OPEN-SOURCE SCRIPT
Updated RM Dynamic CPR for Scalping
RM Dynamic CPR for Scalping
Overview
RM Dynamic CPR for Scalping is a dynamic Central Pivot Range (CPR) indicator designed for intraday traders and scalpers. Unlike traditional daily CPR indicators, this script calculates CPR levels using the previous candle of a user-selected higher timeframe (default: 25 minutes), making it highly adaptive to changing market conditions.
The indicator automatically plots CPR levels along with multiple support and resistance zones, helping traders identify potential breakout, breakdown, reversal, and target areas throughout the trading session.
Features
Dynamic CPR Calculation
* Calculates CPR using the previous higher timeframe candle.
* User-selectable CPR timeframe (default: 25 minutes).
* Automatically updates CPR levels when a new timeframe period begins.
CPR Components
* **TC (Top Central)**
* **BC (Bottom Central)**
* **Pivot Point**
Support & Resistance Levels
* R1 / S1
* R2 / S2
* Optional R3 / S3
Visual Enhancements
* CPR zone highlighted using a shaded area between TC and BC.
* Optional line extension for better chart visibility.
* Clean and lightweight design suitable for scalping and intraday trading.
How to Use
Bullish Setup
* Price sustains above the CPR zone.
* CPR acts as support.
* Breakout above R1 may indicate bullish continuation.
* R2 and R3 can be used as potential targets.
Bearish Setup
* Price sustains below the CPR zone.
* CPR acts as resistance.
* Breakdown below S1 may indicate bearish continuation.
* S2 and S3 can be used as potential downside targets.
Range-Bound Markets
* CPR can act as a mean-reversion zone.
* Traders may look for reversals near support and resistance levels.
Best Use Cases
* Index Scalping
* Intraday Trading
* Futures Trading
* Options Trading
* Breakout and Breakdown Strategies
* CPR-Based Confluence Trading
Customization
Users can:
* Change the CPR timeframe.
* Enable or disable CPR levels.
* Show or hide Pivot, R1/S1, R2/S2, and R3/S3 levels.
* Extend plotted levels across the chart.
Disclaimer
This indicator is intended for educational and informational purposes only. It does not provide financial advice. Always use proper risk management and combine CPR levels with price action, volume analysis, and market structure before making trading decisions.
Overview
RM Dynamic CPR for Scalping is a dynamic Central Pivot Range (CPR) indicator designed for intraday traders and scalpers. Unlike traditional daily CPR indicators, this script calculates CPR levels using the previous candle of a user-selected higher timeframe (default: 25 minutes), making it highly adaptive to changing market conditions.
The indicator automatically plots CPR levels along with multiple support and resistance zones, helping traders identify potential breakout, breakdown, reversal, and target areas throughout the trading session.
Features
Dynamic CPR Calculation
* Calculates CPR using the previous higher timeframe candle.
* User-selectable CPR timeframe (default: 25 minutes).
* Automatically updates CPR levels when a new timeframe period begins.
CPR Components
* **TC (Top Central)**
* **BC (Bottom Central)**
* **Pivot Point**
Support & Resistance Levels
* R1 / S1
* R2 / S2
* Optional R3 / S3
Visual Enhancements
* CPR zone highlighted using a shaded area between TC and BC.
* Optional line extension for better chart visibility.
* Clean and lightweight design suitable for scalping and intraday trading.
How to Use
Bullish Setup
* Price sustains above the CPR zone.
* CPR acts as support.
* Breakout above R1 may indicate bullish continuation.
* R2 and R3 can be used as potential targets.
Bearish Setup
* Price sustains below the CPR zone.
* CPR acts as resistance.
* Breakdown below S1 may indicate bearish continuation.
* S2 and S3 can be used as potential downside targets.
Range-Bound Markets
* CPR can act as a mean-reversion zone.
* Traders may look for reversals near support and resistance levels.
Best Use Cases
* Index Scalping
* Intraday Trading
* Futures Trading
* Options Trading
* Breakout and Breakdown Strategies
* CPR-Based Confluence Trading
Customization
Users can:
* Change the CPR timeframe.
* Enable or disable CPR levels.
* Show or hide Pivot, R1/S1, R2/S2, and R3/S3 levels.
* Extend plotted levels across the chart.
Disclaimer
This indicator is intended for educational and informational purposes only. It does not provide financial advice. Always use proper risk management and combine CPR levels with price action, volume analysis, and market structure before making trading decisions.
Release Notes
Removed Line Style and replaced with circles style by default.Removed Extend lines option also,
By default I made all R1/S1,R2/S2 and R3/S3 are Visible, you can hide in indicator settings
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
I have been trading since 2019 , had gone through all greeds, fears, panics, profits and losses. been searching for a best ever setup each day, one after other, in the way i started developing indicators.Finally you can see all my stuff here.HappyTrading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
I have been trading since 2019 , had gone through all greeds, fears, panics, profits and losses. been searching for a best ever setup each day, one after other, in the way i started developing indicators.Finally you can see all my stuff here.HappyTrading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.