Because this script, called “Bear & Bull Multi Pivot Signal Indicator _(Lite)” (by rotax380), packs all that. If you use it right — it could help you catch swings, reversals, and structural zones with less manual chart-watching.
Here’s the low-down:
H1 What is the “Bear & Bull Multi Pivot Signal Indicator” and why you care
This indicator is written in Pine Script® (v5), meant for TradingView charts (or any platform supporting Pine Script), overlayed on your price chart. The idea is to give you multiple layers of trading insight all at once: momentum, pivot structure, support/resistance zones, volume filters, and even optional visual zig-zag or pivot-point plotting.
You care because it tries to combine what many traders do manually — spotting RSI/MACD signals, checking volume, drawing pivots/support-resistance — into one unified tool. That can save time, reduce emotion, and give you clearer “zones of interest.”
It gives you:
-
Signals for bullish or bearish moves (🐮 / 🐻)
-
Support (☀️) and Resistance (❄️) signals based on pivot logic and volume
-
(Optional) visual pivot-points / zig-zag representation for structure
-
Volume filtering so you don’t get swamped with meaningless noise
-
Alert triggers (so you don’t have to stare at the chart 24/7)
Basically, it's like having a Swiss-Army-knife indicator. But of course — nothing’s magic, it’s a tool, not a guarantee.
H2 The building blocks: RSI, MACD, Volume, Pivots — and why they matter
This script uses several well-known technical-analysis tools, combining them for more robust signals.
H3 RSI & MACD — momentum + confirmation
-
It calculates a standard RSI (Relative Strength Index), using a period of 14 by default. RSI is a momentum oscillator that indicates how fast price is changing, and potentially whether an instrument is overbought or oversold. HYCM+2Exclusive Markets+2
-
Meanwhile, it calculates the MACD (Moving Average Convergence / Divergence) with standard settings (12, 26, 9). MACD is great for seeing momentum shifts and trend direction. Forex+2Investopedia+2
-
The script then uses a combination of conditions — RSI threshold (high or low), plus MACD histogram behavior — to mark “main triggers” (potential big moves) as well as “sub-triggers” (less strong but still noteworthy).
Why this combo is smart:
-
MACD gives you trend/momentum direction.
-
RSI gives you timing — often pointing out when price is “stretched” (overbought/oversold) or when momentum might reverse.
-
Using them together helps filter out noise compared to using one alone. Many trading guides recommend combining momentum indicators (MACD) with oscillators (RSI) for better decision making. LuxAlgo+2Mind Math Money+2
H3 Volume Filter — Because momentum without participation is sketchy
The script checks volume ≥ minVolume (default 7000) before considering most signals. This helps weed out weak moves that happen on low volume (which often fail).
That’s important — a momentum shift without volume backing often fizzles. Using volume as a filter helps avoid traps.
H3 Pivot & Support/Resistance logic — Structure matters
This is where the “Pivot” part of “Multi Pivot Signal” comes in. The script:
-
Looks back over a defined period () to find swing-highs and swing-lows (i.e. pivots).
lookback_piv -
Computes a pivot point (average of adjusted high, low, and close over the lookback) and from that derives “first support” and “first resistance” levels.
-
Watches for price crossing above support or below resistance (with volume & cooldown conditions) to trigger support/resistance signals.
Pivot-based levels are classic tools in trading for a reason: they point out zones where market participants might act again (support before bounce, resistance before reversal). The Trading Analyst+1
When you combine pivot levels with momentum/volume filters — you get structured zones + confirmed pressure. That can help catch better entries or exits than pure momentum or pure S/R trading alone.
H3 Optional Visuals: Zig-Zag and Pivot Plotting
If you toggle them on:
-
The script can draw a Zig-Zag representation of swing highs/lows — visually showing structure shifts over time.
-
It can also plot support/resistance levels or pivot arrows (for overheat signals) on the chart — helping you visually spot critical zones without manually drawing.
That helps especially if you trade visually (chart reading), or if you want to mark your zones for later review / alerts.
H2 How the script combines everything: Signal logic & flow
Let me walk you through in plain-English what happens under the hood, step by step:
| Step | What the script does | Why it matters |
|---|---|---|
| Calculate RSI & MACD on close with standard settings | Establish momentum / overbought/oversold context + trend momentum | Creates baseline for potential trade triggers |
| Check RSI & MACD conditions + volume threshold + cooldown period | Determine “mainTriggerHigh/Low” or “subTriggerHigh/Low” events (potential bearish or bullish moves) | Avoids repeated triggers, reduces noise |
| Compute adjusted high, low, close over lookback_piv bars → derive pivot point, support, resistance levels | Establish structural price levels (zones of interest) | Provides context: where price may respond / bounce / reverse |
| Monitor for price crossing 1st support/resistance with volume + cooldown → trigger support/resistance signals (☀️ / ❄️) | Detect potential bounce or rejection zones at structural levels | Helps anticipate where market may turn or pause |
| Optional: Draw visual aids (zig-zag, pivot arrows, support/resistance lines) | Make chart reading easier and more intuitive | Quick visual reference for synergies, structure, and recent history |
| Alertconditions set for bull/bear/support/resistance signals | Let trader know when something interesting is happening — no need to watch chart constantly | Enables semi-automated monitoring; good for those with other commitments or multi-charts |
H2 Why this kind of “multi-factor” indicator appeals in real-world Trading
If you’ve been around the block with trading — you know that no single indicator is perfect. Momentum indicators give false signals. Support/resistance zones sometimes fail. Volume may spike with no follow-through. So many variables.
That’s why many traders use confluence — when multiple signals align, you have a better setup. This script tries to give you that: confluence between momentum, structure, and volume all at once.
H3 Benefits
-
Time saver: No need to draw your own pivots every time, or cross-check multiple indicators manually.
-
Filter out noise: By requiring volume, cooldown, and multiple confirmations, you reduce “fake outs.”
-
Structure + Momentum blend: Good setups often happen when price hits a structural level AND momentum/volume supports it — this script tries to catch that.
-
Flexibility: You can toggle parts on/off (zig-zag, pivot plotting, bull/bear signals, support/resistance) depending on your trading style or how “busy” you want your chart.
-
Alerts support: You don’t have to stare at charts — you get notified when something potentially trade-worthy happens.
H3 Risks / Things to Watch Out For
-
Lag / Delay: Since pivots/pivot-point calculations use historical highs/lows + lookbacks, sometimes the levels get updated slightly after the move begins. So entry may not be perfect.
-
False confirmations: Even with confluence, no guarantee — volume spikes can be deceptive, momentum can fade, levels can break.
-
Overdependence: Relying on one indicator (even a complex one) may lead to missed opportunities or misinterpretation. Should be part of your overall trading plan, not the only thing.
-
Not magic — still needs your context: Fundamental events, news, macro context, overall trend strength, market conditions still matter.
H1 How you (yes, you) can use this indicator in your Trading Strategy
If you decide to plug this script into TradingView, here’s how you might use it — and some tips to maximize it:
H2 Setup & Customization
-
Use default settings to start (RSI 14, lookback_piv 24, minVolume 7000, etc.), test it on your favorite instrument (stock, forex, crypto) on daily or 4-hour charts.
-
Observe how the signals behave: where bulls (🐮) or bears (🐻) appear, where pivot support/resistance zones form, and how price reacts.
-
Try toggling visual settings: show zig-zag, pivot arrows — helps you visually understand swing structure.
-
Adjust minVolume to match liquidity of the asset — low-liquidity crypto needs lower threshold; big-cap stocks need more.
-
Adjust lookback_piv depending on timeframe and volatility — longer lookback = bigger swings, more major pivots; shorter lookback = more sensitivity to swings (more signals, more noise).
H2 Trading Use-Cases
You can use this indicator for several styles:
-
Swing trading: Use pivot levels + bull/bear signals to catch reversals or continuation after pullbacks.
-
Support/Resistance trades: Wait for price to approach support/resistance levels plotted by the script, and look for confirmation via volume + momentum.
-
Breakout / Breakdown setups: When a resistance zone is broken with a strong bear/bull signal + volume — could signal a trend continuation.
-
Multi-timeframe confirmation: Use this indicator on higher timeframes to define zones and trend — then zoom in lower timeframe for entry timing (classic confluence strategy).
-
Alert-based monitoring: Let alerts notify you so you can focus on other charts or tasks — but be sure to manually check before impulsively entering trades.
H2 Risk Management & Best Practices
-
Never treat the signals as guarantees — always combine with price action, overall trend direction, and market context.
-
Use stop-losses — pivot support/resistance zones are not infallible.
-
Validate signals with additional confirmations if possible (e.g. candlestick patterns, volume spikes, divergence).
-
Avoid overtrading — especially if signals come too often (noise).
-
Backtest on historical data before going live.
H1 But hey — no tool is perfect. What this script won’t tell you
-
It won’t read the news — so big events (earnings, macro, geopolitical) can blow through pivots without warning.
-
In very volatile or irrational markets, volume + momentum confirmations can mislead.
-
It may repaint or lag in some cases (especially with pivot detection on small timeframes).
-
It’s not a full “automated trading bot” — it requires your judgment to pick good trades and manage risk.
So treat it as helper, not oracle.
H1 SEO-Friendly Summary: Why this indicator matters (and why Google might love this article)
If you’re searching for Trading indicators, Pine Script pivot strategy, RSI + MACD signal script, or Automated support/resistance pivot tool, this indicator — and your understanding of it — is right up that alley.
Because:
-
It merges multiple common trading concepts (momentum, volume, pivots, structure) — which many traders search about.
-
It gives a concrete example of a multi-factor trading tool (good for “how to build / use” guides).
-
It addresses real trading concerns: noise, false signals, structure, confirmation — which resonates with both beginners and experienced traders.
If you write about this with clarity, detail, and real-world examples (as I’m doing), it's likely to rank well for terms like “Trading pivot indicator”, “RSI MACD pivot strategy”, “TradingView pivot script”, etc.
H2 Frequently Asked Questions
”Will this indicator catch every market reversal?”
No. Even with all the filters — pivots, RSI, MACD, volume — there’s no guarantee. Markets react to more than just technicals (news, macro, sentiment). Use it as part of your plan, not as a crystal ball.
”On what timeframe does it work best?”
It tends to work better on higher timeframes (4h, daily, weekly) because pivot detection + volume filtering gives more meaningful structure. On small timeframes, noise can dominate.
”Can I trust the support/resistance zones it plots?”
They’re useful reference zones. But watch how price interacts — strong volume or momentum may break them. Use them as guides, not fortress walls.
”Should I trade automatically if I get a signal?”
No. Use alerts as heads-up, then manually review the chart before entering. Always use stop-loss and proper risk management.
”How to improve the signals?”
You can combine with other confirmation tools or price-action analysis: e.g. candlestick patterns, higher-timeframe trend direction, fundamental context, or additional filters (ATR, volatility, etc.).
H1 Final thoughts — your trading, your call
So here’s the deal: the “Bear & Bull Multi Pivot Signal Indicator” is kinda like a multi-tool for charts. It blends momentum (RSI + MACD), structure (pivot support/resistance), volume filtering and optional visuals all in one.
Used wisely — you could spot better setups, avoid noise, and trade with more discipline. But — and this is a big but — it’s not bulletproof. Markets are messy, unpredictable, and influenced by a million things beyond what a script can measure.
If you decide to use it — treat it like a teammate, not a prophet. Combine it with price-action sense, discipline, risk management, and maybe a little bit of patience.
If you want — I can help you write a full “how-to use this script” guide (with sample screenshots / chart examples) — that might help you (and others) really get hands-on.
Contact us via the web.
🔗 References & Sources
-
What is RSI and how momentum oscillators help traders HYCM+2tradingview.com+2
-
How MACD works and differs from RSI Investopedia+2Forex+2
-
Using Pivot Points for support/resistance levels in technical analysis The Trading Analyst+1