Pivot Points Reversal Levels

Category: market_structure

Identifies local price pivots based on two-bar reversal patterns and projects support/resistance lines until they are breached by subsequent price action.

Formula

\text{Bullish Pivot (Buy Line): } (C_{i+1} > O_{i+1}) \land (C_i < O_i) \implies \text{Level} = C_{i+1} \\ \text{Bearish Pivot (Sell Line): } (C_{i+1} < O_{i+1}) \land (C_i > O_i) \implies \text{Level} = C_{i+1} \\ \text{Lines extend from } i+1 \text{ until } C_j \text{ crosses the level.}

Inputs

• lastSetOfCandles (default: 100)
• drawBuyLine (default: true)
• buyLineColor (default: color.blue)
• buyLineStyle (default: Dashed)
• buyLineWidth (default: 1)

See signal primitives, usage in published strategies and more on WOBR StrategyVerse.