My first attempt at pivots(edited-I think Projections are a better term to describe what I’m doing) turned out pretty good I think. I might actually just call it done for now and move on to the next area…
I used a relatively simple formula that I thought of while looking at charts (!) these past few days. I was taking cursory glance at the old SB waves indi and the types of bars that were occurring at ends, but I guess experience helps point the eyes at what’s interesting in the charts; I wanted some way to take the information the candles seemed to be showing and put it into the pivot formula. I’m not sure if it’s mathematically sound, but there’s no hurt in trying anything. 7th did mention something about ‘inventing your own math’.
HB/LB-Higher bound/Lower bound
Rather than conventional pivots that have multiple lines (PP, R1-3, S1-3) my pivot only has 2 lines, 1 above and 1 below price. Inputting the Pivot is easy, but I don’t particularly see a use for it at the moment.
HBP/LBP-Higher bound picky/Lower bound picky
Being “Picky” has an additional filter that future accounts for the days direction.
The top stat is stating that I can account for at least 1 bound to be hit about 87% of the time. Additionally, only 1 pivot level is hit close to 70% of the time. I was hoping for frequencies of about 90% and 80% respectively, but this seems ok. The next stat is saying that GIVEN the days direction (C>O or O>C) then price hits it’s respective pivot direction close to 80% of the time. Ex if the day is up, the upper limit will be reached 79% of the time. Not bad I think; I will think about it a little more before moving on and noting that this is something to come back to later