TFi Pivot Reversal Study

The Pivot Reversal Study script uses pivot points to create a support and resistance level; based on this levels the script creates virtual stop-market orders to catch the trend if the price is crossing the pivot lines.
A configurable trailing-stop and stop-loss is being used to exit an open position.
The entry and exit points are visualized in the chart via green arrows and crosses; the position follows the exact behavior of the strategy script.
The study also creates alerts, which follow the exact position of the entry/exit markers. Via the input parameter "Alert Message Type" it is possible to select a predefined alertcondition message; right now the script supports a generic default message and a trading setup for Alertatron.

How to use
The study works with all timeframes; the current chart setting is using a 15min timeframe. The strategy enters about 10 trades per day, depending on the used settings.
I'm also providing a "strategy" version of this study, which can be used to backtest the strategy.

How to access
This strategy is a "Invite Only" script. You can can subscribe or purchase the strategy; please use the link below or send me a message via Tradingview to obtain access to the strategy and study script.
For enabling the script in your Tradingview chart window, click on "Indicators" and select "Invite-Only Scripts".

Full list of alerts:

• 'Enter Long' ... Enter long position
  
• 'Enter Short' ... Enter short position
  
• 'Exit Long PT' ... Exit long position - profit-target reached
  
• 'Exit Short PT' ... Exit short position - profit-target reached
  
• 'Exit Long SL' ... Exit long position - stop-loss
  
• 'Exit Short SL' ... Exit short position - stop-loss
  

Full list of parameters:

• "Pivot Left Bars" ... Number of bars on the left of the pivot point - used for pivot/peak detection
  
• "Pivot Right Bars" ... Number of bars on the right of the pivot point - used for pivot/peak detection
  
• "Entry Offset " ... Entry price offset after crossing pivot line (in %)
  
• "Trailing Activation Level " ... Trailing stop activation level above/below average price (in %)
  
• "Trailing Offset " ... Trailing stop price (in %)
  
• "Stop Loss " ... Absolute stop-loss (in %)
  
• "Alert Message Type" ... Alert message type: generic or Alertatron
  
• "Backtest ..." ... Backtest timeframe; area outside this timeframe will be grayed out
  

I'm looking forward to any feedback, reviews and change requests!

Release Notes:

Release Notes: V1.6 change

• aligned with strategy version 1.7
  
• added optional 3 profit-targets - option to select btw trailing-stop or profit-target
  
• modified Alertatron alert message - using entry=aggressive;
  
• removed "Alert Message Type" input, backtest variables
  

New parameters
"Trailing Stop Enabled" ... Enable trailing-stop; it's recommended to turn off profit-target
"--> Activation " ... Trailing stop activation level above/below average price (in %)
"--> Offset " ... Trailing stop price (in %)
"Profit Targets Enabled" ... Enable profit-targets; it's recommended to turn off trailing-stop
"--> Target 1 " ... Profit target 1 (in %)
"--> Target 2 " ... Profit target 2 (in %)
"--> Target 3 " ... Profit target 3 (in %)

Behavior
If price is crossing pivot line up, it enters a long position; the input "Entry Offset " allows to delay the entry (default is 0).
If "Trailing Stop" is enabled and in a long position, and if price moves up, at the price defined by "Trailing Activation " the trailing-stop will be activated; if price moves down by "Trailing Offset ", the position will be closed.
If "Profit Target" is enabled, up to 3 profit targets (in %) can be defined; the definition must be continuous. When price moves up, always 50% of the remaining position will be sold at each target. Example: PT1=0.5%, PT2=1%, PT3=2.5%, and position quantity is 10000, then 5000 shares are sold at PT1, 2500 at PT2 and the remaining 2500 at PT3. If only PT1 and PT2 are defined, then 5000 are sold at PT1 and the remaining 5000 at PT2.
"Trailing Stop" and "Profit Target" shouldn't be enabled at the same time!
If price moves in an unfavorable position, then the stop-loss (configured via "Stop Loss ") will close the position.
Opening a short position is always automatically closing an open long position.
The same explanation applies for short position in reverse order.

Release Notes:

V1.7 change

• added Alertatron support for Profit-Targets; Alertatron position entry based on limit orders
  
• default stop-loss changed to 1%
  
• status-box: showing distance to resistance/support level in %