LonesomeTheBlue

Expanded Floor Pivots

Hello Everyone,

The Expanded Floor Pivots is introduced in the book "Secrets of a Pivot Boss: Revealing Proven Methods for Profiting in the Market" by Franklin Ochoa. He added four new levels: S4, R4, BC and TC . There are many great ideas in the book, such using these levels, following trend, time price opportunity and much more. (Thanks to @tonyjab for pushing me to read this book)


The definition/formula of the levels defined in the book:

r1 = 2 * pivot - Low
r2 = pivot + (High - Low)
r3 = r1 + (High - Low)
r4 = r3 + (r2 - r1)

tc = ( pivot - bc ) + pivot
pivot = (High + Low + Close) / 3
bc = (High + Low) / 2

s1 = 2 * pivot - High
s2 = pivot - (High - Low)
s3 = s1 - (High - Low)
s4 = s3 - (s1 - s2)


The area between TC and BC is used as Pivot Channel, (blue area in the chart). you can see how it helps on identifying the trend.

Options:
By default the script decides Higher Time Frame but if you want you can set HTF as you wish.

You can choose line style as: Solid, Circles or Cross

and also you have option to show only last period or all historical levels.



Enjoy!


Release Notes: Changed HTF part.
Release Notes: minor update.
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Comments

Sir , is it possible to add the L1 & L2 + H1 & H2 Levels . Can you please add this and share the chart .
Reply
sir u really great
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Hey ladies and gents. I'm new to all this how do I get access to the above?
Reply
How do I get access to this?
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Excellent
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Thanks for sharing the code, its awesome, can you pl share this pivot for monthly and weekly
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LonesomeTheBlue back at it again! Well done sir.
+1 Reply
May I know which time frame is it suitable to be used for? When I set to daily, it appear as a tiny horizontal dash line, with HTF set to auto.
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@Kennyfoong, it's sutiable for all timeframes. if you use 1D chart then pivot lines created by using last week's highest and lowest values. for better visualization I added "Show Only Last Period", this show only last period. which pair you looking at?
Reply
Kennyfoong LonesomeTheBlue
@LonesomeTheBlue, Thanks, I am looking at the S&P 500. Can it be used for indices and stocks as well?
+1 Reply
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