Pivot Points Alerts
Jun 17, 2019
The Pivot Points Alerts indicator identifies and highlights pivot high and pivot low points on the chart while providing automated alert functionality for these key price reversals.
Usage
The indicator can be used to identify potential support and resistance levels or trend reversal points.
- Pivot High (PH): Occurs when a high is higher than a specified number of bars to its left and right.
- Pivot Low (PL): Occurs when a low is lower than a specified number of bars to its left and right.
On the chart, solid arrows with text labels ("PH" or "PL") indicate the actual price peak or trough. Because pivot points require a certain number of bars to the right to confirm (the "Right Bars" setting), transparent arrows are plotted on the bar where the pivot is confirmed and the alert is triggered.
Details
Pivot points are calculated using the ta.pivothigh() and ta.pivotlow() functions. A pivot point is only confirmed after the price has moved a certain number of bars (Right Bars) away from the extreme high or low. This delay is necessary to ensure the point is indeed a local maximum or minimum. The script uses an offset to place the primary labels on the historical bar where the extreme actually occurred, while simultaneously highlighting the confirmation bar.
Settings
- Left Bars: The number of preceding bars required to have lower highs (for a pivot high) or higher lows (for a pivot low).
- Right Bars: The number of following bars required to have lower highs (for a pivot high) or higher lows (for a pivot low). This setting determines the confirmation lag.
FAQ
How do I access Pivot Points Alerts?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
Why is there a delay in the labels appearing?
Pivot points require confirmation from subsequent price action. The "Right Bars" setting determines how many bars must close after the high or low before the indicator can confirm it as a pivot.
Can I set up notifications for these points?
Yes, the script includes alert conditions for both Pivot Highs and Pivot Lows, which trigger exactly when the transparent confirmation arrow appears on the chart.
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