#### markos

##### Well-known member

**VIP**

**Warehouse**

Hint: Measures time and price between pivots and uses that data to indicate how meaningful a pivot may be

Trading Notes - the higher the indicator values, the farther the distance between pivots

Both indicator lines at 1 indicate an area is farther than "normal" in both time and price from the most recent pivot. Look for white line as a place for trend to rest

Cyan line at 1 and Orange line at 0 indicate an area where price moved quickly. This "divergence" is the kind dip buyers would want to see

Code:

```
# Pivot Significance Index in 6-3-19 TSL
# v0.01
# 5.19.19
# Nube
# Subscript used later
script normalize{
input h = high;
input l = low;
input c = close;
input x = 21;
def normalize = if Highest(h, x) - Lowest(l, x) != 0
then (c - Lowest(l, x)) / (Highest(h, x) - Lowest(l, x))
else 0;
plot normalized = normalize;
}
# Inputs
input pivotLength = 4; #hint pivotLength: Length for stochastic pivot
input normalizationLength = 21; #hint normalizationLength: Length for normalization of time and price between pivots
input alert = no;
# Variables
def h = high;
def l = low;
def c = close;
def nan = Double.NaN;
def x = BarNumber();
def norm = normalize(h, l, c, pivotLength);
## Pivot High
def hh = if norm crosses above .5
then h
else if h > hh[1]
then h
else hh[1];
def hpBar = if h == hh
then x
else nan;
def hpBar_1 = if !IsNaN(hpBar)
then x
else hpBar_1[1];
def hpPrice = if !IsNaN(hpBar)
then h
else hpPrice[1];
## Pivot Low
def ll = if norm crosses below .5
then l
else if l < ll[1]
then l
else ll[1];
def lpBar = if l == ll
then x
else nan;
def lpBar_1 = if !IsNaN(lpBar)
then x
else lpBar_1[1];
def lpPrice = if !IsNaN(lpBar)
then l
else lpPrice[1];
### Normalizing distance between pivots
def bars = hpBar_1 - lpBar_1;
def price = hpPrice - lpPrice;
def nBarsBetween = normalize(bars, bars, bars, normalizationLength);
def nPriceBetween = normalize(price, price, price, normalizationLength);
# Plots
plot
SignificantPivot = if !IsNaN(c) and nBarsBetween + nPriceBetween == 2 then 1 else nan;
SignificantPivot.SetLineWeight(3);
SignificantPivot.SetDefaultColor(Color.White);
plot
BarsBetweenPivots = if IsNaN(c) then nan else nbarsBetween;
BarsBetweenPivots.SetDefaultColor(Color.Dark_Orange);
plot
PriceBetweenPivots = if IsNaN(c) then nan else nPriceBetween;
PriceBetweenPivots.SetDefaultColor(Color.Cyan);
AddLabel(alert and SignificantPivot, "Significant Pivot", Color.White);
Alert(alert and SignificantPivot, " Significant Pivot", Alert.Bar, Sound.Ring);
declare lower;
# f/ Pivot Significance Index
```

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