This indicator is a modification of Golgistain's Hi/Lo Pivot indicator. I added a shorter length 2 to get early entries on short positions.
The way it works is you choose a timeframe you would like to trade and then set the indicator length to match the candle price action patterns. Default is M5 chart with 4/2 for the indicators.
Rules: Take the trade when price breaks out the top or bottom of the line.
Exit: Take what you can get and give nothing back.
Good luck - CharlieMax :0)
The way it works is you choose a timeframe you would like to trade and then set the indicator length to match the candle price action patterns. Default is M5 chart with 4/2 for the indicators.
Rules: Take the trade when price breaks out the top or bottom of the line.
Exit: Take what you can get and give nothing back.
Good luck - CharlieMax :0)
// Original work done by Golgistain // Modified by Charlie Max for price action scalping study(title="HB H/L", shorttitle="ScratchiCloud", overlay=true) len = input(4, minval=1, title="Length") len2 = input(2, minval=1,title="Length") //The length defines how many periods a high or low must hold to be a "relevant pivot" h = highest(len) //The highest high over the length h1 = dev(h, len) ? na : h //h1 is a pivot of h if it holds for the full length hpivot = fixnan(h1) //creates a series which is equal to the last pivot l = lowest(len2) l1 = dev(l, len2) ? na : l lpivot = fixnan(l1) //repeated for lows plot(hpivot, color=blue, linewidth=2) plot(lpivot, color=purple, linewidth=2) //plot(hpivot, color=blue, linewidth=2, offset= -len+1) //plot(lpivot, color=purple, linewidth=2, offset= -len2+1) //plot(h1, color=black, style=circles, linewidth=4, offset= -len+1) //plot(l1, color=black, style=circles, linewidth=4, offset= -len+1)