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Pivot Detector Oscillator, by Giorgos E. Siligardos

The Pivot Detector Oscillator, by Giorgos E. Siligardos
The related article is copyrighted material from Stocks & Commodities 2009 Sep
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.

Want to use this script on a chart?
////////////////////////////////////////////////////////////
//  Copyright by HPotter v1.0 26/08/2014
// The Pivot Detector Oscillator, by Giorgos E. Siligardos
// The related article is copyrighted material from Stocks & Commodities 2009 Sep
////////////////////////////////////////////////////////////
study(title="The Pivot Detector Oscillator, by Giorgos E. Siligardos")
Length_MA = input(200, minval=1)
Length_RSI = input(14, minval=1)
UpBand = input(100, minval=1)
DnBand = input(0)
MidlleBand = input(50)
hline(MidlleBand, color=black, linestyle=dashed)
hline(UpBand, color=red, linestyle=line)
hline(DnBand, color=green, linestyle=line)
xMA = sma(close, Length_MA)
xRSI = rsi(close, Length_RSI)
nRes = iff(close > xMA, (xRSI - 35) / (85-35), 
        iff(close <= xMA, (xRSI - 20) / (70 - 20), 0))
plot(nRes * 100, color=blue, title="Pivot Detector Oscillator")
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Comments

This is a pretty cool little indicator, seems to be rather powerful for catching bounces and rejections. Should get more attention.
+5 Reply
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