OPEN-SOURCE SCRIPT
Momentum Aggregator to identify Pivot Points
Updated
This indicator takes into account various indicators like RSI, MACD etc.. to identify confluence and divergence which will help to identify pivot points in price.
Legend:
Green candles identify when there is a confluence of momentum to the upside
Red candle identify when there is a confluence of momentum to the downside
Note: These colors do not identify a positive or negative change in price for the candle. The candle outline identifies this
White candles identify when there is a divergence in momentum often identifying a pivot point for price
Yellow candles identify extreme exhaustion often indicating a good time to anticipate a reversal
Legend:
Green candles identify when there is a confluence of momentum to the upside
Red candle identify when there is a confluence of momentum to the downside
Note: These colors do not identify a positive or negative change in price for the candle. The candle outline identifies this
White candles identify when there is a divergence in momentum often identifying a pivot point for price
Yellow candles identify extreme exhaustion often indicating a good time to anticipate a reversal
Release Notes
This indicator takes into account various indicators like RSI, MACD etc.. to identify confluence and divergence which will help to identify pivot points in price.Legend:
Green candles identify when there is a confluence of momentum to the upside
Red candle identify when there is a confluence of momentum to the downside
Note: These colors do not identify a positive or negative change in price for the candle. The candle outline identifies this
White candles identify when there is a divergence in momentum often identifying a pivot point for price
Yellow candles identify extreme exhaustion often indicating a good time to anticipate a reversal
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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