by 
This trend-following strategy executes a classic Donchian channel breakout system designed to cross-validate backtest results against external framework benchmarks. It triggers a long entry when the closing price breaks above the highest high of the prior entr
Strategy · Pine Script v5 · On the chart
Pivot Extension Strategy
The Pivot Extension Strategy identifies local high and low pivot points based on user-defined left and right bar counts.
GitHub stars37on the repository
Pine versionv5runs as is
Lines of code11
Settings2inputs
LicenceMIT
Last update3 years ago10 Feb 2023
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.
Source Code
11 lines of Pine Script v5 from Strategies/All Strategies are Here 🤩/Pivot-Extension-Strategy.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=5
strategy("Pivot Extension Strategy", overlay=true)
leftBars = input(4)
rightBars = input(2)
ph = ta.pivothigh(leftBars, rightBars)
pl = ta.pivotlow(leftBars, rightBars)
if (not na(pl))
strategy.entry("PivExtLE", strategy.long, comment="PivExtLE")
if (not na(ph))
strategy.entry("PivExtSE", strategy.short, comment="PivExtSE")
//plot(strategy.equity, title="equity", color=color.red, linewidth=2, style=plot.style_areabr)
Overview
Pivot Extension Strategy enters a long position when a pivot low is detected and enters a short position when a pivot high is confirmed. The strategy toggles between long and short entries upon new pivot points directly on the price chart. The main inputs control the number of left and right bars required to confirm a pivot. Notably, the strategy lacks explicit stop-loss or take-profit risk controls, relying entirely on opposing pivot signals to flip positions.
- Pivot high and pivot low detection
- Reversal entries on confirmed pivot points
- Configurable left and right bar lookbacks
Details
Published by
TWODS-CAPITAL on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Support & resistance
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- The strategy enters trades without a stop loss
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| leftBars | int | 4 | leftBars |
| rightBars | int | 2 | rightBars |
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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