//@version=4
study("Standalone Pivot Points (Alternating)", overlay=true)

// Inputs
prd = input(defval=2, title="Pivot Point Period", minval=1, maxval=50)

// Variables to track the last plotted pivot type
var bool last_was_high = na

// Calculate Pivot High/Low
float ph = pivothigh(prd, prd)
float pl = pivotlow(prd, prd)

// Variables for plotting
float plot_high = na
float plot_low = na

// Logic to alternate pivot highs and lows
if ph and (na(last_was_high) or not last_was_high)
    plot_high := ph
    last_was_high := true
else if pl and (na(last_was_high) or last_was_high)
    plot_low := pl
    last_was_high := false

// Plot Pivot Points
plotshape(plot_high, text="H", style=shape.labeldown, color=color.red, textcolor=color.white, location=location.abovebar, transp=0, offset=-prd, title="Pivot High")
plotshape(plot_low, text="L", style=shape.labelup, color=color.green, textcolor=color.white, location=location.belowbar, transp=0, offset=-prd, title="Pivot Low")