BollingerBoss

Dynamic Pivot Box for Month and Year

BollingerBoss Atualizado   
The basic idea of the ‘Dynamic Pivot Box’ is to show only the Pivots that are closer to the Price. This is, the nearest pivots acting as support and resistance; thus hiding all other pivots which are further away from the price and also hiding the pivots from previous periods… Pivots will be hidden until price breaks out from the current box and moves to the next one. Hopefully, with this change you can focus more on the actual price action/ price patterns on the chart rather than on several/ noisy lines on the screen.

**Please note that the recommended use for this indicator is on the daily or higher timeframes if you want to see Year pivots... Monthly pivots can be still seen on the hourly chart, but I am afraid that lower timeframes will not plot the indicator properly.**

The Pivots are taken from Frank Ochoa’s book ‘Secrets of a Pivot Boss’, so if you are not familiar with them, I would recommend you to first take a look at the theory behind them.

The Pivots in this indicator are divided in two groups: ‘Standard pivot’ and ‘Camarilla’ pivots.; and then this latter is group is divided in two also: the ‘Main Camarilla’ and ‘Regular Camarilla pivot’. You can select which groups of pivots are taken into account for the ‘Dynamic Pivot Box’.

If you decide to select all Three Groups: ‘Standard Pivot’, ‘Main Camarilla’ and ‘Regular Camarilla pivot’ you will see ALWAYS 4 pivots surrounding the price. My recommendation is to select only ‘Standard Pivot’ and ‘Main Camarilla’ so that you see only between 2-3 pivots on the screen. This recommended view is actually the default settings.

In addition, if you want to further reduce noise from the chart, you can unselect the ‘Lines’ option within the SETTINGS/ STYLE menu.

What you see on the chart/sample is actually this indicator plotted twice:
1. Year Pivots which have the default settings and are shown as white ines
2. Month Pivots have also the default settings BUT I also selected the option ‘Previous Pivots’ to show the pivots from previous period , and also I unselected the ‘Lines’ options as mentioned above to reduce noise.

You are more than welcome to enhance the current version, my only ask is to please share the enhanced version back with the community. I wish I could make amends or modify the current version myself but I actually just came up with the idea and I paid a coder in Fiverr to develop it.


Notas de Lançamento:
Changes when compared to prev. version/ This new version now allows to:

1) Plot CPR/Pivots for lower timeframes. This is the Daily and the Weekly
2) Improves visibility by simplifying the labels previously displaying value for pivot. This is still available but as a tool-tip.
3) Got rid of pivots (Normal Camarilla) which are not oftentimes considered. Still the main Camarilla (S3, L3) can still be displayed.

Please be aware that the lower timeframe CPR (Daily and Weekly) will display correctly in Minute or Hour bars/charts. Conversely, higher time CPR (Monthly and Year) will display better on Daily bars and higher timeframes.

Script de código aberto

Dentro do verdadeiro espírito TradingView, o autor deste script publicou ele como um script de código aberto, para que os traders possam compreender e checar ele. Um viva ao autor! Você pode usá-lo gratuitamente, mas a reutilização deste código em uma publicação é regida pelas Regras da Casa. Você pode favoritá-lo para usá-lo em um gráfico.

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