I had wondered if anybody knows how to use Harold's adjustable pivot indicator?
I ask for your help with this because it's very confusing, let me explain:
I'm in California, my charting platform is on CET time, but my live platform is on USA EDT......what should I set Harold's pivot indicator to? I noticed it has settings for local and destination time. Does the destination time mean the market I'm trading in? What about when we are in both, the London and New York market, how do I compensate for that?
I know Harold says to set it to zone 5 and I would presume that means GMT -5, standard time for the East coast of the USA; but what happens when we are on Daylight Savings Time (right now), and then we are GMT -4, since we have moved forward 1 hour and GMT never changes?
Here are the websites I used for my investigation:
Using the above websites I discovered wide fluctuations in Pivot Point values, 15 - + pips in some cases, and If anybody would enlighten me on this I'd be grateful. Until then I'll just continue using FivoPivots3 because it doesn't use time.
could someone post where the fibopivots 3 is? i only have 2. thanks. i did a search but came up with nothing.
Hi jwoger, here you go:
Ok Concerning The Pivot Indicator I Set It To 5 We All Are Using Neuimex Platform I Presume So There Time Is Fixed The Reason I Set It To 5 Is This Will Calculate Pivots Based On Full Day 12 Midnight To 12 Midnight There Are Loads Of Schools Of Thought About What Time To Use Some Use 5 Pm Ny After Ny Closes Some Use Others I Have Found That Aday Is A Day 24 Hours From Midnight To Midnight And They Seem To Me To Work The Best Take A Look How Price Hits These Pivots And Bounce And You Will See That This Timeframe Works Pretty Good At Least For Me The Website Uses 8 Pm Est To Calculate Which Is 00 Gmt Time
OK Harold, these are the numbers I get:
When I set it to local time 5 I get price bouncing at about 1.2759 for EUR/USD, it goes there but there's no support line there, there's nothing there.
As soon as I change the local time to zero (0) it shows MS2 at 1.2761 and I know from checking other websites that that's near S2 for EUR/USD today. (1.2759)
When you say midnight to midnight that means a lot of time variations for people. So do you mean midnight to midnight USA/EST or midnight to midnight CET which is what the Neumix platform time is set too? Depending on what time frame you use there can be a 10+ pip difference in pivot levels. I just think people want to understand what time frame in relationship to their local time the indicator is using to calculate the pivot points. I agree with you 24 hours is 24 hours and you seem to have a lot of sucess so I've changed my settings from "0" to "5". I did notice on my chart when I change the settings the pivots start to calculate from 5 CET on the charts instead of 00 CET. I hope I didn't confuse anyone.
I live in USA (Central Time).
Do I have change "Time" in FiboPiv file?
As far as I know FiboPivots doesn't use time, so you don't have to change anything.
The guy who changed the settings on the Anina, did help much ? Anyone else change the setting?
Something to read.