OPEN-SOURCE SCRIPT
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:
█ Parameters:
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.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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