OPEN-SOURCE SCRIPT
Expanded Floor Pivots
Aktualisiert
Hello Everyone,
The Expanded Floor Pivots is introduced in the book "Secrets of a Pivot Boss: Revealing Proven Methods for Profiting in the Market" by Franklin Ochoa. He added four new levels: S4, R4, BC and TC. There are many great ideas in the book, such using these levels, following trend, time price opportunity and much more. (Thanks to tonyjab for pushing me to read this book)
The definition/formula of the levels defined in the book:
r1 = 2 * pivot - Low
r2 = pivot + (High - Low)
r3 = r1 + (High - Low)
r4 = r3 + (r2 - r1)
tc = (pivot - bc) + pivot
pivot = (High + Low + Close) / 3
bc = (High + Low) / 2
s1 = 2 * pivot - High
s2 = pivot - (High - Low)
s3 = s1 - (High - Low)
s4 = s3 - (s1 - s2)
The area between TC and BC is used as Pivot Channel, (blue area in the chart). you can see how it helps on identifying the trend.
Options:
By default the script decides Higher Time Frame but if you want you can set HTF as you wish.
You can choose line style as: Solid, Circles or Cross
and also you have option to show only last period or all historical levels.
Enjoy!
The Expanded Floor Pivots is introduced in the book "Secrets of a Pivot Boss: Revealing Proven Methods for Profiting in the Market" by Franklin Ochoa. He added four new levels: S4, R4, BC and TC. There are many great ideas in the book, such using these levels, following trend, time price opportunity and much more. (Thanks to tonyjab for pushing me to read this book)
The definition/formula of the levels defined in the book:
r1 = 2 * pivot - Low
r2 = pivot + (High - Low)
r3 = r1 + (High - Low)
r4 = r3 + (r2 - r1)
tc = (pivot - bc) + pivot
pivot = (High + Low + Close) / 3
bc = (High + Low) / 2
s1 = 2 * pivot - High
s2 = pivot - (High - Low)
s3 = s1 - (High - Low)
s4 = s3 - (s1 - s2)
The area between TC and BC is used as Pivot Channel, (blue area in the chart). you can see how it helps on identifying the trend.
Options:
By default the script decides Higher Time Frame but if you want you can set HTF as you wish.
You can choose line style as: Solid, Circles or Cross
and also you have option to show only last period or all historical levels.
Enjoy!
Versionshinweise
Changed HTF part.Versionshinweise
minor update.Versionshinweise
ImprovedArrays used
round_to_mintick() used
transp removed
label direction fixed
Open-source Skript
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