Pivot Points - page 2

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tia
5
tia  

i saw lots of Pivot point indicators. I think there must be only one formula for calculating pivot point. So why did i find hese lots of mql files ? are there some other calculation style ?

Thanks,

christoval613
3
christoval613  

Hi Everyone

MaraB
3
MaraB  

Hi Ravique,

I've tried to download your file but keep getting an error that the file is corrupt - could you possilibly e-mail it to me or re-post it.

Thanks,

Mara

Ravique:
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 : Pivot PointsPivot Point Calculator
Reealjrd
123
Reealjrd  

The pivot point is the level at which the market direction changes for the day. Using some simple arithmetic and the prior day high, low, and close, a series of points are derived. These points can be critical support and resistance levels. The pivot level, support and resistance levels calculated from that collectively known as pivot levels. Markets like forex are 24 hours but generally use 5pm EST.

high_accuracy_robot
6
high_accuracy_robot  

I used to reference pivot points for intra day trading. Now I find it too SLOW!!

Use the 4 Hours high and low as your support/resistance...much faster than pivot prices...

Better to use the PRICE ITSELF as your reference point...almost unbeatable compared to some floor traders indicators

brischu
3
brischu  

hello to everyone,

I'm newbie also in metatrade and at first I'm reading only till I've a questions.

fabitien
49
fabitien  
high_accuracy_robot:
I used to reference pivot points for intra day trading. Now I find it too SLOW!!Use the 4 Hours high and low as your support/resistance...much faster than pivot prices... Better to use the PRICE ITSELF as your reference point...almost unbeatable compared to some floor traders indicators

Very fast... You trade the 1m or 5m chart ? Maby to many lines....

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fabitien
49
fabitien  

I trade this way to but only use day, month and week OHLC. This is my chat.

The red horizontal lines are the moth

Yellow are week

Blue are days.

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