PivotWidthForNextSession@scorpiomanojFRMCalculates daily and weekly pivot width to assess next day's possible setup.
Also has features to plot daily and weekly pivot levels without charts.
It also plots 0.65 of 20 day average level of pivot width and 125% of 20 day average level of pivot width.
If pivot width is less than 0.65 of 20 day average level of pivot width, the possibility of a trending day can be seen in the following session.
If pivot width is more than 1.25 of 20 day average level of pivot width, the possibility of a ranging day can be seen in the following session.
Suggested settings:
The suggested settings are for assessing daily pivot width.
1) Inputs tab - Keep default settings
2) Setup tab - Ensure you uncheck every thing except the following :
a) Daily cpr width
b) 65% of 20 day average
c) 125% of 20 day average
Color combinations can be chosen for the above.
The preferred chart time frame is 5 min time frame.
Pivotwidth
PivotWidth@scorpiomanojFRMThis is an indicator which shows the width of pivots created by prev day h l c.
If the width is narrower, it implies possibility of trending markets.
If the width is broader, it implies possibility of rangebound market.
Narrower width is denoted if the pwidth is less than 0.25.
Background color can be differentiated for narrower width pivot days.
This indicator also plots the actual CPR.
Hence if you opt for pivotwidth, do not opt for others like Pivots, upper pivot, lower pivot, etc. as the pivot width scaling is different from pivots.
