Pivot Range Pivot Boss — Indicator by cristian.d

My first attempt to code something. It's Mark Fischer concept of Pivot Range from his book Logical Trader.
The strategy for using it is actually from Frank Ochoa's book Secrets of a Pivot Boss. Pivot Range is the "meat of the matket" and "the heart beat of the market" according to him.

Besides using the actual pivots the strategy is based on the relationships between 2 day pivot ranges.

Higher Value - Bulish
Overlapping Higher - Moderate Bulish
Lower Value- Bearish
Overlapping Lower - Moderate Bearish
Unchanged - Sideways/Breakout
Outside - Sideways
Inside - Breakout

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

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Want to use this script on a chart?

//Created by CristianD
study(title="Pivot Range", shorttitle="CD_PivotR", overlay=true) 
sd = input(true, title="Show Daily Pivots?")

//Pivot Range Calculations - Mark Fisher
pivot = (high + low + close ) / 3.0 
bc = (high + low ) / 2.0 
tc = (pivot - bc) + pivot

//Daily Pivot Range 
dtime_pivot = security(tickerid, 'D', pivot[1]) 
dtime_bc = security(tickerid, 'D', bc[1]) 
dtime_tc = security(tickerid, 'D', tc[1]) 

offs_daily = 0 
plot(sd and dtime_pivot ? dtime_pivot : na, title="Daily Pivot",style=circles, color=fuchsia,linewidth=3) 
plot(sd and dtime_bc ? dtime_bc : na, title="Daily BC",style=circles, color=blue,linewidth=3)
plot(sd and dtime_tc ? dtime_tc : na, title="Daily TC",style=circles, color=blue,linewidth=3)