Hurst Diamond Notation Pivots

Updated

This is a fairly simple indicator for diamond notation of past hi/lo pivot points, a common method in Hurst analysis. The diamonds mark the troughs/peaks of each cycle. They are offset by their lookback and thus will not 'paint' until after they happen so anticipate accordingly. Practically, traders can use the average length of past pivot periods to forecast future pivot periods in time🔮. For example, if the average/dominant number of bars in an 80-bar pivot point period/cycle is 76, then a trader might forecast that the next pivot could occur 76-ish bars after the last confirmed pivot. The numbers/labels on the y-axis display the cycle length used for pivot detection. This indicator doesn't repaint, but it has a lot of lag; Please use it for forecasting instead of entry signals. This indicator scans for new pivots in the form of a rainbow line and circle; once the hi/lo has happened and the lookback has passed then the pivot will be plotted. The rainbow color per wavelength theme seems to be authentic to Hurst (or modern Hurst software) and has been included as a default.

Release Notes

Thank you everyone for the incredible amount of feedback & love since the original release of this indicator. This major update includes the much-anticipated forecast/prediction of the time range of the next pivot point. The calculation of the average cycle and next pivot point was made possible by just 6 lines of code from the Pivot High/Low Analysis & Forecast by [LuxAlgo]. Many thanks to LuxAlgo for the code snippet!

Release Notes

This update provides a temporary fix for plotting the range line for each of the next pivot forecasts. For now, the lines have been removed and the range can only be found when hovering over the forecast diamond. Second, the forecast calculations were updated for accuracy. Third, all of the version 1 and version 2 features are now available (except forecast lines) and can be toggled in the settings.

Release Notes

The candle close critical error has been fixed; shout out to upslidedown for the troubleshooting help. All features (from Versions 1 and 2) have been enabled. Please remove and reload this indicator from your charts in order to receive these important updates.

Release Notes

Added an alert for a user-selected pivot cycle confirmation and corrected a style typo. Please remove & reload the indicator on your charts in order to receive the updates.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

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BarefootJoey

Made w/ ❤ by @BarefootJoey ✌💗📈

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