This indicator plots local pivot points / support resistance levels in real time (No Repaint). I created this indicator based on my own research and testing (i.e. it is not just a a Pinescript adaptation of some other indicator available online).
The Problem with Similar Indicators Which Are Currently Available On TradingView:
Inaccurate placement of swing/pivot/SR points (making your screen cluttered with meaningless levels).
Repainting (meaning the historical values change as new data becomes available; this is misleading and not very useful when trading in real time).
Have a long delay before confirming/plotting the new pivot points (20/20 hindsight...).
Require you to specify a lookback period and simply looks for the highest or lowest value over that time frame (which isn't very useful since it disregards all of the swings in between).
Do not show all of the historical swing levels, only the most recent ones.
My Solution:
Accurately places swing/pivot/SR points on local highs and lows once a short term trend is over (allowing you to easily identify reversal points).
Does not repaint (the historic values shown are exactly what would have been seen upon the close of the given candles in live trading; this means you can use this indicator for live trading).
Has minimal lag. New swing lows/highs are typically identified by this indicator on the candle which immediately following the swing point (this allows for better entries/exits rather than waiting for the price to run too far in the wrong direction before confirmation).
No lookback period required. The indicator will automatically identify new swings regardless how long the run lasts.
Allows you to adjust for more/less sensitivity.
P.S.: Future developments will be using these levels to create an automatic plot of fibonacci retracement levels.
הערות שחרור
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Added extra logic to prevent repainting during "replay mode"
Would you be kind able to provide the source code for this pine script?
nwgguy
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When trying to use, I get a warning, "Study Error -- Pine cannot determine the referencing length of a series. Try using max_bars_back in the study or strategy function."
WireBlack
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Awesome, been looking for something like this thanks!!!
AKG-FAN
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great script
rm_tv
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Great work, would be good if you can share your source code please
joedeep45
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Awesome script ! Could you share the Code please. Or tell me the price. Thank you very much .
Source code can be shared?