Price Change Rate by Pivot Points - Dynamic

The Price Change Rate by Pivot Points - Dynamic indicator automates the measurement of price fluctuations by dynamically identifying pivot highs and lows to calculate percentage changes and retracement levels.

Usage

The indicator is designed to help traders visualize the magnitude of price swings without manual measurement. By identifying significant Pivot Highs and Lows, the tool automatically draws lines and labels that display the percentage increase or decrease from the last confirmed pivot point.

Example use cases include:

• Trend Analysis: Monitoring the strength of a current move by viewing the real-time percentage change from the previous low or high.
• Retracement Tracking: Using the optional retracement display to see how much of a prior move has been recovered.
• Visual Charting: Using the "Show Lines" and "Show Prices" options to maintain a clear view of market structure and key price levels.

Details

The script utilizes the ta.pivothigh() and ta.pivotlow() functions to establish structural anchors. It dynamically switches its calculation logic based on whether the most recent pivot was a high or a low. When a new pivot is detected, the indicator updates its reference points. It also includes a custom "highest/lowest" lookback mechanism to track the extreme price reached since the last pivot, ensuring the data remains current even before a new pivot is fully confirmed.

Settings

• Pivot Point Period: Determines the number of bars required on each side to confirm a pivot point (higher values result in more significant but lagging pivots).
• Show Pivot Points: Toggles the "H" and "L" labels on the chart.
• Show retracement: Displays the retracement ratio relative to the previous price swing.
• Show Prices: Displays the raw price values for the pivot point and the current extreme.
• Show Lines: Draws connecting lines/arrows between the pivot points and the current price extremes.
• Show Label on current High/Low: Moves the data label to the actual bar where the high or low occurred rather than keeping it at the pivot's confirmed location.

FAQ

How do I access Price Change Rate by Pivot Points - Dynamic?

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

Why do the labels move or disappear?

The labels are dynamic and update based on the most recent price action since the last confirmed pivot. When a new pivot point is confirmed (after the "Period" length has passed), the indicator resets its calculations for the next swing.

Can I use this for identifying trends?

Yes, higher percentage increases following a pivot low compared to smaller percentage decreases following a pivot high can indicate an uptrend, and vice versa.