Looking for help with contrarian use of a pivot breakout

February 12th, 2023, 10:39 PM

Hey all. I'm looking for some help with a switch or maybe a series of switches when using a pivot. I want to test a theory that a breakout/breakdown of a pivot high/low has a tendency to retrace momentarily. Here's a summary and example of what I'm trying to do:

Find a pivot high, record that value, look for a break and close above that value and go short. I have this working, but my problem is only doing it once. See image below, pivot at 4094.75 and horizontal line extended across for ease of reference.

Here's the code I used to do this:

Code

//triggers
Value1 = Pivot(high, 50, strength, strength, 1, 1, oPivotPrice, oPivotBar);
Value2 = oPivotPrice;	
BreakAbove= close > value2;

//check if preceding candle is a break above
If Breakabove[1] Then
	Begin
		FirstBreak = False;
	End
	Else 
		Begin
			FirstBreak = true;
		End;


//If Time > StartTime and Time < EODTime Then
//begin;
	If BreakAbove and FirstBreak Then
		Begin
			Sellshort ( "PIVRETS") next bar at Open;
			Print ( "date", Date, "time", time, "Short taken");
			BreakBody = Close-open; //getting the candle's body point value for exits
		End;
//End;

This stopped repeated occurrences except when the bars dip back below the recorded pivot high and break above again as in the picture (albeit slightly in this example). I'm drawing a blank on a way to turn off the setup after just one close above. Needs to reset when a new pivot is discovered. Any ideas?

February 19th, 2023, 03:35 PM

I think I get what you want. You are attempting to stop the entries after the first entry. I'd code an input for how many entries were allowed in a day and a counter so that only x entries may take place in a day. But that's me. I'd like to see what happens when I allow x entries and what I might learn from them. I see that both entries were green so .... why not allow multiple entries?

But... if you just want to stop multiple entries, I suspect you will need to zero or null the controlling variable after each bar has been evaluated -- looks to me like that variable is Value2. I've not tried/tested your code so take my suggestion with a grain (or more) of salt.

Looking for help with contrarian use of a pivot breakout

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Looking for help with contrarian use of a pivot breakout