Pivotal Reversal Pro

1/ What is the Pivotal Reversal Pro indicator?

Introduction:

Pivotal Reversal Pro combines pivotal points with a smoothed RSI, offering unmatched precision in identifying key market reversals.

Leveraging sophisticated algorithms, this indicator scans historical data to identify pivotal points that signal a shift in market direction, offering timely trades.

Benefits:

Precision in Pivot Trading: By integrating custom pivotal points with a smoothed RSI, the Pivotal Reversal Pro Indicator excels in pinpointing exact market turnarounds.
Enhanced Trade Retention: Eliminate the guesswork at pivot points. This tool keeps you firmly in profitable trades, identifying true exit points well before a trend concludes.
Minimized Lag and Market Noise: The Pivotal Reversal Pro Indicator cuts through market clutter, offering a cleaner, more accurate view of market trends.
Versatility and Flexibility: fit any trading style and preference, it operates across all currency pairs, markets, and timeframes, making it a versatile ally in forex, stocks, indices, commodities, and futures trading.
Advanced Alert System: With real-time alerts, including pop-up, sound, email, and push notifications, you'll be immediately informed of potential trades, allowing you to act swiftly and decisively.

2/ Indicator Setting

Please note that there are 2 parts to this product: Pivotal Reversal and Pivotal Reversal Panel. Please add them both from your Invite-only scripts.

2.1 Pivotal Reversal

RSI Period: Determines the lookback period for the Relative Strength Index calculation, impacting the indicator's responsiveness to price changes.

RSI Applied Price: Specifies which price (close, open, high, low) the Relative Strength Index should be calculated on, allowing for customized sensitivity to market movements.

RSI Smoothing Period: Sets the smoothing period for the RSI, reducing volatility and smoothing out the RSI line for clearer signal interpretation.

Smoothed RSI Bullish Signal Threshold Level: Sets the RSI level above which the market is considered to be in a potential bullish state, indicating possible entry points for long trades.

Smoothed RSI Bearish Signal Threshold Level: Sets the RSI level below which the market is considered to be in a potential bearish state, indicating possible entry points for short trades.

ZigZag Depth: Adjusts the minimum price movement required to form a new leg in the ZigZag pattern, affecting the indicator's sensitivity to market changes.

ZigZag Deviation: Sets the percentage deviation needed for the ZigZag to reverse, influencing how significant a price move must be to alter the course of the ZigZag pattern.

ZigZag Backstep: Specifies the minimum number of bars between highs and lows in the ZigZag pattern, ensuring clarity in trend direction and reversals.

SL & TP

ATR Period for SL Shift: Determines the lookback period for the Average True Range, used in calculating the shift for the stop-loss level.

SL Shift Coefficient (from ATR): Defines the multiplier applied to the ATR to calculate the stop-loss distance from the entry point, offering a dynamic risk management tool based on market volatility.

TP Coefficient (from SL): Sets the ratio between the take-profit and the stop-loss levels, enabling strategic and proportionate profit targets relative to risk.

STYLING

Bullish Pattern Color: Specifies the color used to highlight bullish patterns or signals on the chart, improving visual differentiation of buying opportunities.

Bearish Pattern Color: Specifies the color used to highlight bearish patterns or signals on the chart, improving visual differentiation of buying opportunities.

Up Arrow Color: Selects the color of upward-pointing arrows, indicating bullish signals or entry points.

Down Arrow Color: Selects the color of downward-pointing arrows, indicating bearish signals or potential short entries.

Up/Down Arrow Size: Adjusts the size of the up and down arrows on the chart, ensuring that they are clearly visible according to user preference.

Display TP/SL on Chart: Toggles the visibility of take-profit and stop-loss levels directly on the chart for easy reference and trade management.

TP Color: Sets the color for illustrating take-profit levels on the chart, aiding in quick identification of profit targets.

SL Color: Sets the color for illustrating stop-loss levels, facilitating immediate recognition of risk management thresholds.

Max Bars to Calculate: Specifies the maximum number of bars over which the indicator performs its calculations, optimizing performance and focusing analysis on the most relevant data.

2.1 Pivotal Reversal Panel

RSI Period: Sets the number of bars used to calculate the Relative Strength Index, affecting the indicator's general sensitivity to price movements.

RSI Applied Price: Chooses the price component (close, open, high, low) used in the RSI calculation, tailoring the indicator's response to specific price action.

RSI Smoothing Period: Determines the smoothing applied to the RSI calculation, reducing short-term fluctuations and highlighting longer-term trends or reversals.

Smoothed RSI Bullish Signal Threshold Level: Specifies the threshold above which the smoothed RSI indicates bullish market conditions, suggesting potential buying opportunities.

Smoothed RSI Bearish Signal Threshold Level: Specifies the threshold below which the smoothed RSI signals bearish market conditions, hinting at possible selling points.

STYLING

Line Color: Selects the color of the indicator's line on the chart, enhancing visual clarity and personalizing the display to fit the trader's preferences.

How can I set up alerts?

To stay updated on potential trading opportunities, you can set up alerts within the Pivotal Reversal Pro.

Step 1: From the indicator settings, customize your alerts by defining your desired parameters. The selected configurations will be used for notifications in Step 2.

Step 2: To receive notifications through the app, pop-ups, alert emails, Webhook URL, sound alerts, or email-to-SMS, enable these features by clicking on TradingView's “Alert” icon.

Step 3: Select Pivotal Reversal Pro from the “Condition” dropdown list:

Step 4: A pop-up will appear as follows. You click on “Notifications”.

Step 5: You choose the types of notifications you'd like to receive and click the “Create” button.