Technical analysis tools are beneficial to traders. They help analyze technical trading charts and predict trends.
While many of them are in the market, we will focus on the Rob Booker Ziv Ghost Pivot Indicator today.
What Is It?
The Ziv Ghost Pivots by Rob Booker is a dynamic pivot indicator that traders use to establish the general trend of the market over various time frames. It achieves this by getting a pivot target level for a trade. A pivot level is the average of the low, high, and closing prices from the previous trading day.
Its Highlights
One of the essential features of this indicator is the ‘next week pivot.’ Traders use it for pivot target level projection, which can show the trader where a pivot would be, corresponding to the end of the week. Rob Booker (its founder and an experienced trader) claims it is an excellent profit target.
Rob Booker Ziv Ghost Pivots Indicator | Indicator Series Click To TweetThe name Ghost Pivot is because the target, technically, doesn’t exist. However, if a trader adjusts the settings to the following week, it operates as the current week and makes the pivots a prediction. Simply put, the ghost pivot displays the target’s position as if today was the first day of the following week.
Booker also recommends traders keep a close eye on Thursdays and Fridays to get a high probability target.
Pros and Cons
The Ziv Ghost Pivot, being a pivot point indicator, is a high accuracy indicator for trading. It also uses short-term frames, unlike other trading tools. Additionally, it is easy to operate.
The indicator, however, has its flaws too. It doesn’t guarantee the prices reverting to a level similar to the previous day’s. It also fluctuates too much under a highly volatile market, making it seem unreliable.
Conclusion
Trading has never been easier and more profitable with the new technological advances. If you want a trading tool that offers high-probability targets, the Ziv Ghost Pivot is your go-to. For more insight about trading, please subscribe to tradingview.com and join the conversation with other traders.