OPEN-SOURCE SCRIPT
Adaptive Pivot (HLC3)
SUMMARY:
Standard Pivot (HLC3) with ATR leeway added to make it adaptive to market volatility.
DESCRIPTION:
Adaptive Pivot is an indicator utilizing the simplicity of HLC3 Pivots as a turning point (and sometimes a trend indicator) while addressing it's fixed and inflexible nature.
Because the indicator is just a single line in the chart, the price may go near it but never touch it. Or it can go pass through it and never retest it again. In an attempt to lessen these from occurring, we can combine pivots with average true range (ATR). This is the specific formula I applied in this indicator:
>Upper Pivot = HLC3 + ATR
>Lower Pivot = HLC3 - ATR
This creates a kind of a range or cloud around the Pivot, making it possibly a more accurate indicator for market turning points.
ADJUSTABLE PARAMETERS:
The usual ATR parameters are included in this indicator:
>ATR_Length = input(14, title="ATR Length", minval=1)
>ATR_Smoothing = input(title="ATR Smoothing", defval="RMA", options="RMA", "SMA", "EMA", "WMA")
Added to the usual ones is this:
>ATR_Multiplier = input(1, title="ATR Multiplier", minval=0.1)
which modifies the extent of the ATR (similar to Chandelier Exit) as it is added/subtracted from the pivot values.
Pivot’s timeframe is also adjustable:
>Pivot_Timeframe = input("3M", title='Pivot Resolution')
Note: I did not lock the type to input.resolution to allow for more possible timeframes.
OTHER PARAMETERS
Indicator color will change to green when the open is above the HLC3 Pivot and change to red when the reverse is true.
Standard Pivot (HLC3) with ATR leeway added to make it adaptive to market volatility.
DESCRIPTION:
Adaptive Pivot is an indicator utilizing the simplicity of HLC3 Pivots as a turning point (and sometimes a trend indicator) while addressing it's fixed and inflexible nature.
Because the indicator is just a single line in the chart, the price may go near it but never touch it. Or it can go pass through it and never retest it again. In an attempt to lessen these from occurring, we can combine pivots with average true range (ATR). This is the specific formula I applied in this indicator:
>Upper Pivot = HLC3 + ATR
>Lower Pivot = HLC3 - ATR
This creates a kind of a range or cloud around the Pivot, making it possibly a more accurate indicator for market turning points.
ADJUSTABLE PARAMETERS:
The usual ATR parameters are included in this indicator:
>ATR_Length = input(14, title="ATR Length", minval=1)
>ATR_Smoothing = input(title="ATR Smoothing", defval="RMA", options="RMA", "SMA", "EMA", "WMA")
Added to the usual ones is this:
>ATR_Multiplier = input(1, title="ATR Multiplier", minval=0.1)
which modifies the extent of the ATR (similar to Chandelier Exit) as it is added/subtracted from the pivot values.
Pivot’s timeframe is also adjustable:
>Pivot_Timeframe = input("3M", title='Pivot Resolution')
Note: I did not lock the type to input.resolution to allow for more possible timeframes.
OTHER PARAMETERS
Indicator color will change to green when the open is above the HLC3 Pivot and change to red when the reverse is true.
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