OPEN-SOURCE SCRIPT
Pivot Point Bounce
Pivot Point Bounce
(Generated by trade-pilot.app Builder)
Overview
Pivot Point Bounce is an intraday support & resistance indicator that automatically plots daily pivot levels and highlights high-probability bounce reactions from those levels during the trading session. It is designed to help traders identify areas where price is likely to react, reject, or reverse.
Daily Pivot Point Levels
The indicator calculates daily pivot points based on the previous trading day’s High, Low, and Close:
Pivot (P) – central equilibrium level
Resistance levels: R1, R2, R3
Support levels: S1, S2, S3
These levels are fixed for the entire trading day and are drawn as horizontal lines on the chart:
Pivot: yellow
Resistances: red
Supports: green
This creates a clear intraday liquidity map that updates automatically every new day.
Bounce Detection Logic
The indicator continuously monitors price interaction with pivot levels and looks for true bounce behavior, not simple touches.
A bounce is detected when:
Price touches or slightly crosses a pivot level (using an ATR-based tolerance).
The next candle closes back on the correct side of the level:
Long bounce: price touches S1, S2, or Pivot from below and closes back above with a bullish candle.
Short bounce: price touches R1, R2, or Pivot from above and closes back below with a bearish candle.
This helps filter out false breaks and focuses on real rejection from key levels.
RSI Confirmation
RSI is used as an additional confirmation layer:
Oversold RSI supports long bounces.
Overbought RSI supports short bounces.
RSI values and thresholds are fully customizable through inputs.
Session Filter
Signals are only generated inside the selected trading session (default: 09:30–16:00 New York time).
This prevents signals during low-liquidity or off-market hours.
Visual Signals & Alerts
When all conditions are met, the indicator:
Displays LONG / SHORT labels directly on the chart.
Plots directional arrows at signal candles.
Supports TradingView alerts for automated notifications.
Why This Indicator Is Useful
Clearly visualizes institutional pivot levels.
Helps identify high-probability bounce trades.
Avoids random entries in the middle of price action.
Combines structure, momentum, and time-based filtering.
Clean, readable, and optimized for intraday trading.
(Generated by trade-pilot.app Builder)
Overview
Pivot Point Bounce is an intraday support & resistance indicator that automatically plots daily pivot levels and highlights high-probability bounce reactions from those levels during the trading session. It is designed to help traders identify areas where price is likely to react, reject, or reverse.
Daily Pivot Point Levels
The indicator calculates daily pivot points based on the previous trading day’s High, Low, and Close:
Pivot (P) – central equilibrium level
Resistance levels: R1, R2, R3
Support levels: S1, S2, S3
These levels are fixed for the entire trading day and are drawn as horizontal lines on the chart:
Pivot: yellow
Resistances: red
Supports: green
This creates a clear intraday liquidity map that updates automatically every new day.
Bounce Detection Logic
The indicator continuously monitors price interaction with pivot levels and looks for true bounce behavior, not simple touches.
A bounce is detected when:
Price touches or slightly crosses a pivot level (using an ATR-based tolerance).
The next candle closes back on the correct side of the level:
Long bounce: price touches S1, S2, or Pivot from below and closes back above with a bullish candle.
Short bounce: price touches R1, R2, or Pivot from above and closes back below with a bearish candle.
This helps filter out false breaks and focuses on real rejection from key levels.
RSI Confirmation
RSI is used as an additional confirmation layer:
Oversold RSI supports long bounces.
Overbought RSI supports short bounces.
RSI values and thresholds are fully customizable through inputs.
Session Filter
Signals are only generated inside the selected trading session (default: 09:30–16:00 New York time).
This prevents signals during low-liquidity or off-market hours.
Visual Signals & Alerts
When all conditions are met, the indicator:
Displays LONG / SHORT labels directly on the chart.
Plots directional arrows at signal candles.
Supports TradingView alerts for automated notifications.
Why This Indicator Is Useful
Clearly visualizes institutional pivot levels.
Helps identify high-probability bounce trades.
Avoids random entries in the middle of price action.
Combines structure, momentum, and time-based filtering.
Clean, readable, and optimized for intraday trading.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.