Camarilla pivot point formula is the refined form of existing classic pivot point formula. The Camarilla method was developed by Nick Stott who was a very successful bond trader. What makes it better is the use of Fibonacci numbers in calculation of levels.
Camarilla equations are used to calculate intraday support and resistance levels using the previous days volatility spread. Camarilla equations take previous day’s high, low and close as input and generates 8 levels of intraday support and resistance based on pivot points. There are 4 levels above pivot point and 4 levels below pivot points. The most important levels are L3 L4 and H3 H4. H3 and L3 are the levels to go against the trend with stop loss around H4 or L4 . While L4 and H4 are considered as breakout levels when these levels are breached its time to trade with the trend.
WARNING: - For purpose educate only - This script to change bars colors.
hi,anyone else who can tell me how to use these codes?plz thank you !
HPotter
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@vincychanforever, Click - Add to favorites and look it in the your scripts list
ILU407
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Thank you for devloping this , please add two more level H5 & L5 developed franklin ochoa in his book secrete of pivot boss.
Gunslinger2005
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@ILU407, frank ochoa did not develop levels 5 and 6 my man. I have that book. but those levels been around. The thing he does is utilize CPR and trade breakout the width of range by different % levels
s1nancan
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hi, newbie here still learning pinescript, how can you turn this (or any custom strategy) into a screener that signals the stocks that changes direction according to the strategy (ie. red to green or green to red)? Thanks.