Camarilla pivot point formula is the refined form of existing classic pivot point formula. The Camarilla method was developed by Nick Stott who was a very successful bond trader. What makes it better is the use of Fibonacci numbers in calculation of levels.
Camarilla equations are used to calculate intraday support and resistance levels using the previous days volatility spread. Camarilla equations take previous day’s high, low and close as input and generates 8 levels of intraday support and resistance based on pivot points. There are 4 levels above pivot point and 4 levels below pivot points. The most important levels are L3 L4 and H3 H4. H3 and L3 are the levels to go against the trend with stop loss around H4 or L4 . While L4 and H4 are considered as breakout levels when these levels are breached its time to trade with the trend.
WARNING: - For purpose educate only - This script to change bars colors.
@akhmadov55556666, how can you see that this is repaint?
gfunky
⋅
@eladlevi, because he's using the current day's close, high and low, rather than the prior day's. He wrote the script wrong! He needs to change the close, high and low in lines 26-28 so they end with a 1 surrounded by brackets
NicolaeHarabor
⋅
@gfunky, sorry but is the code already changed or it still runner with the repaint glich
@HPotter, I am a full time camarilla trader and I love the system and implement pivot boss CPR instead of levels 1-2. question.. this strategy is fairly useful. I think it would be worth it to add an option to play breakout buys on s4 to s5 and r4 to r5. and maybe a stop loss function and between 3 an 4 or 4 to best get a REAL picture of what its like trading it. thoughts? is possible?
mr01101
⋅
@Gunslinger2005, I agree, that would be nice... also to combine it with VWAP