Pivot Points High/Low (Simplified)

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How to Create a Pivot Points High/Low Indicator Using Drawings

Indie 5.4.0 introduced powerful drawings functionality — the ability to draw objects on charts that are not tied to time series. Let's step-by-step create an indicator to find local extremes (pivots) to explore these capabilities.

What are drawings?

Drawings allow you to:

Place labels and lines anywhere on the chart
Update and remove previously created objects

Unlike regular series, drawings remain on the chart and can be modified even on historical bars.

Step 1: Simple Pivot Detection

Let's start with a basic version that simply finds local highs:

# indie:lang_version = 5from indie import indicatorfrom indie.algorithms import SinceHighestfrom indie.drawings import LabelAbs, AbsolutePosition@indicator('Simple Pivots', overlay_main_pane=True)def Main(self):    # Find how many bars have passed since the last high    since_high = SinceHighest.new(self.high, 10)    # If since_high[0] == 0, the current bar is a new high    if since_high[0] == 0:        # Create a label with the current price        label = LabelAbs(            str(self.high[0]),  # Label text            AbsolutePosition(self.time[0], self.high[0])  # Position on chart        )        # Draw the label        self.chart.draw(label)

What's happening:

SinceHighest.new(self.high, 10) looks for the highest value in the last 10 bars
When it returns 0, it means a new local high
LabelAbs creates a text label at absolute chart coordinates
self.chart.draw() places the label on the chart

This code draws some labels on the chart, which works well. However, there's a problem: each time a new pivot is found, the previous one should be removed if it's too close to the new one. We'll come back to solving this later.

Step 2: Adding Low Detection and Styling

Now let's add local low detection and improve the appearance:

# indie:lang_version = 5from indie import indicator, colorfrom indie.algorithms import SinceHighest, SinceLowestfrom indie.drawings import LabelAbs, AbsolutePosition, callout_position@indicator('Pivots High/Low Basic', overlay_main_pane=True)def Main(self):    since_high = SinceHighest.new(self.high, 10)    since_low = SinceLowest.new(self.low, 10)    # New high    if since_high[0] == 0:        label = LabelAbs(            str(round(self.high[0], 2)),            AbsolutePosition(self.time[0], self.high[0]),            text_color=color.GREEN,  # Green for highs            bg_color=color.BLACK(0),  # Transparent background            callout_position=callout_position.TOP_RIGHT        )        self.chart.draw(label)    # New low    if since_low[0] == 0:        label = LabelAbs(            str(round(self.low[0], 2)),            AbsolutePosition(self.time[0], self.low[0]),            text_color=color.RED,  # Red for lows            bg_color=color.BLACK(0),            callout_position=callout_position.BOTTOM_LEFT        )        self.chart.draw(label)

Step 2: Adding Low Detection and Styling

What's new:

Added low detection using SinceLowest
Configured colors: green for highs, red for lows
callout_position determines where the label is positioned relative to the point
Used round() to format prices nicely

Now we’ve added low pivots and fine-tuned the label styles, which makes them look better. However, the issue mentioned at the end of the Step 1 chapter is still present. That’s why we now need to implement smarter label management.

Step 3: Smart Label Management with Memory

Let's add a "memory" system to control when we create new labels vs update existing ones:

# indie:lang_version = 5from indie import indicator, param, color, MainContext, Optionalfrom indie.algorithms import SinceHighest, SinceLowestfrom indie.drawings import LabelAbs, AbsolutePosition, callout_position@indicator('Pivot Points High/Low', overlay_main_pane=True)@param.int('length', default=10, min=1, title='Lookback period')class Main(MainContext):    def __init__(self, length):        none_label: Optional[LabelAbs] = None        self._high_pivot = self.new_var(none_label)        self._low_pivot = self.new_var(none_label)        self._high_pivot_bar = self.new_var(0)        self._low_pivot_bar = self.new_var(0)        self._length = length    def calc(self) -> None:        # Search for new extremes        since_high = SinceHighest.new(self.high, self._length + 1)        since_low = SinceLowest.new(self.low, self._length + 1)        if since_high[0] == 0:            self._handle_high_pivot()        if since_low[0] == 0:            self._handle_low_pivot()    def _handle_high_pivot(self) -> None:        existing_pivot = self._high_pivot.get()        if (existing_pivot is not None and            self.bar_index - self._high_pivot_bar.get() <= self._length):            # Update existing label (recent pivot)            existing_pivot.value().position = AbsolutePosition(self.time[0], self.high[0])            existing_pivot.value().text = str(round(self.high[0], 2))            self.chart.draw(existing_pivot.value())            self._high_pivot_bar.set(self.bar_index)        else:            # Create new label (no pivot or old pivot)            new_label = LabelAbs(                str(round(self.high[0], 2)),                AbsolutePosition(self.time[0], self.high[0]),                text_color=color.GREEN,                bg_color=color.BLACK(0),                callout_position=callout_position.TOP_RIGHT,                font_size=11            )            self.chart.draw(new_label)            self._high_pivot.set(new_label)            self._high_pivot_bar.set(self.bar_index)    def _handle_low_pivot(self) -> None:        existing_pivot = self._low_pivot.get()        if (existing_pivot is not None and            self.bar_index - self._low_pivot_bar.get() <= self._length):            # Update existing label (recent pivot)            existing_pivot.value().position = AbsolutePosition(self.time[0], self.low[0])            existing_pivot.value().text = str(round(self.low[0], 2))            self.chart.draw(existing_pivot.value())            self._low_pivot_bar.set(self.bar_index)        else:            # Create new label (no pivot or old pivot)            new_label = LabelAbs(                str(round(self.low[0], 2)),                AbsolutePosition(self.time[0], self.low[0]),                text_color=color.RED,                bg_color=color.BLACK(0),                callout_position=callout_position.BOTTOM_LEFT,                font_size=11            )            self.chart.draw(new_label)            self._low_pivot.set(new_label)            self._low_pivot_bar.set(self.bar_index)

Key concepts:

self.new_var() creates variables that persist between calc() calls
Memory management: Remember recent pivots, automatically create new ones for distant pivots
Smart updating: Update existing labels if they're recent (within lookback period)
Configurable: Users can adjust the lookback period via Settings panel

How it works:

Recent pivots (< lookback period): Label moves to new extreme
Distant pivots (≥ lookback period): Old label stays fixed, new label created
Result: Clean spacing with automatic pivot management

Step 3: Smart Label Management with Memory

Redundant labels are no longer being rendered on the chart. Great progress!

Core Principles of Working with Drawings

Creating objects: LabelAbs, LineSegment, etc.
Placement: self.chart.draw(object)
Updating: Change object properties and call draw() again
Removal: self.chart.erase(object)
State management: Use self.new_var() to store data between bars

Drawings open up huge possibilities for creating interactive and informative indicators in Indie!

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