What does this Indicator do?
This Pivot Point Line Breach Indicator is a simple yet powerful tool that automatically plots lines at the high and low pivot point levels and extends the lines forward to the most recent real-time bar. When the price breaches a line, the line stops at that breach point. The unbreached lines, however, continue on until they are eventually breached or the indictor reaches the maximum number of lines set by the user.
How is this Indicator helpful?
The pivot point lines plotted on the chart show areas where the price may eventually revert to. By knowing whether or not these lines have been breached, traders can easily identify potential entry points or support lines that are likely to be breached, especially when used with other indicators.
As shown in the screenshot below, some lines have been breached, while several others remain. Once the lines were breached, we could clearly see that the price moved quickly to the next level.
The indicator user inputs enable the plotting of up to 500 lines on the chart, if the user chooses to set the limit to 500. However, the default setting is currently set to a lower number, allowing traders to easily view the most recent unbreached pivot points.
The plotted lines are located at the close and high or low of the bar that generated the line. When there is a long wick, the two lines are plotted far from each other. A breach of both lines, particularly in the case of a long wick, indicates strong movement in the direction of the breach.
Thank you for using my indicator, and I hope it helps you make profitable trading decisions.
This Pivot Point Line Breach Indicator is a simple yet powerful tool that automatically plots lines at the high and low pivot point levels and extends the lines forward to the most recent real-time bar. When the price breaches a line, the line stops at that breach point. The unbreached lines, however, continue on until they are eventually breached or the indictor reaches the maximum number of lines set by the user.
How is this Indicator helpful?
The pivot point lines plotted on the chart show areas where the price may eventually revert to. By knowing whether or not these lines have been breached, traders can easily identify potential entry points or support lines that are likely to be breached, especially when used with other indicators.
As shown in the screenshot below, some lines have been breached, while several others remain. Once the lines were breached, we could clearly see that the price moved quickly to the next level.
The indicator user inputs enable the plotting of up to 500 lines on the chart, if the user chooses to set the limit to 500. However, the default setting is currently set to a lower number, allowing traders to easily view the most recent unbreached pivot points.
The plotted lines are located at the close and high or low of the bar that generated the line. When there is a long wick, the two lines are plotted far from each other. A breach of both lines, particularly in the case of a long wick, indicates strong movement in the direction of the breach.
Thank you for using my indicator, and I hope it helps you make profitable trading decisions.
Versionshinweise:
V2 Update
- Changed Max Lines Default to 44 instead of 4
- Made the Additional (Double Pivot Line) optional (off by default)
- Made User Input name adjustments
- Added Engulfing Candles
- Added Price Line
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