Pivot Detective Indicator v1.0

Overview of Features

The Pivot Detective is an indicator that simply highlights the waves of the market by identifying the pivot highs and pivot lows by using shapes and zigzag lines.

What makes this indicator unique is that you do not have to specify the number of bars to the left or right side of the pivots (aka pivot strength), nor do you need to specify percent deviation for filtering the zigzag (1)lines. Thus, the indicator will monitor price action and keep track of pivot high and low prices and implements a common trend analysis algorithm to determine when the trend has reversed to confirm the pivot price and begin tracking the next pivot price. The tolerance of the trend reversal can be configured to be strict or loose depending on your preference.

Be aware that this indicator does not determine key levels of price like support (S1, S2, etc.) and resistance (R1, R2, etc.) levels that are found in the traditional Pivot Points indicators (2).

Usage Information

The indicator can be applied to any chart at any time frame. It is very customizable where you can add or change various chart elements to help you enhance your interpretation of the price action trend reversals at the pivots. You can specify the pivot shapes, colors, and visibility as well as zigzag line thickness, color, and visibility. You can adorn the pivot shapes with any combination of price, rate of change percentage, and pivot trend using HH/LH/LL/HL text as well as control the coloring schemes for the in-progress pivot. The size of the text can also be customized.

Be aware that this indicator makes use of lines and labels which are limited to 500 lines and 500 labels, so if traverse far into the history, they will not appear because they have reached these limits and were removed by the chart's rendering engine.

Lastly, you can define "any alert() function call" messages on the "New Pivot High Point" and "New Point Low Point" events. These alerts provide custom placeholders that can be used in the messages, which are: {{exchange}}, {{ticker}}, {{currency}}, {{new_pivot_point_price}}, and {{new_pivot_point_roc}}

References

1. Chen, James. (2021 March 15). Zig Zag Indicator. Received from http: https://www.investopedia.com/terms/z/zig_zag_indicator.asp
2. Mitchell, Cory. (2021 April 30). Pivot Points. Received from http: https://www.investopedia.com/trading/using-pivot-points-for-predictions/

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v1.0.1 - Patch Release

New features & fixes in this release:

• Added "Trend Direction" data point to the Data Window. A value of 1 means the indicator is detecting an uptrend; a value of -1 means the indicator is detecting a downtrend.
  
• Fixed a defect where the price was setting the decimal precision to the tenth position. The new decimal precision is up to the hundred millionth position if it has a significant digit.
  
• Fixed a defect where the text color of the data points in the Data Window were black in TradingView's dark-mode theme, thus making it extremely hard to read.
  

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v1.0.2 - Patch Release

New features & fixes in this release:

• Added price difference to the rate of change option. Thus, the label has been change from "% RoC" to "Δ(%) Change".
  
• Added new "{{new_pivot_point_diff}}" placeholder to the "New Pivot High Point Message" and "New Pivot Low Point Message" inputs.
  
• Added new "New Pivot Point Diff" data point to the Data Window.
  
• Fixed a defect with the In-Progress pivot label displaying the incorrect "HH/LH/LL/HL" trend.
  

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v1.0.3 - Patch Release

New features in this release:

• Added "Confirmed" and "In-Progress" zigzag line style inputs.
  
• Added new "STATISTICS SETTINGS" section with numerous inputs to show pivot statistics in a table on the chart.
  
• Redesigned the layout of the input settings to be more descriptive with each input setting.
  
• Updated the "New Pivot High Point Message" and "New Pivot Low Point Message" text boxes to be text areas.
  
• Upgraded code to Pine Script v5.