Down Arrow Pivot
Amibroker data feed aids in recognizing downward pivot points crucial for identifying potential market downturns. Developing an Amibroker AFL to automatically identify and mark these downward pivots assists traders in adjusting their strategies in response to bearish trends.
/_SECTION_BEGIN("Fibo for all bars");
//TimeFrameSet( in15Minute*2 );
DH=Ref(H,-1);
DL=Ref(L,-1);
DC=Ref(C,-1);
pd = ( DH+ DL + DC )/3;
sd1 = (2*pd)-DH;
sd2 = pd -(DH - DL);
sd3 = Sd1 - (DH-DL);
rd1 = (2*pd)-DL;
rd2 = pd +(DH -DL);
rd3 = rd1 +(DH-DL);
Plot (pd,"Pivot",colorBlue,styleThick+styleDots);
Plot (rd1," R1 ",35,8+16);
Plot (rd2," R2 ",35,8+16);
Plot (rd3," R3 ",35,8+16);
Plot (sd1," S1 ",4,8+16);
Plot (Sd2," S2 ",4,8+16);
Plot (Sd3," S3 ",4,8+16);
style = IIf(ParamList("Chart style", "styleCandle|styleBar")=="styleCandle",64,128+4);
Plot (C,Date ()+" close",1,style); //ENABLE THIS TO HAVE CANDLES AS WELL
_SECTION_END();