This script is the beta version of the Aroon Pivots for testing purposes and is not intended to be used in real trading.
========= AROON PIVOTS ========= The purpose of this script is to use the power of the Aroon Lines to determine when trends or portions of a trend have reached a certain level of exhaustion, which in turn can help discover pivot points or reversals. Aroon Lines (the Up and Down lines) are measures of time that compare previous highs and lows, as well as opens and closes, which when compared can give insight on a possible incoming trading move. Aroon is one of the few indications that was designed for this purpose to show possible moves instead of historic data.
========= HOW TO USE ========= It's fairly simple, but small labels are created that show when entry or exit is at its closing peak. Labels can be used to enter as a maximum opportunity in addition to minimal risk, while simultaneously can be used to close an already open position for maximum closing results.
========= ADDITIONAL NOTES ======= - Labels are printed when the criteria is met, however, the labels are not fully realized until candle close. - Labels are not repainted. - Labels are specific to their relative timeframe, so its expected that a lower timeframe pivot will not expand into a high timeframe label, especially is the labels are giving opposite pivots.
Version 0.0.1
Release Notes
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Update 0.1.1
Improved some bug fixes that gave a lot of false positives and noise. Added text for pivots in addition to color coding for easier readability.
Release Notes
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Update 0.1.2
Added extra confluence to pivots to improve accuracy.
Release Notes
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Update 1.2 BETA
--------ADDED ------------ 1. Distinguishing between stronger Aroon trend confluence vs weak confluence to allow the user more flexibility when decided to utilize the pivots. 2. Customization for the Aroon inputs. Three trends are total on the input section - Strong, Normal, and Weak. Although the ability is to give user customization, it is still recommended to use the standard set given by default. 3. Color customization was also added.