Good day (night) everyone ,
I was playing around with several pivot point indicators today, and i would like to share some of my thoughts.
First of all i want to tell that i like using pivot points, i don`t know why, but the do nicely represent support and resistance levels, and the primary target for the next day ( the pivot line itself ) . Right now i am thinking of some ways of trading using the pivot points ( not traditional one`s , but i am thinking of something new , maybe you guys also have some ideas ? )
Anyway, here is a crazy thought. Everyone calculates pivot points using today`s daily data to have levels for the next day. Am i right or am i right ? =) , so basicly we are taking a daily candle, and using it`s data to see S/R levels for the next dauly candle. But why to use daily when we can use Hourly? Or 12 hourly data? Or the ohlc data of any time period we want. If we have the ohlc of this period, we can calculate pivot points for the next period with this lenght. They could be more accurate, and effective for traders.
So here is an idea for an indicator, there is a uservar : BarCount , it is the amount of bars that the indicator should take ohlc from, for example:
We take this indicator, add it to a hourly chart, put in a uservar 30 , and it calculates pivot points for the next 30 bars using ohlc of the last 30 bars. I hope i am making myself clear ( which could be not true, since it was a hard day and it is kinda late ) .
And it would be more better if this indicator could also plot pivot points for every 30 bars in the past, so that backtesting could be done.
Is this possible in MT4 ? Is it difficult ? maybe someone could try coding this thing ?
Here are some pivot points iindicators i use. I am more lika a standart pivot point fan, but i am exploring camarilla pivot points too.
Here are some pivot point formulas :
I've alwasy personnaly loved pivot points everytime until I find out it doesnt work once and ruins all the other wins I had before. I had a couple strategies via betonmarkets and such. The problem I've had with these is that another day's worth of data can't really predict the next day but a more generalized version and would make too high or a high and low for the next day. I like this idea of a barcount, I've seen it before but never really had the time to make an indicator or expert on it, or even test it if it was out since I gave up on the backtesting that metatrader was offering.
I'd like to try it on a small timeframe with a demo account and see what happens. Take a "if price breaks support by 5 pips then sell" and vice versa, that would be the well know breakout theory but not sure if using the same exact strategy.
let me know what you think I'd also like to be interested in an expert like that, but probably not backtesting it
So here is a picture of the pivot points for the last week. Seems nice to me, it would be more acurate ( for my understanding ) if it was builta not using 24 bars for next 24 bars, but say using 12 for next 12 , or even 6 for next 6 .
Needs to be tested ofcourse.
I have some thought for trading breakthrough`s, but i ll post em later.
I was actually thinking of working in a bit safer thing such as this: take the support and restsitance of last 15 bars then use it for the next 10, and every new bar that arrives recaculate with the latest set of of 15 bars.
Let me know what you think, this will prevent from getting catching small whips that are non-effective and only catch the rather "big waves"
I'd like to work with those strategies again
there is a custom pivot point indicator sommewhere at yahoo site with custom timeframes i can for example set it for 4 hour charts
The question though is not if it can be customizable by time frame, EVERY indicator and expert can do that. The question is can it be customizable as in how much data/bars does it use to creae the pivot point/support/resistance..
Also make it as an expert
there is also an pivot point expert on yahoo forum
I am having a problem ajusting the time when the pivots are calculated. It seams that the pivotst are calculated midnight London Time. I want to have pivots reset/calculate midnight EST (New York). Can someone please help me how to do this. Is this done throught the script or do i have to ajust somehow MT4??
Attached is the pivot indicator scrip that i use and would like make the ajustmants to.
Been using these's Pivot Point and find them very good
which time frame should i attach this indi ??
can u attach picture with this indi.??