When a new pivot is identified, it is added to a size-limited array while older levels are removed. The strategy enters a long trade when the close breaks above the latest resistance level and a short trade when it breaks below the latest support level. Long positions close when price falls below support, and short positions close when price exceeds resistance. The strategy has no stop loss.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Pivot Length
int
5
pivotLen
Max Stored Pivots
int
5
maxPivots
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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