Pivot Points [SMRT Algo]

2月24日

Pivot Points [SMRT Algo] is a free, innovative indicator designed to automatically detect and highlight key turning points on your TradingView charts through advanced candlestick pattern analysis. This indicator is perfect for traders seeking clear visual signals for potential trend reversals.



How It Works:

• Candlestick Pattern Analysis: The indicator continuously scans for specific candlestick formations. It identifies a potential high pivot when a bullish candle (where the close is higher than the open) is immediately followed by a bearish candle (where the close is lower than the open). Conversely, a potential low pivot is detected when a bearish candle is followed by a bullish candle.
  
  
• Boxing the Price Range: Once a potential pivot is identified, the algorithm draws a box around the corresponding price range. This box captures the area where the price action is concentrated, serving as a zone of interest for the pivot.
  
  
• Confirmation of Major Pivots: The initial detection marks what we call a "minor pivot" with a temporary yellow box. The indicator then waits for subsequent price action. If the price fails to break out of this box—meaning it remains confined within the defined boundaries—the pivot is confirmed as a major pivot. At this stage, the yellow box changes color to green (or red, depending on whether it’s a high or low pivot), clearly marking the confirmed turning point.
  
  
• Pivot Sequence: The progression follows a clear sequence: Minor Pivot ➔ Yellow Box ➔ Major Pivot. This step-by-step visual guide helps traders quickly interpret the strength and significance of the pivot.
  

Inputs:

• Show Labels: An input option allows you to toggle pivot labels on or off, so you can choose whether to display descriptive labels directly on your chart.
  
  
• Adjustable Colors: The colors of the pivot points—including the green and red boxes—are fully customizable via the input settings. This ensures that you can tailor the visual appearance of the indicator to match your personal charting style or trading strategy.
  

Enhancing Entry and Exit Strategies

• Entry Points: Look to enter a trade when the indicator confirms a pivot (after the box changes color). A confirmed pivot could indicate that a reversal is underway, giving you a potential entry signal.
  
  
• Exit Points & Stop Losses: Use the boundaries of the pivot box to set stop losses. For example, if you’re in a long trade and the price approaches a confirmed resistance pivot, consider this a signal to tighten stops or exit, as the trend may reverse.
  
  
• Confluence with Other Indicators: Combine the pivot point signals with other tools like RSI, MACD, or volume indicators. If multiple signals point to a reversal at the same pivot, it strengthens your confidence in the trade decision.
  

Trading Strategy Applications

• Reversal Trading: Use confirmed pivot points as indicators for potential reversals. Enter trades when the price action validates the pivot point, anticipating that the market is turning.
  
  
• Range Trading: When the price oscillates within a defined pivot box, you can use the top and bottom of the box as potential boundaries for a range-trading strategy.
  
  
• Breakout Trading: Conversely, if the price breaks out of a pivot box, this may signal the start of a new trend. You can use this breakout as a trigger for entering a position in the direction of the breakout.
  

The indicator highlights potential reversal zones with clearly marked boxes and labels, making it easier to spot key turning points and manage trades effectively.

Pivot Points [SMRT Algo] removes the guesswork by automatically scanning for and confirming pivot points based on rigorous candlestick analysis.

Whether you're a day trader or a swing trader, Pivot Points [SMRT Algo] provides actionable insights into market dynamics, helping you to better time entries and exits.

2月24日

發行說明

Name update

2月24日

發行說明

Chart Update