How to Use "Pivot Pro" indicator from Scripts To Trade
I was working on testing the PIVOT PRO indicator from Scripts To Trade through the last week. I am going to describe my findings and how to use pivot pro indictor for market caps > 500 mil. Later down the road I will post more analysis for other market caps as well. The Pivots are derived using the first 10 min range from the chart. Please note that just using the pivot pro indicator wouldnt give you a high edge. You need to combine it with the daily picture for higher success rate. For eg, if I want to dip buy a stock, I just shouldnt rely on pivot levels as my entry or risk zones, you need to still account for daily levels. So far from my testing, what I have found is pivots really give insight to where good levels of support and resistance might be on the chart. Then we can go to the daily chart or 15 min chart and breakdown the chart further to exactly identify the levels we should be using to enter and levels we should set as risk. To eleborate this further, I am going to...