The "CPR Lines" script, written in Pine Script version 5, is designed for use in the TradingView platform to help traders visualize Central Pivot Range (CPR) levels on their price charts. This script calculates and plots three essential pivot levels based on the prior trading day's high, low, and close prices, providing traders with key reference points for potential support and resistance levels in the current trading session.
Key Features:
The script retrieves the high, low, and close prices of the previous trading day using the request.security function. These values are crucial for calculating the CPR levels.
Bottom Central Pivot (BCP):
Top Central Pivot (TCP):
Plotting the CPR Levels:
This script aids traders by providing visual cues for key price levels, enhancing their ability to make informed trading decisions based on historical price movements. By incorporating these pivot points, traders can better predict potential price reactions and plan their trades accordingly.
Key Features:
The script retrieves the high, low, and close prices of the previous trading day using the request.security function. These values are crucial for calculating the CPR levels.
Bottom Central Pivot (BCP):
Top Central Pivot (TCP):
Plotting the CPR Levels:
This script aids traders by providing visual cues for key price levels, enhancing their ability to make informed trading decisions based on historical price movements. By incorporating these pivot points, traders can better predict potential price reactions and plan their trades accordingly.