Trendoscope

BuyHighSellLow - Pivot points

Trendoscope Wizard Updated   
Another version of buy-high sell-low strategy. This time using pivot points.

Strategy is simple:

  • Buy when price closes above R1 of pivot point level
  • Sell when price closes below S2 of pivot point level.

Use Resolution parameter to define pivot points. Higher the resolution, longer the trade time will be. If resolution is set to same as symbol, strategy will consider Higher Timeframe Multiplier to derive pivot point resolution.

Uncheck HideBands to see bands created from pivot points.

Another Buy-High Sell-Low strategy published is using donchian channel (Link below)

Release Notes:
Correct lookahead bias warning by calc_on_order_fills = true

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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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.

Want to use this script on a chart?