The pivot price is similar to a resistance or support level. If the pivot level is breached, the price should continue in that direction. Or the price could reverse at or near this level.
- Use channels as a support & resistance zone.
- Use bands as a support & resistance zone. It is also very powerfull to use it as a breakout.
- Use mid bands & mid channels as a trend direction or trade filter as a more usual moving average.
- Show Pivot Bands: show bands.
- Show Pivot Mid Band: show mid bands.
- Show Pivot Channels: show channels.
- Show Pivot Mid Channel: show mid channels.
- Deviation: deviation used to calculate pivot points.
- Depth: depth used to calculate pivot points.
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.