Pivot show plot

Optuma Scripting
1

Hi all

I have a tricky issue that I am struggling to find a way around, hoping someone can point me in the right direction.

I would like to have a show plot identify the ‘most recent’ low that occurs before a 3-bar ‘pivot’ high. The value that I am trying to identify must also be less than the low of the highest bar in the ‘pivot’ pattern. I have drawn a terrible diagram that hopefully explains what I’m trying to do. Worth noting, I don’t mean the Pivot labels tool (to my knowledge this finds slightly larger patterns that what I’m doing here).

This script was the best I could do, and it works as long as we get a ‘perfect’ pivot. However, the trailing nature of the LowestLow tool means that occasionally it moves on prematurely if there are additional bars within the pattern. Setting it to insidebar=false helps a little with this but not entirely. So I guess I need some kind of condition so that it ratchets up to the significant low and stays there until the next pivot high forms.

//define pivot high 
x1 = HIGH() > HIGH(OFFSET=1) and HIGH() > HIGH(OFFSET=-1); 
//find candle lows 
y1 = LOWESTLOW(BARS=1, INSIDEBAR=False, INCBAR=False); 
//find the final low prior to the pivot 
plot1 = VALUEWHEN(y1, x1);

Any suggestions hugely appreciated

Jonathan

pivots.png
pivots.png1501×1290 28.6 KB

2

Hi,

Using your code to identify the pivot, you could use the following to plot the previous bars low:

x1 = HIGH() > HIGH(OFFSET=1) and HIGH() > HIGH(OFFSET=-1);
x2 = IF(x1==1,Low(1),0) ;
NONZERO(x2)

This only changes when the next pivot is identified.

Ex8

3

Hi Matthew - thanks for the suggestion, I hadn’t thought of using an IF function.

However, there is still one issue (I probably haven’t explained it clearly enough, sorry). I need the show plot value to be lower in price than the low of the pivot bar, as well as to be before it.

So, in the above example, I need the show plot to rest at bar number 1 (reading from left to right) then to move down to the red bar 6.

Can you think of a way to get it to do that? I’ve tried so many things, including specifying endless unique candle patterns, using lowestlow(), and rethinking how the pivot is identified.

Thanks again
Jonathan

4

Hi,

I don’t think that can be done in scripting currently. However, my understanding is this could be done with the Pascal programming module (if you have access to that module).