IPB_JPMUPS_2022

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Introduction :

This indicator serves two purposes
a) It is a multi dimensional floor pivot indicator, which takes its concepts from Secrets of Pivot Boss book of Frank Ochoa. Most of the indicators suggested in the book are packed in one indicator.
b) It also has an inbuilt intraday strategy which identifies trend, direction and momentum based on CPR (Central Pivot Range) concepts and accordingly comes up with trading signals.

How this indicator is different from the published ones :

A). Role as an indicator

This indicator has all the CPR (Central Pivot Range) indicators packed together which provides a ready made solution for CPR based trading. The following are the salient features of this indicator :
1) This indicator plots daily CPR using previous day high, low and close. It also plots Support and Resistance levels based on floor pivots formula.
Moreover, it also plots developing CPR which is based on current day's high, low and close. Apart from that it also plots CPR for next day session as well which is useful for EOD analysis.
2) This indicator plots weekly CPR using previous week high, low and close. It also plots developing CPR which is based on current week's high, low and close.
3) This indicator plots monthly CPR using previous month high, low and close. It also plots developing CPR which is based on current month's high, low and close.
4) This indicator plots pivot EMA which is called PEMA. It uses three different EMAs which are customisable and uses them to plot a moving average web based on pivot points of each candle, which is called as PEMA. This also facilitates PEMA plotting for higher time frame (daily time frame) as well.
5) This indicator plots daily time frame moving average in intraday chart which can be used as a key zone during trading. The period is customisable.

B) Role as a strategy

This indicator also functions as an intraday trading strategy called JPMUPS (JP stands for author's nickname. MUPS stands for Manoj Ultimate Pivot Strategy). This strategy attempts to identify trend, direction and momentum and when all these three align together it gives buy and sell signals. The concepts are as under:

Trend identification :
Whenever a trend is established, the developing CPR starts to widen. Hence this strategy uses the width of the developing CPR and compares it with the MA of the width to identify the trend. If the width of the developing CPR crosses the 34 period MA (can be customised), it assumes a trend is developing.

Direction identification:
Whenever a direction is established, the CPR components, namely BC and TC shifts its position. Hence this strategy uses this concept to identify the direction. It computes MACD sort of histogram of the BC and TC difference and whenever the histogram slops upwards, it assumes bullish direction and vice versa.

Momentum identification :
Whenever momentum is established, the developing CPR starts sloping upwards. Hence this strategy uses this concept to identify the momentum. It computes RSI of the developing CPR and if the RSI is above the 34 period MA (can be customised) of RSI , it assumes momentum is establishing and vice versa.

When all the above are aligned together, it gives buy or sell signals suitably.

How to use it :

a) Indicator usage :
1) CPR zones are key zones which predominantly acts as support and resistance zones. Looking at the price action at these zones, one can look for trading opportunities in live market.
2) Developing CPR acts as pull back zones and is very useful in live trading and also EOD analysis for spotting opportunities by combining price action.

b) Strategy usage :
1). Strategy signals are only indicative. Users are strongly advised not to use the strategy blindly. Users are advised to go though the CPR concepts thoroughly and use this strategy signals only as a supplement for further decision making / analysis.

Markets meant for :

1). This indicator and Strategy is predominantly designed for Indian stock markets. However it can be customised for other markets as well by changing the timings of the markets in the parameters.


Market conditions meant for :

1). This indicator is meant for all types of market conditions as its predominant role is to plot the key support and resistance zones using CPR concepts.
2). The strategy is mainly found to be effective in trending markets and predominantly indices like Nifty and Bank Nifty . Hence Users are advised to use this only as an indicative feature and not blindly trade based on signals. The strategy is found to be less effective in lower time frames like 1min / 3min, etc. 15 min time frame provides fair performance. However it doesnt mean that it will continue to perform in the same manner in the future.

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ملاحظات الأخبار

Removed the horizontal lines that was overlaying on the CPR.
Removed the lines that were connecting dot plots of CPR.

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ملاحظات الأخبار

The following are the features in this update :

1) Fixed the instability of pivot lines during live markets.
2) By default the following will be plotted :
a). Daily CPR with history.
b) Daily Support and Resistance (upto level 2) only for the day as market moves.
c). Weekly pivot only plotted for the day as market moves.
d). Monthly pivot only plotted for the day as market moves.
e). Daily developing cpr.
3). Options made available to plot history for the above as well and also weekly cpr plotting for full week and monthly cpr plotting for full month.
The charts look more cleaner and at the same time doesn't compromise on any important key pivot zones.
Thanks.

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ملاحظات الأخبار

This is a crucial update.
Developing yearly CPR is included.
(To accomodate this we have removed daily Supports and Resistances due to limit in calling security)
Developing yearly CPR is computed using current yearly high till date, current yearly low till date and the current closing price.
Developing yearly CPR acts as a strong support and resistance. Any breach of the same would possibly signal a fresh stance of move.