Frank Birch Veteran   Posts: 174 Joined: 3/25/2006 Location: UK  User Profile | Let me walk you through my Percent Pivot Zones indicator - it's like having a GPS for your trades, except this one actually knows where it's going! 😄 What Does It Do? Instead of using those old-school floor trader pivots with their complicated math (seriously, who has time for all that H+L+C/3 nonsense?), this indicator uses simple percentage levels. Think of it as creating a ladder of support and resistance levels based on how far price typically moves in percentage terms. How It Works The indicator takes the previous period's closing price as the "home base" and then creates levels above and below it: Minute charts: Uses yesterday's close as the pivot Daily charts: Uses last month's close as the pivot Other timeframes: Just keeps rolling with the current levels Around each level, we create a "zone" with two colored lines: Green line = Opportunity zone (buy at support, breakout at resistance) Red line = Danger zone (sell at support breakdown, reversal at resistance) Black line = The actual pivot level (the meat in our sandwich!) The Parameters Explained Show_Current_Only (0 or 1) 1 = Only shows today's levels (keeps your chart clean) 0 = Shows historical levels too (for you chart archaeology enthusiasts) Show_Level (-5 to 5) 0 = Show everything (the full monty!) 1 to 5 = Show only that resistance level (R1, R2, etc.) -1 to -5 = Show only that support level (S1, S2, etc.) R1-R5_Percent (0.10% to 5.00%) Default: 0.5%, 1%, 1.5%, 2%, 2.5% These set how far above the pivot each resistance level sits Think of them as "floors" in a building where bears live S1-S5_Percent (0.10% to 5.00%) Default: 0.5%, 1%, 1.5%, 2%, 2.5% These set how far below the pivot each support level sits The "basement levels" where bulls hang out Zone_Buffer_Percent (0.05% to 0.50%) Default: 0.10% This creates the colored zones around each level Bigger buffer = wider zones = more forgiveness on your entries! Show_Zones (0 or 1) 1 = Show the colored zones (recommended - they're the secret sauce!) 0 = Just the black pivot lines (for the minimalists) Show_Labels (0 or 1) 1 = Show price values on the right 0 = No labels (when you want that clean chart look) Where to Use This Beast Perfect for: Futures traders: Those E-mini levels hit like clockwork! Forex: Major pairs respect percentage levels beautifully Stocks: Especially those liquid large-caps that move in predictable ranges Crypto: When it's not going completely bonkers, percentage levels work great Trading the Zones: At Support: Price enters green zone + bounce = BUY | Break below red = SHORT At Resistance: Price enters red zone + reversal = SHORT | Break above green = BUY Pro Tips: Start with the default 0.5% for R1/S1 - it's surprisingly accurate In trending markets, focus on breakouts (green line breaks) In ranging markets, focus on reversals (zone bounces) Increase zone buffer in volatile markets (gives you breathing room) Use Show_Level to focus on just one or two key levels when starting out Remember, these aren't magic lines - they're probability zones. The market doesn't care about our pretty colored lines, but it DOES tend to respect percentage-based levels because that's how many traders think: "I'm up/down X%, time to take action!" Happy trading, and may your trades always find the right zone! Frank Birch www.systemstraders.com P.S. If you see price ping-ponging between zones like a pinball machine, that's your cue to grab a coffee and wait for clearer action! ☕compile in omnilangauge and enjoy!  Attached file : PercentPivotZones.txt (10KB - 90 downloads) |
