Pivots on metatrader

[wasp]

Hello,

Does anyone know how to resolve this problem? Attatching the pivot indicator on metatrader doesn't work on mondays and I have no idea how to change it so it does!

Any ideas anyone?

 

[Priceman]

Hey wasp, is it because of Sunday's figures ? Monday uses them as the pivot values maybe instead of Fridays' figs? I Have this prob with CMC too, maybe there's a way to ignore Sunday's figs ?

I'm probably talking nonesense here. Did you ask their helpdesk ?

 

[wasp]

Tried their forum but of no use... still stuck.

 

[Priceman]

Tried their forum but of no use... still stuck.

I dunno how to calculate them manually maybe someone else here does, you could add them onto your charts.

Otherwise the daily newsletter I get from actionforex always states the pivots for the day.

 

[toro168]

I dunno how to calculate them manually maybe someone else here does, you could add them onto your charts.

Otherwise the daily newsletter I get from actionforex always states the pivots for the day.

pivot calc here http://www.pivotpointtrading.com/

New daily bar forms at 10pm uk I think.

 

[tarrentino]

pivot calc here http://www.pivotpointtrading.com/

New daily bar forms at 10pm uk I think.

Guys,

You have identified one of the problems with poorly written pivot indicators.

The reason Monday pivots are incorrect is because badly written pivots indicators take the high low and close of the previous day's trading data. So on Monday a crap pivots indicator will blindly calculate the pivots based on normally 3-4 hours of Sunday night trading - thus creating a tiny daily pivot array on Monday.

So to get a proper pivot calculation you need a way to select whether to include Sunday data or skip it. The only pivots software that I've come accross which allows you to do this is the stuff from FX AlgoTrader (google 'fxalgotrader') where you can manually shift the pivot calculation window start and end time by a specific number of hours. There's a whole load of other functionality like alert options for pivots and I think some of the systems have speech synthesis when price action is within a certain range of a pivot. If you think about it being able to change the daily pivot calculation window also allows traders to dial their pivots into GMT and EST trading timezones which give's you a subtle edge as you're pivots levels will be in synch with what the majority of traders are looking at at the time.

Getting some decent pivots software made my trading a whole lot better and daily pivots is just the beginning of the pivot adventure - when you combine weekly and monthly and also use a Pivots Scanner to automatically identify price areas where multiple pivot levels allign - you have the basis of a trading system which can be augmented further using additional TA such as Fibs and traditional SR.

So there you go. That's certainly one solution.

Hope this helps.

Cheers

Tarrentino

 

[shadowninja]

You can download "DeMarker Pivots" via the EA editor's search facility at the bottom. It ignores Sunday's figures.