ILM | Structural Pivots v1

This script will mark the structural pivots based on some rules.

Solid green/red lines are for major trend to mark LPH (Large Pivot High) and LPL (Large Pivot Low).
Dotted green/red lines are for minor trend SPH (Small Pivot High) and SPL (Small Pivot Low). SPH and SPL are not marked as labels to reduce congestion on the chart.
Gray lines are to identify temporary large pivots before they get promoted to LPH / LPL
Blue lines are to identify temporary small pivots before they get promoted to SPH / SPL

Couple of common trading strategies
- Go Long above LPH
- Go Short below LPL
- Go Long above SPH after LPH
- Go Short below SPL after LPL

Mean Reversion
- Go Long above SPH after LPL
- Go Short below SPL after LPH

This is the initial version and I am making it as public beta to iron out any issues. I might make this script private in future - FYI

發行說明

29-Jan-2022 Changes

Added input to turn on/off small pivot labels
Trend line colors continue to be green as long as trend is bullish and vice-versa for both Major and Minor trends

發行說明

User can change SPH/SPL Label color though input option

發行說明

Added input option to show price in Large Pivots