Dynamic Pivot Markers: A Pinescript Guide

Pinescript, the powerful scripting language for TradingView, offers unparalleled flexibility in creating custom indicators. This script aims to dynamically plot markers at user-defined intervals from pivot highs and lows, providing valuable insights into market trends.

Understanding the Script's Functionality

The script will:

• Accept user-defined intervals for marker placement.
• Calculate pivot highs and lows based on user-specified periods.
• Plot markers at the specified intervals from these pivot points.
• Handle scenarios where exact interval matches aren't found.

The Pinescript Code

Pine Script

//@version=5

indicator("Dynamic Pivot Markers")

// User inputs

intervalInput = input.int(30, minval=1, title="Interval (bars/days)")

pivotPeriod = input.int(14, minval=1, title="Pivot Period")

// Function to calculate pivot points

pivotHigh(_src, _length) =>

    highest(_src, _length)

pivotLow(_src, _length) =>

    lowest(_src, _length)

// Main script logic

var float[] pivotHighs = array.new_float(0)

var float[] pivotLows = array.new_float(0)

[ph, pl] = ta.pivothighlow(close, pivotPeriod)

array.push(pivotHighs, ph)

array.push(pivotLows, pl)

for i = 0 to array.size(pivotHighs) - 1

    for j = 0 to intervalInput - 1

        barIndexOffset = i * intervalInput + j

        if bar_index >= barIndexOffset

            plot(pivotHighs[i], color=color.green, style=plot.style_line, linewidth=2)

            plot(pivotLows[i], color=color.red, style=plot.style_line, linewidth=2)

            label.new(bar_indexOffset, pivotHighs[i], str.tostring(i * intervalInput + j), style=label.style_label_down)

            label.new(bar_indexOffset, pivotLows[i], str.tostring(i * intervalInput + j), style=label.style_label_up)

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Code Breakdown

• User Inputs: The script accepts two user inputs: intervalInput for the marker interval and pivotPeriod for calculating pivot points.
• Pivot Calculation: The pivotHigh and pivotLow functions calculate pivot points based on the specified period.
• Array Storage: Pivot highs and lows are stored in arrays for efficient access.
• Marker Placement: The script iterates through pivot points and places markers at the specified intervals, using labels to indicate the distance from the starting pivot.

Customization and Enhancements

• Multiple Intervals: Extend the script to allow multiple interval inputs for versatile analysis.
• Pivot Types: Incorporate different pivot point calculation methods (e.g., DeMark, Fibonacci).
• Marker Styles: Customize marker appearance (color, style, size) for better visual representation.
• Alerts: Add alerts when price reaches a marker level.
• Overlay Tools: Combine with other indicators for comprehensive analysis.

This Pinescript code provides a solid foundation for creating dynamic pivot markers. By understanding the core logic and leveraging Pinescript's capabilities, you can tailor the script to your specific trading needs and preferences.