OPEN-SOURCE SCRIPT
Diupdate Pivot Breakout/Retest Signals[JPT]
🔷 OVERVIEW
The Pivot Breakout/Retest Signals [JPT] indicator identifies potential LONG and SHORT opportunities using confirmed pivot highs and pivot lows.
It detects when price breaks through a previous pivot level, then waits for price to retest that broken level. A signal is generated when the retest holds and price closes back in the breakout direction. An optional EMA Trend Filter can be enabled to help align signals with the prevailing market trend.
🔷 HOW IT WORKS
The indicator works in three main stages:
1. Pivot Detection
Identifies significant swing highs and swing lows using the selected Pivot Length.
The most recent pivot high and pivot low are displayed on the chart as horizontal levels.
2. Breakout Detection
A bullish breakout occurs when price crosses above the latest pivot high.
A bearish breakout occurs when price crosses below the latest pivot low.
After a breakout, the indicator begins waiting for a possible retest of that level.
3. Retest Confirmation
For a bullish setup, price must return toward the broken pivot high, remain within the selected retest tolerance, and close back above the level.
For a bearish setup, price must retest the broken pivot low and close back below it.
When the conditions are satisfied, a Long or Short signal is displayed.
The optional EMA filter further requires:
Long: Price must be above the EMA.
Short: Price must be below the EMA.
🔷 HOW TO USE
LONG SIGNAL 🟢
Look for a sequence where:
Price breaks above a previous pivot high.
Price pulls back toward the breakout level.
The retest occurs within the selected tolerance.
Price closes back above the broken level.
If the EMA filter is enabled, price must also be above the EMA.
A green Long triangle is then displayed below the candle.
SHORT SIGNAL 🔴
Look for a sequence where:
Price breaks below a previous pivot low.
Price moves back toward the broken level.
The retest occurs within the selected tolerance.
Price closes back below the broken level.
If the EMA filter is enabled, price must also be below the EMA.
A red Short triangle is then displayed above the candle.
KEY SETTINGS
Pivot Length: Controls how significant a swing high/low must be before being recognized as a pivot.
Retest Tolerance: Defines how close price needs to come to the breakout level during the retest.
Use EMA Trend Filter: Enables or disables the EMA trend confirmation.
EMA Length: Controls the period of the EMA used for trend filtering.
🔷 IMPORTANT NOTE
Pivot points require confirmation, meaning newly detected pivots are identified only after the selected pivot length has elapsed. Signals should therefore be evaluated in the context of overall market structure, volatility, volume, and other relevant factors.
The Retest Tolerance setting can significantly affect the number of signals:
Lower tolerance = stricter retests and potentially fewer signals.
Higher tolerance = wider retests and potentially more signals.
The Pivot Breakout/Retest Signals [JPT] indicator identifies potential LONG and SHORT opportunities using confirmed pivot highs and pivot lows.
It detects when price breaks through a previous pivot level, then waits for price to retest that broken level. A signal is generated when the retest holds and price closes back in the breakout direction. An optional EMA Trend Filter can be enabled to help align signals with the prevailing market trend.
🔷 HOW IT WORKS
The indicator works in three main stages:
1. Pivot Detection
Identifies significant swing highs and swing lows using the selected Pivot Length.
The most recent pivot high and pivot low are displayed on the chart as horizontal levels.
2. Breakout Detection
A bullish breakout occurs when price crosses above the latest pivot high.
A bearish breakout occurs when price crosses below the latest pivot low.
After a breakout, the indicator begins waiting for a possible retest of that level.
3. Retest Confirmation
For a bullish setup, price must return toward the broken pivot high, remain within the selected retest tolerance, and close back above the level.
For a bearish setup, price must retest the broken pivot low and close back below it.
When the conditions are satisfied, a Long or Short signal is displayed.
The optional EMA filter further requires:
Long: Price must be above the EMA.
Short: Price must be below the EMA.
🔷 HOW TO USE
LONG SIGNAL 🟢
Look for a sequence where:
Price breaks above a previous pivot high.
Price pulls back toward the breakout level.
The retest occurs within the selected tolerance.
Price closes back above the broken level.
If the EMA filter is enabled, price must also be above the EMA.
A green Long triangle is then displayed below the candle.
SHORT SIGNAL 🔴
Look for a sequence where:
Price breaks below a previous pivot low.
Price moves back toward the broken level.
The retest occurs within the selected tolerance.
Price closes back below the broken level.
If the EMA filter is enabled, price must also be below the EMA.
A red Short triangle is then displayed above the candle.
KEY SETTINGS
Pivot Length: Controls how significant a swing high/low must be before being recognized as a pivot.
Retest Tolerance: Defines how close price needs to come to the breakout level during the retest.
Use EMA Trend Filter: Enables or disables the EMA trend confirmation.
EMA Length: Controls the period of the EMA used for trend filtering.
🔷 IMPORTANT NOTE
Pivot points require confirmation, meaning newly detected pivots are identified only after the selected pivot length has elapsed. Signals should therefore be evaluated in the context of overall market structure, volatility, volume, and other relevant factors.
The Retest Tolerance setting can significantly affect the number of signals:
Lower tolerance = stricter retests and potentially fewer signals.
Higher tolerance = wider retests and potentially more signals.
Always use appropriate risk management and stop-loss levels and consider confirming signals with additional technical analysis before entering a trade.
Catatan Rilis
Updated long/short signal size from large to smallSkrip open-source
Dengan semangat TradingView yang sesungguhnya, pembuat skrip ini telah menjadikannya sebagai sumber terbuka, sehingga para trader dapat meninjau dan memverifikasi fungsinya. Salut untuk penulisnya! Meskipun Anda dapat menggunakannya secara gratis, perlu diingat bahwa penerbitan ulang kode ini tunduk pada Tata Tertib kami.
📈 FREE TELEGRAM CHANNEL
🥇 Free Daily Forex, Gold & BTC Trade Signals
📚 Daily Trading Lessons & Technical Analysis
Learn, improve, and follow the market with us — completely FREE.
📲 Join Now: t.me/JosProTrader_050
🥇 Free Daily Forex, Gold & BTC Trade Signals
📚 Daily Trading Lessons & Technical Analysis
Learn, improve, and follow the market with us — completely FREE.
📲 Join Now: t.me/JosProTrader_050
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.
Skrip open-source
Dengan semangat TradingView yang sesungguhnya, pembuat skrip ini telah menjadikannya sebagai sumber terbuka, sehingga para trader dapat meninjau dan memverifikasi fungsinya. Salut untuk penulisnya! Meskipun Anda dapat menggunakannya secara gratis, perlu diingat bahwa penerbitan ulang kode ini tunduk pada Tata Tertib kami.
📈 FREE TELEGRAM CHANNEL
🥇 Free Daily Forex, Gold & BTC Trade Signals
📚 Daily Trading Lessons & Technical Analysis
Learn, improve, and follow the market with us — completely FREE.
📲 Join Now: t.me/JosProTrader_050
🥇 Free Daily Forex, Gold & BTC Trade Signals
📚 Daily Trading Lessons & Technical Analysis
Learn, improve, and follow the market with us — completely FREE.
📲 Join Now: t.me/JosProTrader_050
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.