25%
0%

Divisions of a range using a cloning method from a High/Low range determined by selecting the number of Months to determine the anchor points.

6. Dez. 2018

Versionshinweise

Update to make colors more consistent.
Red = 50% levels
Navy = 25% Levels
Black = Box Border

Secondary levels
Maroon subdivides major levels
Yellow next closest clone level to price

6. Jan. 2019

Versionshinweise

Added the ability to switch from 0.5 Fib Cloning to 0.618 Fib Cloning.
Added the ability to switch on/off Fibs in proximity of the price (3 new fib levels)
Slimmed the markers for better visuals.

Recommendation: Set the monthly window to include a High and Low that is inclusive of the current price range for the best outcome.

6. Jan. 2019

Versionshinweise

Minor update to drawing.

4. Okt. 2023

Versionshinweise

Updated to Pine Version 5

Cloning a chart provides price ladders for ladder trading strategies.

The basic principle uses the chart all time high, all time low of price (note not the instrument all time high or low but only the data available for the chart time frame being used).

That range is then continuously divided by 2. The limit of how many divisions is determined by the user, the user sets up a minimum gap between clone levels.

That tells the script to stop dividing the chart if the distance between the lines is less than what you as the user enters.

A few points:
- if the script loop takes too long and times out, then it's likely you set the minimum gap to be too small - creating too many levels. Adjust higher the minimum gap to solve this problem.

- there is a setting to limit how many level lines to show around the price so the entire tableau is not drawn.

This is just a useful tool that simplifies the screen and personally I use this rather than standard pivots (traditional, classic etc.)

4. Okt. 2023

Versionshinweise

Small Update to highlight Major Divisions
- Half and Quarter lines

5. Okt. 2023

Versionshinweise

After some feedback, I am rolling back the prior change and simply upgrading the older version 3 script to version 4 of Pine.

I will publish open source the newer version 5 script separately.

To the version 3 users - sorry for the disruption, I understand how changes in your trading tools can be disruptive.

To the new version 5 users - look for a new publication.

6. Okt. 2023

Versionshinweise

Rolling back to the version which includes fibs.

If you are interested in an open source V5 pine version of clone pivots. Please see
https://www.tradingview.com/script/5imosExP-Clone-Pivots-Oct-2023/