Wayne's Pro is named after Wayne McDonnel who came up with this indicator's trading methodology. Wayne's are only one part of his methodology, but these are the most critical part. They are frequently applied to supplement other trading methodologies as well. There are 3 key features that separate Wayne's specifically from every other indicator out there.
3. Next Period's
Understand that this indicator is supposed to be used, according to the methodology, alongside a fundamental bias. If you have not done fundamental research to know if you're a bull or bear on an asset, then you will likely not be using these correctly. They do not tell you which direction the market will move. It tells you how far and how long a trade may go depending on which way you bias the , and if your fundamental view was correct. This is trade planning tool for your entries and exits.
Breaking each point down:
If you take regular (S#, R#), and get a histogram of every time price closed at or above each level, you generally end up with an even distribution. By adding midpoint levels you are doubling the amount of data, and increasing the resolution of the histogram. While these extra levels don't necessarily give us entries or exits, they do tell us when price doesn't quite reach a major support or . Midpoint levels are calculated by finding the midpoint between each level, and are labeled from the bottom up starting at M0 (Midpoint 0).
The traditional rules for trading are to buy support levels and sell resistance levels. In Wayne's methodology, we see as a set for entries and take profits depending on our bias. It is known that trading the inverse of traditional rules that you can end up with a reasonable strategy. Biased let us focus on only what matter to us by removing all other , lines, and labels. Only showing us useful to the bias we set.
For example, if you are a bull fundamentally you would set the biased . You would look for an entry in the area between the central and second midpoint ( ), and an exit in the area between R2 and M4.
3. Next Period's
The third major feature of Wayne's are the "future" . These are really calculated by taking the current HLC data and plotting it in realtime into the future before there's any data there. When we enter a new trading period, let say the day, we will have little data on the next day's . As the current trading day goes on and gets closer to it's close, we start to see the next day's firm up. It's at this point that future become actionable to create trading plans for the next day. The next period's are exceptionally useful when scaled up to weekly, monthly, quarterly, and yearly timeframes. Daily, weekly, and monthly are the most commonly used within communities trading Wayne's methodology.
This is a completely rebuilt, professional use version of Wayne's . It includes many technical upgrades required by professional using Wayne's methodology. I released the original version publicly because it does not have many of the features here included in the Professional's version.
Features in Pro that are not in the public version:
- Works on ALL timeframes.
- Realtime updates.
- Price levels on the .
- Extra . (R3, M5, M0, S3)
- All start and end at the correct dates and times. (public version can't due to plot())
- Easier to add more features!
Does this mean that you've abandoned the public version of Wayne's Pivots?
Absolutely not. Whenever there is a new feature in the Pro version, I always see if I can add it into the public one. It's just that the way it's built was not how I originally envisioned these to be. If there's ever something that breaks the public version, I'm going to fix it because there's hundreds of people who use it.
I use the public version of Wayne's perfectly fine with my trading. Why switch to Pro?
Simply put, it's not going to give you the most accurate that a professional would need. The do not print properly on months with more or less than 30 days, and do their worst on short weeks. The public version has been like this ever since I first made it, and the only work around was to completely rebuild it. That's the major reason why I made the public version available to everyone in the first place. On top of all that, I can add way more features and customization options to these than the public ones.
If I have a feature request will you try to implement it?
Absolutely! Some requests do have their limits, but don't be afraid to ask for something you really want. I'll try and implement lots of requested features as time goes on.
- The Bias Pivot Target labels tells you how much more price has to move in order to reach different take profit pivots according to your bias. It's only viewable when a Biased pivot is selected, and there is a toggle to turn it off manually.
- A resolution label in the middle of the central pivot point has been added.
- Setting Inputs tab has been redesigned so it's easier to find the options you want to change.
- Change the Bias Target label's color, the text's color, and the size of the label.
- Some settings include tooltips to help describe what a setting does.
- Automated decimal placement! You are free to manually set more options too if you'd like to have more or less decimal points.
- Changed "Length Multiplier" to "Daily Pivot Length" which properly describes how this setting changes the length of the next period's daily pivot length. (sometimes more time is needed, so this multiplier was added.)
- Changed the drop down menu for Biased Pivots so it clearly reads by default as "Disabled" instead of "All", and put the "Range" option above "Out of Position".
- Rewrites of big chunks of the code. More optimizations and features to come!
What are the new features?
- Set up alerts for bullish or bearish biased pivots.
- Two alerts are used for each bias entry and exit zones.
- If you're a bull and just want to be notified as soon as price hits M2, you can now create a TradingView alert for that!
- On the other side, if you're a bear trying to take profit and exit a trade, you can set an alert for as soon as price hits M1.
What exactly do these alerts calculate?
There are 8 alert conditions, split evenly for the bullish and bearish biased entry and exit pivots.
Alerts for biased pivot entries.
- Bullish Pivot Entry CP (alerts when price is at or below the central pivot)
- Bullish Pivot Entry M2 (alerts when price is at or below the M2 pivot)
- Bearish Pivot Entry CP (alerts when price is at or above the central pivot)
- Bearish Pivot Entry M3 (alerts when price is at or above the M3 pivot)
- Bullish Pivot Exit M4 (alerts when price is at or above the M4 pivot)
- Bullish Pivot Exit R2 (alerts when price is at or above the R2 pivot)
- Bearish Pivot Exit M1 (alerts when price is at or below the M1 pivot)
- Bearish Pivot Exit S2 (alerts when price is at or below the R2 pivot)
I am seeing a message "Alert may trigger differently from what you expect"
This is because part of this indicator, the "future" or next period's pivots, are repainting. Though, that is not what these alerts are being triggered on: these alerts are specifically being calculated on the closed historical pivots, which do not repaint and cannot change.
If you want to see more alerts, or have questions about using these alerts, feel free to contact me directly.
- Removed the decimal input option and replaced it with a function to find the required number of decimals automatically.
- Update alerts for each individual pivot point. Removed the "bullish and bearish" alerts for clarity. (you can still set up exactly the same alerts, they're just named after their respective pivot point levels)
- More general code upgrades so I can add more features. (possibly a customizable label that will give you stats on how far away any arbitrary pivot currently is)
When you go into the settings of Wayne's Pivots Pro and change the Biased Pivots to a setting like Bullish, the entry and exit zones will be highlighted in green for entry and red for exit zones.
If you don't want them on, just toggle off the "Enable Biased Pivot Highlights" setting.
If you'd actually like to have all the biased pivots enabled, you can turn on "Enable All Biased Highlights" setting.
There are two versions of the highlights depending on how you'd like them show on your chart:
- The "Pro" version which only shows the most accurate highlights. These will be the default setting.
- The "Original" version which shows the next period's highlights at the cost of some accuracy. These can be turned off by enabling the "Future Biased Highlights (less accurate)" setting.
- (It's about 1-4 bars in lost accuracy. This only applies to the highlights themselves, not the pivot points or their calculations.)
Other than that I have been continuously been making sweeping improvements to the code. There were some very useful functions I developed to get this feature working that I've started to apply to other indicators of mine.
Thank you to everyone who has been supporting me in creating a better and better version of Wayne's Pivots! The support goes a long way. Feel free to get in contact with me if you have suggestions or feedback about Wayne's Pivots Pro.
- To turn on "All Biased Highlights" now requires "Biased Pivot Highlights" ticked.
- Name of bullish/bearish highlights changed simply to lower/upper highlights.
- Remove "Enable" from some text options. (the toggle makes it pretty obvious)
- Minor update to Biased Pivots code. (change the structure a bit)
- Optimized data limits. (fixes a problem from the last update where pivots wouldn't plot on timeframes below 10 minutes)
- New Biased Pivots Highlights calculation shows the next period's pivots more accurately. Enable it with "Next Period's Highlights".
- New "Show Last # of Highlighted Bars" setting. I recommend to leave this number very high. (this is timeframe sensitive)
In this update:
- Many more historical pivots! See a total of 18 pivots, maxing out the limits for labels and lines. (if you want to see pivots past that point, you'll need to use TradingView's Replay Mode.)
- Customize the color of every single aspect of the indicator individually! You can use either the default General Color Settings and change many parts at once, or you toggle the Enable Individual Pivot Settings to customize the indicator for any individual pivot or label.
- "Resolution and Bias Settings" and "General Dropdown Settings" were added at the top. These are the most used settings.
- Inputs in the General Dropdown Settings are stacked on top of each other instead of side by side so you can read their tooltips.
- Brand new Pivot Line Width setting lets you set the width for all pivot point lines.
- Pivot style settings now say "Dashed", "Dotted", and "Solid" instead of using acronyms.
- Pivot size settings updated to say "Auto", "Tiny", "Small", "Normal", "Large", and "Huge".
- Titles for the size settings updated to "Level Label Size" and "Price Size".
- Separated the "Label Toggle" settings and the "Highlight Toggle" settings.
- New calculations for the next period's pivots works makes the pivots more accurate in Replay mode.
- Select new pivot point calculation settings. Use Traditional, Classic, or Fibonacci. The Traditional pivot points are the default setting.
- Pick colors for each of the highlight zones individually with the new, two "Upper" and two "Lower" color inputs.
- Toggle "H and L Labels" to replace the "M#" labels with "H#" above the central pivot and "L#" below. "H" stands for Higher, and "L" stands for Lower. This is a style of numbering the midpoint pivots that is more closely related to how "R#" and "S#" labels are numbered. This setting is disabled by default.
- Alerts include "H#" and "L#" labels in their customizable messages.
- Biased Pivot Highlights update in real time. You no longer need to change your timeframe to update the highlights.
- The "Next Period's Highlights" toggle hides or shows the forecasted pivot's highlights.
- Reduce number of historical pivots by three, to a total of 12. The maximum number of highlights only goes back that far.
- The Range Biased Pivots now show highlights between R1 and M3, and between S1 and M2.
- The "Bias Labels" toggle is now "Target Label".
- The "Upper and Lower Highlights 2" settings select the Range Biased Pivot Highlights, and the "Upper and Lower Highlights 3" settings select the Out of Position / Exit Zone Highlights.
- Moved the "Range" option one position up in the Biased Pivot dropdown.
- Reminder: when you enable "All Biased Pivots", to get the prior visuals, you will need to set the "Upper and Lower Highlights 2" to 0% opacity.
- Pivot Stop - Use the next recommended pivot level as the stop loss for the set Biased Pivot. (default setting)
- Fixed Amount - Input any number you'd like to use for yoru stop loss.
- Prior High / Low - Use the prior swing high or low. Set the length to set the lookback!
- ATR Stop - Set the ATR length and multiplier to get a customized ATR stop loss. (this one updates in realtime)
New "Midpoint Label Style" dropdown. Use one of three different styles:
- 0 to 5
- L to H
- - to +
- ATR and Fixed Stop Loss calculate from the close.
- Toggle and size options for the pivot resolution text.
- More descriptive tooltip texts. Especially for the Stop Loss Settings section.
- More historical pivot points.
- New hard code solution for "Memory limit exceeded X" error.
- The default Biased Pivot setting now says "Unbiased" instead of "Disabled" for clarification.
- Pivot Resolution shows only 'Auto', 'D', 'W', 'M', '3M', and 'Y' settings instead of every possible timeframe.
- New icon 🐮 for identifying cow trades. Shows when price goes past R2 or S2 if the open for the period was between M2 and M3. Off by default.
- Resolution text is now centered properly on crypto assets.
- Target Label for Biased Pivots is now off by default.
- Alerts now include variable values in the alert's message. Example: "DXY, 1H close has crossed above CP at 90.105!"
- Upper & Lower Highlight settings set to 10% opacity. Up from 5%. (Remember to enable "All Biased Highlights" set the Upper and Lower highlight opacity to 0% if you want to have a similar highlight style as the public Wayne's Pivots.)
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