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 explain how I was able to "Bottom tick" my entry on $FB and $SPOT.

Thesis for entries on $FB.

In the example here we see that the 200SMA on $FB is at 230. The pivots are between 228-226. So When I was buying $FB the big picture thesis was, the stock is down 40% from its all time highs, had 2 days of massive selling, has 200 moving avg support on weekly timeframe.

So when the stock approached near $230 I decided to take a entry on $FB at $230.51 risking $226 level which is the Pivot Low. But instead ended up bottom ticking the trade and was never under water and rode the whole afternoon rally on $FB.

Thesis for Entries on $SPOT.

I have been long $SPOT since Feb 3rd, 2022. And Got in right near the lows at $159. Again the Thesis was that stock is down roughly 60% from all time highs, There is a huge consolidation resistance at $150 on the daily chart starting Feb 2019 - March 2020.

When $SPOT was falling in the morning I was eyeing 155-150 level for a entry as daily support level and the pivots were aligned quite well and this increased my conviction on the thesis and I wanted to get in as close to $150 as possible. When I saw $SPOT bounce from $156 level as the PIVOT PRO indicated a strong support, I quickly got in at $159.

To Summarize, PIVOT PRO indicator when mixed with daily support and resistance levels give a very high conviction to the possible levels of support and resistance the chart might hold and increase the odds of winning on the trade to a significant degree.

If You would like to get the indicator you can use my code KARAN10 for 10% off. The indicator is launching on Feb 10th, 2022 and you can get it from Scripts to Trade website.