mgibson91

Pivot trend indicator

This is a LAGGING indicator which can provide a good indication of trend. It require a certain (configurable) number of candles to have closed before it can determine whether a pivot has formed.

It provides a 20 period SMA for the timeframe of your choice which is color coded to show the trend according to confirmed pivots .

Anticipated usage:
  • Long / Short bias is determined by pivot trend
  • Trader seeks entries according to their strategy
  • Black consolidation areas may trigger a re-evaluation of the trade and can serve as good profit taking areas

The SMA colors:
  • Green -> Higher highs & Higher lows
  • Red -> Lower highs & Lowers lows
  • Black -> No clear trend from the pivots

Why the 20 SMA?
Feel free to adjust it for your purposes. I personally find that using a higher time frame 20 SMA is a better indication of trend than longer period MAs on shorter time frames. This can be seen from comparing the 20 daily SMA and 200 hourly SMA .

Pivot adjustment
The pivots use the selected time frame (not) the MA trend time frame. You can specify the left and right candles required to confirm a pivot
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