This is a fairly basic (but hopefully useful) indicator that combines three time-frames of Camarilla pivots into one.
Default time-frames are:
Weekly
Monthly
Yearly
Time-frames can be modified as you wish, they are just set to these as I generally only trade higher intervals (just note that formatting labels will not change - but you can update these as needed).
The Camarilla pivots displayed are as follows:
R3, R4, R5, R6
Pivot line (Middle/Base)
S3, S4, S5, S6
R1/S1 & R2/S2 are excluded to make way for R5/S5 & R6/S6 - as these are more useful for the majority of traders. The formula for levels 5/6 are always up for debate, as no official formula has ever been released. I've used what I consider a mid, or consensus calculation.
By default all historical pivot levels are displayed, as there can be some benefit to mapping these forward once the relevant period has ended. If people find it's too cluttered I'll look into having an option to display the current period only.
Unfortunately, TradingView doesn't allow labels on plots (seems like such a basic feature to be missing, but there you go), so you'll have to learn the colours/linewidths.
Oh, and there's a checkbox to enable pivots to be calculated on Heiken-Ashi prices/candles rather than default prices/candles. This heavily modifies the location of the Camarilla Pivots, but I've found that in certain situations you can get some great results.
I'm asking just out of curiosity, if possible please tell sir. I often change between these two in my codes so seeing something new has piqued my interest.
And thanks for posting code for all TF cam, its very useful to me. Will follow you on TV :)
@OWL, Now Gold is at daliy H3 level, weekly H3-H4
and tody is Tuesday, so if price break down weekly H3, also daily L3-L4,if happen today,
Short target to weekly L3,also daily L5-L6.
Pratik_4Clover
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@Edge-Z, Lovely, went through your posted charts, some good analysis there as well. Followed you :)
DreamsDefined
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@OWL @Edge-Z Thanks for the comments! Regarding the 5/6 formula: I can't rightly recall exactly where I came across it. I've had it in my code book for years, and pulled it out for this script. I remember doing backtests years ago that showed there wasn't a huge difference between the various formulas - but happy to revisit it if you've got some evidence to the contrary :)
UnknownUnicorn3654853
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@DreamsDefined, I am using this indiactor on MT4,there are some advantages
1. Can show history/only current session pivot level
2. Can show H4 hourly level---which is very usefully for intraday trading
3. the most advantages, it can show the next session pivot level, like the the Developing Camarilla Three (DC3J
indicator in the book——Franklin Ochoa - Secrets of a Pivot Boss. Revealing Proven Methods for Profiting in The Market
Generally ppl use these;
h5 = (high/low) * close
h6 = h5 + 1.168 * (h5 - h4)
l5 = pclose - (h5 - pclose)
l6 = close - (h6 - close)
ALTERNATES
H6=H5 + (H4-H3)
H5= H4 +1.618*(H4-H3)
L5= L4- 1.618*(L3-L4)
L6= L5- (L3-L4)
I'm asking just out of curiosity, if possible please tell sir. I often change between these two in my codes so seeing something new has piqued my interest.
And thanks for posting code for all TF cam, its very useful to me. Will follow you on TV :)