Pockets Pivot were introduced by Gil Morales and Chris Katcher in the book "Trading like an O'Neil Disciple",
Pocket Pivot day occurs when the Volume has been higher than any down day 10 days prior and with a positive close.
Here is shown 5 days Pocket Pivots and 10 Days Pocket Pivots
Catatan Rilis
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Pocket Pivot Indicator,
Finds any day with greater volume than any downday 10/5 days prior
Catatan Rilis
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Version 4.0
Addition of Relative volume.
The relative volume for any given day is shown in the last number at the top left side of the indicator window and it is in %. Sorry, I would love to post an explanatory image but my membership doesn't allow me to do that. If still in doubt please PM me
This new feature will help to find VooDoo types of setups, also based on Gil Morales teachings.
Catatan Rilis
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Now alerts can be set for 5 and 10 Day pocket pivots
Catatan Rilis
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Changing sample chart
Catatan Rilis
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Now Pockets pivots are presented as a change in background color instead of a dot.
Catatan Rilis
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Now Pockets Pivots are represented as background colour by default, but the previous version as dots can be selected in the style menu by changing colours (default colour for dots are now transparent)
Catatan Rilis
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Dot version is now set as default, for background version change colours in the style menu
Catatan Rilis
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A problem occurred when the background style was changed to white, now by default both are represented, you can deactivate/activate them in the style menu
May I know how can I use this indicator? What does it signal when the volume is higher? Does it indicate higher chance of interest? And whats the difference between the 2 diff colour dots
pirrol
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@gohjinghong, You have to check Gil Morales work on pocket pivots, this indicator is based on his teachings and is similar to what he actually uses. Red dot means 5 day pocket pivot, green day 10day pocket pivot, some ppl like myself like bars others like dots, is the same signal just represented different way, giving options to users based on their feedback. you can configure colors and how do you want to see the signal.
kulturdesken
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@pirrol I really like how clean this indicator is and have been using it for a while. Really appreciate it. One thing that is not as quality as the rest of it is the volume to the right, it is very difficult to see the volume number as it has no separators. If you have a look at the regular volume indicator in tradingview you'll see they have 2.5M for millions and 250.310K for thousands which is easy to read.
pirrol
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@kulturdesken, thanks for the feedback, glad you find it usefull, I fixed the problem and know should show as you suggested.
nirvs
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The 5 day pp's don't signal when they should. Look at symbol IPG (Canada). There should be a signal on Jan 18, but there is none. I note that the 5 pp's only signal when there is LOWER than avg volume. Anyone else notice?
Jbenavente
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Hi Pirrol, any chance you could modify the script to show the pocket pivot with an arrow below the pocket pivot candle in the chart?
pirrol
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@Jbenavente, I don´t know if it is possible, If it is, I don´t have the skills to make a high customizable indicator where you can select where and how do you want to show the signals. The easiest way is a new indicator that overlays the chart, but that is like having 2 indicators that do the same, and I prefer a cleaner chart layout.
Jbenavente
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@pirrol, Thanks for your answer, there's a pocket pivot indicator by DavidOConnor that has an open script, and this indicator plots the pocket pivot as an arrow below the bars. The thing is your script is more accurate so I was thinking maybe you could look at DavidOConnor's script and see how you could adapt yours to show them in the same way. If it's too much to ask don't worry, I apreciate your answer and will use your indicator as it is, thanks again!
pirrol
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@Jbenavente, I can create an indicator that does that. That's easy and with the same accuracy mine has, what I meant is it has to be specific for the Price Chart Window, my current indicator is designed to be plotted in the Volume Chart. What I don't know is how to make a customizable indicator that you can decide where you want to plot the results (price or volume chart).