Pivot Points LIVE [CHE]

The Pivot Points LIVE [CHE] indicator provides advanced real-time analysis of support and resistance levels through dynamic pivot point detection. It automatically identifies market structure components such as Higher Highs (HH), Lower Highs (LH), Higher Lows (HL), and Lower Lows (LL) to help traders visualize trend transitions and potential reversal zones.

Usage

The Usage section focuses on how the tool identifies market structure and provides actionable signals on the chart.

• Market Structure Identification: The indicator automatically plots HH, LH, HL, and LL markers. These help in determining the current trend direction and identifying when a trend might be shifting.
• Fractal Breakouts: When the price crosses a recently established pivot high or low, the script plots breakout (upward arrow) or breakdown (downward arrow) symbols to signal potential momentum entries.
• Line Connection Modes: Users can toggle between "Sequential" mode, which connects every pivot point in chronological order to show total momentum, or "All Separate" mode, which connects highs to highs and lows to lows independently to visualize trend channels.
• Extension Lines: The script extends the most recent pivot level forward to the current bar, allowing traders to see how the current price interacts with historical resistance or support in real-time.

Details

The script utilizes the ta.pivothigh() and ta.pivotlow() functions to find price peaks and valleys based on user-defined "left" and "right" lengths. A pivot is only confirmed once the "right length" number of bars has passed without the price exceeding the pivot's value, ensuring the point is a local extremity. The indicator also features a "Fractal Chaos Channel" visualization option, which creates a dynamic band around price action based on these pivot levels, useful for identifying volatility ranges.

Settings

Source / Length Left / Length Right

• Pivot High/Low Source: Determines the price source (defaulting to High and Low) used for detection.
• Left/Right Lengths: Sets the sensitivity of the pivot detection. Higher values result in more significant but delayed pivot points.
• Colors: Customizable colors for high and low markers.

Options

• Show Markers/Price Labels: Toggles the visibility of HH/LL labels and their corresponding price values.
• S/R Level Extensions: Enables horizontal lines extending from pivots to serve as support and resistance.
• Line Connection Mode: Choose between 'All Separate' or 'Sequential' for drawing trend lines.
• Fractal Breakout Symbols: Toggles symbols for price breaks above/below pivots.

Pivot Extension Line

• Show Last Pivot Extension Line: Displays a live horizontal line from the most recent confirmed pivot.
• Styles & Width: Customization options for the appearance of the extension line.

FAQ

How do I use the breakout signals?

The breakout and breakdown arrows appear when the price crosses the most recent pivot level. These are often used as entry signals in trend-following strategies or as warnings of a potential trend reversal.

What is the difference between "Sequential" and "All Separate" lines?

Sequential lines connect every pivot point (High to Low to High) to show the path of price action. All Separate lines connect Highs to Highs and Lows to Lows, which is better for identifying diagonal trendlines and chart patterns like wedges or channels.

How do I access Pivot Points LIVE [CHE]?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.