Roshaneforde Pivot Levels

Category: market_structure

Identifies horizontal support and resistance levels based on candle engulfing/reversal patterns and projects them until they are breached by price.

Formula

\text{Buy Level} = \text{Close}_{i-1} \text{ if } (\text{Open}_{i-1} < \text{Close}_{i-1}) \text{ AND } (\text{Open}_{i} > \text{Close}_{i}); \text{Sell Level} = \text{Close}_{i-1} \text{ if } (\text{Open}_{i-1} > \text{Close}_{i-1}) \text{ AND } (\text{Open}_{i} < \text{Close}_{i})

Inputs

• lastSetOfCandles (default: 120)
• drawBuyLine (default: YES)
• buyLineColor (default: clrDodgerBlue)

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