The Pivot Labels tool can be used to identify significant highs and lows on a chart by counting how long it has taken for the high or the low to be "taken out" either looking forwards, backwards, or in both directions.
The higher the number on the label the more significant the pivot, and you can filter the labels if you only wish to see pivots more than 10 bars apart, as well as labelling just the highs or lows.
In the example below, the H37 label means that it took 37 bars to break that particular high (in this case 37 bars after, as designated by the arrow pointing to the right). Similarly, the L36 label means it's the lowest low in 36 trading days (being a daily chart). Note that the last highlighted high is very significant as it's the highest value in 2,031 bars (8 years!), which was soon followed by the lowest low in 196 days.
The labels can also be applied to an indicator, eg RSI:
In the scripting language use the PIVOT() function, eg:
VALUEWHEN(HIGH(),PIVOT(MIN=10, TYPE=High)) to get the value of the last 10 bar pivot high
Actions & Properties
Add to Toolbar: Click this action to add the selected Pivot Label to your custom toolbar.
Apply Settings to All: When multiple Pivot Label tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as hiding or adding levels - as this allows all the other Pivot Label tools in the chart, page or entire workbook to be updated instantly.
Copy Data to Clipboard: Will copy the tool's values to the clipboard which can then be inserted into a spreadsheet, for example, allowing for further analysis.
Copy Tool: Allows you to copy the selected Pivot Label, which can then be pasted onto a different chart window.
Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool to the background.
Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.
Restore Default Settings: Click this action if you have adjusted the default settings of the Pivot Label, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the Properties (colour, for example) you can save the adjustments as your new default setting. Each time the Pivot Label is applied to a chart, the tool will display using the new settings.
Delete: Delete the Pivot Label from the chart.
Tool Name: Allows you to adjust the name of the tool, as it's displayed in the Structures Panel.
Min Pivot: This sets the minimum pivot value. The higher the value the more significant the pivot, so increasing this value will filter out the smaller turns.
Display Type: Choose which pivots are displayed: the high or low values, or both.
Direction: Choose whether just future (forwards) or previous (backwards) bars are used in the pivot calculation, or both.
Draw Position: Allows you to adjust where the pivot labels will be displayed. They can be displayed at the high and low of each bar, the top and bottom of the chart, or all at the top or bottom of the chart.
Font Size: Allows you to adjust the size of the text displayed for the label. Moving the slider bar to the right increases the font size.
Font Colour: Changes the colour of the label. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will increase the transparency of the tool.
Visible: Un-tick this checkbox to hide the tool from the chart.