Pivot Points Percentage Differences (W/ High & Low Indicators)
This script is really handy for day trading. This works best on low time frames like the 1 minute or the 5 minute.
To understand what pivot points are you can add other pivot point indicators or just look at the color differences below since every-time that changes it's a new pivot point (which represents a known low or known high with high certainty)
The script shows the most recent percentage move up or down for the last known pivot point based on the pivot point setting data.
Pivot points are generated after 20 bars go by default, but you can set this to whatever you wish in the settings. Just click the gear icon for the script to set these.
You can also set how many bars back to look for what was the last highest percentage move (down or up). This will be important for your day trading strategy.
The idea to trading with this is pretty simple.
You look at the highest percentage moves that were made on pivots up or down and if you notice a current move that has trended down or up to the highest percentage, that makes that a safer bet for shorting or longing.
Of course, sometimes, things move greater or less than normal, so you would set stop losses accordingly.
Hope this helps with your day trading for finding good entry and exit points!
EXAMPLE TRADE SCENARIO
You notice the last high for the last 100 bars was 3%. The price recently rose 3% from a known pivot low. You can put a short on this. You noticed that the average price down was 2%, so if the price drops 2% or close to it you can exit your short and go LONG. You set a stop loss above what you put by an extra percentage to be safe.
I will do an experimental strategy version of this idea if people are interested.
To understand what pivot points are you can add other pivot point indicators or just look at the color differences below since every-time that changes it's a new pivot point (which represents a known low or known high with high certainty)
The script shows the most recent percentage move up or down for the last known pivot point based on the pivot point setting data.
Pivot points are generated after 20 bars go by default, but you can set this to whatever you wish in the settings. Just click the gear icon for the script to set these.
You can also set how many bars back to look for what was the last highest percentage move (down or up). This will be important for your day trading strategy.
The idea to trading with this is pretty simple.
You look at the highest percentage moves that were made on pivots up or down and if you notice a current move that has trended down or up to the highest percentage, that makes that a safer bet for shorting or longing.
Of course, sometimes, things move greater or less than normal, so you would set stop losses accordingly.
Hope this helps with your day trading for finding good entry and exit points!
EXAMPLE TRADE SCENARIO
You notice the last high for the last 100 bars was 3%. The price recently rose 3% from a known pivot low. You can put a short on this. You noticed that the average price down was 2%, so if the price drops 2% or close to it you can exit your short and go LONG. You set a stop loss above what you put by an extra percentage to be safe.
I will do an experimental strategy version of this idea if people are interested.
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Discord: discord.gg/pGHHRczpbu
Discord: discord.gg/pGHHRczpbu