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 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 L19 label means it's the lowest low in 19 trading days (being a daily chart).
Note that the last highlighted high is currently labelled H31 and low at L15, but because of subsequent data being added to the chart these values are subject to change, so are unconfirmed and appear at 50% transparency.
The labels can also be applied to an indicator, eg RSI:
Scripting Function: PIVOT()
VALUEWHEN(HIGH(),PIVOT(MIN=10, TYPE=High)) to get the value of the last 10 bar pivot high
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 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.