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 for minimum values, as well as marking either just the highs or lows.
In the example below the Pivot Label tool has been set to 10 in both directions, meaning that for the high label to appear there must be at least 10 lower bars either side (and 10 higher bars for a low label). The value in the label is the number of bars since that high, and the arrow shows the direction of the higher bar.
The highlighted H37 label means that it took 37 bars to break that particular high (in this case 37 bars before, as designated by the arrow pointing to the left). Similarly, the L68 label means it's the lowest low in 68 trading days (being a daily chart) as measured by the Time Measure tool.
Confirmed vs Unconfirmed LabelsIt's very important to note that recent Pivot Labels are subject to change as new data is added to the chart. In the example above the most recent H≈10 and L≈10 labels are at 50% transparency as these are potential pivots, because there are only 10 lower/higher bars to the left. This means that if the next bar takes out the high (or low) then the label will disappear as the 10 bar minimum requirement has not been met.
Select the Ignore Unconfirmed property to remove these labels from the chart.
You will also notice that the L≈39 label is at full transparency which means its a confirmed low, but the '≈' indicates that the label value will increase until a new low is made (see the H≈119 label, which tomorrow will be 120 and will continue to increase until that high is taken out).
Pivot Labels on Indicators
The labels can also be applied to indicators, eg RSI or RIC:
Scripting Function: PIVOT()
To get the value of the last confirmed 15 bar pivot high in a watchlist or Show Plot tool:
PH15 = PIVOT(MIN=15, TYPE=High, IGNOREUNCONFIRMED=True); VALUEWHEN(HIGH(), PH15)
Actions & Properties
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.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Pivot Labels 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 line colour - as this allows all the other Pivot Labels tools in the chart, page or entire workbook to be updated instantly.
Copy Tool: Allows you to copy the selected tool, 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 view 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 tool, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new Pivot Labels to a chart, the tool will display using the new settings.
Delete: Deletes the tool 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 pivot labels are displayed: the high, low, or both.
Direction: Choose whether just future (forwards) or previous (backwards) bars are used in the pivot calculation, or both.
Ignore Unconfirmed: Select this to remove the unconfirmed labels that are subject to change from the chart.
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.
Lock Tool: When selected, any changes to the tool will be prevented from being made.