Pivot Staircases

1. What is Pivot Staircases?

Pivot Staircases indicator is for traders who are interested in range trading, breakout trading and reversal trading. Its key features were built around the pivot – or the point of balance of prices:

• Dynamic resistance and support levels: Pivot Staircases computes the dynamic resistance and support levels based on the preceding trading session’s high, low, and close. It will create an Upper Resistance Staircase, a Lower Resistance Staircase, an Upper Support Staircase, and a Lower Support Staircase. 

• Reversals in Range trading: Pivot Staircases assists traders in range trading by identifying reversal points. When price touches the Lower Resistance Staircase or Upper Support Staircase, price is bound to reverse. 

• Breakouts: Pivot Staircases assists traders to identify breakout points. When price crosses above the Upper Resistance Staircase, or below the Lower Support Staircase, breakouts will take place. 

• Multi-timeframes: Pivot Staircases works on time-frames below Daily – it was designed for scalping and day trading.

• Alerts: Traders can set up alerts on Pivot Staircases to get informed about the Reversal points and Breakout points. 

In summary, Pivot Staircases provides traders with a powerful and highly accurate tool to predict breakouts and reversals. 

2. Indicator settings:

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

RSI Applied Price: Choose your preferred price used in the RSI calculation – open, high, low, close, hl2 (average of high and low), hlc3 (average of high, low and close), ohlc4 (average of open, high, low, and close), and hlcc4 (average of high, low, close and close).

RSI Smoothing Period: sets the length of smoothing on this RSI.

Smoothed RSI bullish/bearish signal threshold level: Sets the RSI level above which the market is considered to be in a potential bullish/bearish state. Default settings are 30 and 70, respectively.

Use reversal signals: ticks for Pivot Staircases to display reversal signals.

Use break out signals: ticks for Pivot Staircases to display breakout signals.

Broker hour offset: sets the necessary broker offset time, if any. Default is 0.

ATR period for SL shift: the timeframe used to calculate the Average True Range for adjusting stop loss levels.

SL shift coefficient: a multiplier used with the ATR value to adjust stop loss levels according to market volatility.

TP coefficient (from SL): a multiplier determining the Take Profit level relative to the Stop Loss distance.

Various Color settings: customize the colors and display of texts, dashboards & arrows to your visual preference.

3. Alert set-up:

To stay updated on potential trading opportunities, you can set up alerts within the Pivot Staircases settings.

Step 1: From the indicator settings, customize your alerts by defining your desired parameters for buy and sell signals. 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 “Pivot Staircases”, and then “Any alert() function call” from the “Condition” dropdown list 

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

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