Pivot Point Strategies
Pivot Points have been used by traders through the years with much success to pinpoint strong support and resistance levels that can impact the market direction. While these levels could mean a sure low risk and high profit level for professional traders, these levels can be a nightmare for novices taking the wrong side of the table.
Pivot strategies is a compilation of different strategies used by professional traders to trade Pivot point levels. In this product the two major pivot point levels featured are the Standard/Floor pivot and the Camarilla pivot.
- Strategy 1 (Camarilla Reversal Strategy): The strategy trades price reversal at the Camarilla S3 and R3 levels.
- Strategy 2 (Camarilla Breakout Strategy): The strategy trades price breakouts at the Camarilla S4 and R4 levels.
- Strategy 3 (Standard Pivot Stochastic): This strategy trades Stochastic cross at levels above and below the Standard pivot line (P).
- Strategy 4 (Standard Pivot EMA Channel and MACD): This strategy trades Standard pivot breakout, using EMA(8) channel and MACD as filters.
- Strategy 5 (Standard Pivot,EMA, Rsi and MACD): This strategy trades Standard pivot breakout, using EMA(50), RSI and MACD as filters.
- Does not repaint signals.
- Does not backpaint signals.
- Historical pivot line display.
- Standard pivot line display.
- Camarilla pivot line display.
- Arrow signal for entry.
- Trade notification system.
- Onscreen guideline on how to enter, exit, and time frame to use.
- Pivot_strategy - The pivot strategy to be traded.
- Gmtshift - The time offset for pivot line calculation.
- Enable notification - True/false signal alerts.
- Display_pivot_lines - Enable/disable pivot line on the chart.
- Resistance label color - Color of resistance line.
- Support label color - Color of support line.
- Support label fontsize - Pivot label size.
The entry positions are signified by an arrow on the chart. Enter on the arrow.
The Upper and Lower Pivot Lines from trade entry positions acts as Take Profit and Stop Loss.
Not all strategy work well on the same timeframe. The timeframe to use the strategy is displayed on the guideline panel at the upper left of the screen.
The information contained on the panel includes: Strategy name, Recommended Time frame, Entry strategy and Exit Strategy.