Pivot Support & Resistance — Indicator by tradeswithashish

pivotpoints supportandresistance volumestudies pivotsupport pivotresistance pivotstrategy support resistence breakout breakdown

Here signals are based on the pivot high and pivot lows. Factors taken into account in understanding the breakout or breakdown are:

volume

candle bar is not opening candle

must be near pivot high or low

Recommendation:
Use once candle closes else you might get trapped in certain cases so be careful

Release Notes:

Removed opening candle criteria.

added closing confirmation to avoid false breakdown breakouts

showing indicator for last 75 bars only

Release Notes:

Trailing stoploss
New trend vs trend continuation based on pivot-point
Entry point added
Maximum profit point is also added

Release Notes:

added further explanation on the chart.

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?