Pivot Detector Oscillator, Simplified
Giorgos E. Siligardos's article, "Pivot Detector Oscillator, Simplified", introduces a simplified version of the pivot detector (Pid) oscillator to improve your timing by leaps and bounds.
Using Function Builder, one needs to create the PIDocs function; then, using Indicator Builder, one can quickly write the corresponding indicator and plot it on a price chart.
The following is the code for Mr. Siligardos's function and indicator which can help define oversold and overbought instances more precisely than RSI.
function (Length:Numeric = 14):Numeric;
return iff(bull, (RSI(C,Length) - 35) /
(85 - 35), (RSI(C,Length) - 20) /
(70 - 20)) * 100;
For the creation of the PIDocs strategy, use Strategy Builder:
Entry Long Signal:
Entry Short Signal: