Hourly Entries from Prior-Day Pivot Levels

Summary

This strategy uses levels calculated from the previous day’s high, low, and close to generate directional entries. It derives a set of pivot and outer support and resistance levels, then carries the prior day’s H4 and L4 values onto the chart. A long entry is triggered when the current close is above H4; a short entry is triggered when it is below L4. The script is described as a positional hourly system, with a separate recommendation to use a Choppiness indicator filter at or below 44 for entries.

The source also calculates a three-period EMA and other pivot levels, but those values do not affect the entry rules shown, and the plotting statements for the levels are commented out. No stop, profit target, performance results, or detailed testing evidence is provided. The Choppiness filter is mentioned in the description but is not implemented in the code, so the strategy’s actual entries rely only on the prior-day level comparisons.

Key ideas

• The strategy compares the current close with H4 and L4 levels derived from the prior day’s price data.
• A close above prior-day H4 triggers a long entry, while a close below prior-day L4 triggers a short entry.
• The description recommends a Choppiness reading of 44 or lower as an entry filter, but the code does not apply it.
• The script provides no stated performance evidence, stop-loss, or profit-target rules.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.