Pivot Reversal Strategy – Tradingview Pinescript to Amibroker AFL Conversion

Pivot Reversal Strategy is a popular in-built strategy in Tradingview Platform. Here I had attempted to convert the pinescript v5 to Amibroker AFL Code. A pivot reversal strategy is a trading approach focused on identifying key turning points, or “pivots,” in the market where a trend may reverse direction.

Here’s a concise breakdown:

1. Identifying Pivots: Traders look for specific patterns in price movements to identify pivot points. A pivot high occurs when a high point is surrounded by lower highs, suggesting a potential downtrend reversal. Conversely, a pivot low occurs when a low point is surrounded by higher lows, indicating a potential uptrend reversal.
2. Entry and Exit Signals: The strategy generates buy signals when the price crosses above a pivot high and sell signals when the price crosses below a pivot low. These signals indicate potential opportunities to enter or exit positions in the market.
3. Parameter Adjustment: Traders can adjust parameters such as the number of bars considered when identifying pivot points to tailor the strategy to different market conditions or trading preferences.

Pivot Reversal Strategy – Tradingview Pinescript Code

//@version=5
strategy("Pivot Reversal Strategy", overlay=true)
leftBars = input(4)
rightBars = input(2)
swh = ta.pivothigh(leftBars, rightBars)
swl = ta.pivotlow(leftBars, rightBars)
swh_cond = not na(swh)
hprice = 0.0
hprice := swh_cond ? swh : hprice[1]
le = false
le := swh_cond ? true : (le[1] and high > hprice ? false : le[1])
if (le)
	strategy.entry("PivRevLE", strategy.long, comment="PivRevLE", stop=hprice + syminfo.mintick)
swl_cond = not na(swl)
lprice = 0.0
lprice := swl_cond ? swl : lprice[1]
se = false
se := swl_cond ? true : (se[1] and low < lprice ? false : se[1])
if (se)
	strategy.entry("PivRevSE", strategy.short, comment="PivRevSE", stop=lprice - syminfo.mintick)
//plot(strategy.equity, title="equity", color=color.red, linewidth=2, style=plot.style_areabr)

Pivot Reversal Strategy – Amibroker AFL Code

//Coded by Rajandran R - Founder - Marketcalls / Creator - OpenAlgo
//Coded on 10th May 2024
//Website - www.marketcalls.in / www.openalgo.in
//Version - 1.0
//Code inspired from Tradingview Pivot Reversal Strategy (in-built strategy)


_SECTION_BEGIN("Pivot Reversal Strategy");

// Define the left and right bars for pivot calculations
leftBars = Param("Left Bars", 4, 1, 10, 1);
rightBars = Param("Right Bars", 2, 1, 10, 1);
showpivot = ParamToggle("Show Pivot","YES|NO",0);
showpivotlevels = ParamToggle("Show Pivot Levels","YES|NO",0);

// Custom functions to find pivot highs and lows
// Function to find pivot highs
function PivotHigh(leftBars, rightBars)
{
    array = Null;
    for (i = leftBars+rightBars; i < BarCount; i++)
    {
        isPivot = True;
        // Check if Pivot bar is higher than the left bars
        for (j = 1; j <= leftBars; j++)
        {
            if (High[i - j-rightBars] >= High[i-rightBars])
            {
                isPivot = False;
                break;
            }
        }
        // Check if Pivot bar is higher than the right bars
        for (j = 1; j <= rightBars; j++)
        {
            if (High[i + j-rightBars] >= High[i-rightBars])
            {
                isPivot = False;
                break;
            }
        }
        if (isPivot) array[i] = High[i-rightBars];
    }
    return array;
}

// Function to find pivot lows
function PivotLow(leftBars, rightBars)
{
    array = Null;
    for (i = leftBars+rightBars; i < BarCount - rightBars; i++)
    {
        isPivot = True;
        // Check if Pivot bar is lower than the left bars
        for (j = 1; j <= leftBars; j++)
        {
            if (Low[i - j-rightBars] <= Low[i-rightBars])
            {
                isPivot = False;
                break;
            }
        }
        // Check if Pivot bar is lower than the right bars
        for (j = 1; j <= rightBars; j++)
        {
            if (Low[i + j-rightBars] <= Low[i-rightBars])
            {
                isPivot = False;
                break;
            }
        }
        if (isPivot) array[i] = Low[i-rightBars];
    }
    return array;
}

// Calculate pivot highs and lows
swh = PivotHigh(leftBars, rightBars);
swl = PivotLow(leftBars, rightBars);


hprice = ValueWhen(Nz(swh)!=0,swh);
lprice = ValueWhen(Nz(swl)!=0,swl);


Buy = Cross(High,hprice);
Short = Cross(lprice,Low);

Buy = ExRem(Buy,Short);
Short = ExRem(Short,Buy);


//This Block look into the future to plot the pivot high and low bars.
//It is not part of the trading strategy. so this look into future will not impact trading strategy

if(showpivot)
{
PlotShapes(IIf(Ref(swh,2),shapeCircle,shapeNone),colorRed,0,Ref(swh,2),12);
PlotShapes(IIf(Ref(swl,2),shapeCircle,shapeNone),colorGreen,0,Ref(swh,2),-12);
}

if(showpivotlevels)
{
Plot(hprice,"hprice",colorRed,styleDashed);
Plot(lprice,"lprice",colorGreen,styleDashed);
}
_SECTION_END();

_SECTION_BEGIN("Candlestick Charts with Date & Time Axis");

//Enable the Date & Time Axis
SetChartOptions(0, chartShowArrows | chartShowDates);

//Plotting Candlestick charts
Plot(Close,"Candle",colorDefault,styleCandle);


_SECTION_END();

_SECTION_BEGIN("Trading Signals");

/* Plot Buy and Sell Signal Arrows */
PlotShapes(IIf(Buy, shapeSquare, shapeNone),colorGreen, 0, L, Offset=-40);
PlotShapes(IIf(Buy, shapeSquare, shapeNone),colorLime, 0,L, Offset=-50);                      
PlotShapes(IIf(Buy, shapeUpArrow, shapeNone),colorWhite, 0,L, Offset=-45); 
PlotShapes(IIf(Short, shapeSquare, shapeNone),colorRed, 0, H, Offset=40);
PlotShapes(IIf(Short, shapeSquare, shapeNone),colorOrange, 0,H, Offset=50);                      
PlotShapes(IIf(Short, shapeDownArrow, shapeNone),colorWhite, 0,H, Offset=-45);


fontsize = Param("Font Size",10,10,40,1);
for( i = 0; i < BarCount; i++ ) 
 {  
if( Buy[i] ) PlotTextSetFont("PivRevLE","Arial", fontsize,i,L[i],colorWhite,colorGreen,-70);
if( short[i] ) PlotTextSetFont("PivRevSE","Arial", fontsize,i,H[i],colorWhite,colorRed,70);


}



_SECTION_END();

Here is the Breakdown of the Code

Here’s a breakdown of how it works:

1. Setting Parameters: Traders can adjust parameters like the number of bars to the left and right to calculate pivot points.
2. Calculating Pivot Highs and Lows: The code calculates pivot highs and lows based on the specified number of bars to the left and right. A pivot high occurs when a high point is surrounded by lower highs, and a pivot low occurs when a low point is surrounded by higher lows.
3. Identifying Buy and Sell Signals: Once pivot highs and lows are identified, the code looks for buy signals when the price crosses above a pivot high and sell signals when the price crosses below a pivot low.
4. Plotting Pivot Points: Optionally, the code can plot pivot highs and lows on the chart for visual reference.
5. Displaying Candlestick Charts: The code also displays candlestick charts with date and time axes.
6. Displaying Trading Signals: Buy and sell signals are marked on the chart with arrows, and text labels indicate the points at which the signals occur.