PivotReversalGen (Function)
DisclaimerThe PivotReversalGen series function provides a generalized approach to identifying pivot reversals.
Usage
PivotReversalGen(MinRStren, MaxRStren, LRFactor, HiLo, DrawLines, LinesColor, oPivotPrice, oPivotRStren, oPivotLStren)
Returns (Integer)
The oPivotPrice, oPivotRStren,and oPivotLStren output parameters return the price value of the pivot point along with the right and left strength values from the pivot. The PivotReversalGen function itself returns a value of 1 if a pivot is found, and -1 if not found.
A numeric value of 1 in returned if the specified reversal pattern was found, 0 if not found.
Parameters
|
Name |
Type |
Description |
|
MinRStren |
Numeric |
Sets the minimum right strength range value. |
|
MaxRStren |
Numeric |
Sets the maximum right strength range value. |
|
LRFactor |
Numeric |
Sets the multiplier used to calculate the left strength based on the right strength. |
|
HiLo |
Numeric |
Sets the type of reversal to identify. 1=high pivot, -1=low pivot. |
|
DrawLines |
Boolean |
Sets whether a horizontal line should be drawn from previous pivot lows to the current bar. True=draw line, False=no line. |
|
LinesColor |
Numeric |
Sets the color of horizontal marker lines. |
|
oPivotPrice |
Numeric |
Outputs the actual price value of the pivot bar. |
|
oPivotRStren |
Numeric |
Outputs the right strength value of the pivot bar. |
|
oPivotLStren |
Numeric |
Outputs the left strength value of the pivot bar. |
Remarks
The function identifies when any price on the current bar breaches any previously un-breached "significant" high or low pivot reversal. If the current bar breaches more than one previously unbreached "significant" high pivots, the outputs pertain to the first pivot breached. The optional pointers, however, are drawn from each pivot high to the current bar.
A pivot is considered "significant" if its right strength is within the range specified by the MinRStren and MaxRStren inputs, and its left strength is greater than LRFactor times its right strength. If LRFactor is set to 0, the pivot's left strength is required to be greater than or equal to MinRStren.
The approach used in this function may also provide a more robust alternative to analysis techniques that look for "new highs" or "new lows", since even there, the real event of interest may be the breaching of a previously un-breached significant high or low point on the chart.
Example
Assigns output values for the pivot price, right strength, and left strength if a low pivot is found based on the minimum strength inputs provided and then draws a magenta, horiztontal from the previous pivot.
Vars: oPivotPrice(0),oPivotRStren(0),oPivotLStren(0);
Value1 = PivotReversalGen(1,30,1,-1,True,Magenta,oPivotPrice,oPivotRStren,oPivotLStren);
if Value1 = 1 then
begin
Value2 = oPivotPrice;
Value3 = oPivotRStren;
Value4 = oPivotLStren;
end;