PROTECTED SOURCE SCRIPT
CPR by Trading Direction V2
Daily Standard Pivot Points with Central Pivot Range (CPR), Tomorrow CPR, Historical CPR, and EMA
This script includes:
Daily Standard Pivot Points with Central Pivot Range (CPR)
Tomorrow's CPR for forecasting future levels
Historical CPR for past market behavior analysis
2 Exponential Moving Averages (20 EMA and 200 EMA)
The script plots historical pivots and extends daily pivots to the next day's close, allowing users to analyze price action along with 2 EMAs to make better and more informed trading decisions.
Timeframes for Use:
The script works across 5-minute to 30-minute timeframes for intraday trading.
It is applicable to any underlying instrument, including equity, indices, commodities, and even 6-hour and 24-hour trading sessions.
Also compatible with Indian indices and equity.
How to Use This Indicator:
1) Identify Trend:
Uptrend: Prices are above R1, and the 20 EMA is rising.
Downtrend: Prices are trading lower than S1, and the 20 EMA is falling.
Range-bound Market: Prices are trading between R1 and S1, with the 20 EMA and 200 EMA moving horizontally in a range.
Entry and Exit Rules
Buy Entry (Long Position):
Condition: In an Uptrend, take a Buy entry above R1, near 20 EMA, whenever market prices pull back.
Stop Loss: Place the stop loss below R1, or use 50 points, or adjust based on your risk appetite.
Sell Entry (Short Position):
Condition: In a Downtrend, take a Sell entry below S1, near 20 EMA, whenever market prices pull back.
Stop Loss: Place the stop loss above S1, or use 50 points, or adjust based on your risk appetite.
Exit Rules:
For Buy Trade:
Trail the stop loss with a 1:2 Risk-Reward Ratio.
First Target: R2 (Resistance 2)
Second Target: R3 (Resistance 3)
For Sell Trade:
Trail the stop loss with a 1:2 Risk-Reward Ratio.
First Target: S2 (Support 2)
Second Target: S3 (Support 3)
Important Levels to Consider:
PDH (Previous Day High): Important resistance level.
PDL (Previous Day Low): Important support level.
PDC (Previous Day Close): Key closing price for reference.
Key Features:
Tomorrow CPR for forward-looking pivot points.
PDC + PDH levels for visual clarity of significant price levels.
User-friendly interface for easy analysis.
Historical Pivots for context on past price movements.
Best Regards,
Tradingdirection
This script includes:
Daily Standard Pivot Points with Central Pivot Range (CPR)
Tomorrow's CPR for forecasting future levels
Historical CPR for past market behavior analysis
2 Exponential Moving Averages (20 EMA and 200 EMA)
The script plots historical pivots and extends daily pivots to the next day's close, allowing users to analyze price action along with 2 EMAs to make better and more informed trading decisions.
Timeframes for Use:
The script works across 5-minute to 30-minute timeframes for intraday trading.
It is applicable to any underlying instrument, including equity, indices, commodities, and even 6-hour and 24-hour trading sessions.
Also compatible with Indian indices and equity.
How to Use This Indicator:
1) Identify Trend:
Uptrend: Prices are above R1, and the 20 EMA is rising.
Downtrend: Prices are trading lower than S1, and the 20 EMA is falling.
Range-bound Market: Prices are trading between R1 and S1, with the 20 EMA and 200 EMA moving horizontally in a range.
Entry and Exit Rules
Buy Entry (Long Position):
Condition: In an Uptrend, take a Buy entry above R1, near 20 EMA, whenever market prices pull back.
Stop Loss: Place the stop loss below R1, or use 50 points, or adjust based on your risk appetite.
Sell Entry (Short Position):
Condition: In a Downtrend, take a Sell entry below S1, near 20 EMA, whenever market prices pull back.
Stop Loss: Place the stop loss above S1, or use 50 points, or adjust based on your risk appetite.
Exit Rules:
For Buy Trade:
Trail the stop loss with a 1:2 Risk-Reward Ratio.
First Target: R2 (Resistance 2)
Second Target: R3 (Resistance 3)
For Sell Trade:
Trail the stop loss with a 1:2 Risk-Reward Ratio.
First Target: S2 (Support 2)
Second Target: S3 (Support 3)
Important Levels to Consider:
PDH (Previous Day High): Important resistance level.
PDL (Previous Day Low): Important support level.
PDC (Previous Day Close): Key closing price for reference.
Key Features:
Tomorrow CPR for forward-looking pivot points.
PDC + PDH levels for visual clarity of significant price levels.
User-friendly interface for easy analysis.
Historical Pivots for context on past price movements.
Best Regards,
Tradingdirection
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