Pivot-Based Channels & Bands [Misu]

█ This Indicator is based on Pivot detection to show bands and channels.

The pivot price is similar to a resistance or support level. If the pivot level is breached, the price should continue in that direction. Or the price could reverse at or near this level.

█ Usages:
  • Use channels as a support & resistance zone.
  • Use bands as a support & resistance zone. It is also very powerfull to use it as a breakout.
  • Use mid bands & mid channels as a trend direction or trade filter as a more usual moving average.

█ Parameters:
  • Show Pivot Bands: show bands.
  • Show Pivot Mid Band: show mid bands.
  • Show Pivot Channels: show channels.
  • Show Pivot Mid Channel: show mid channels.
  • Deviation: deviation used to calculate pivot points.
  • Depth: depth used to calculate pivot points.


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