I saw a screen shot some where of a pivot point followed by r1,r2,r3,s1,s2,s3 levels. Where in MT4 is this located? Thanks for the help.
I have tried a number of pivot indicators and they seem to give consistent values. For today’s EURUSD, for example, I get:
<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o
> </o>
PP: 1.2524
S1: 1.2496
R1: 1.2553
<o> </o>
When looking at www.forexproject.com/Daily_Pivot_Points, I get:
<o> </o>
PP: 1.25447
S1: 1.25363
R1: 1.25573
<o> </o>
These numbers also correspond to my calculations (based on the standard formula and yesterday’s H-L-C prices retrieved from MT4.
<o> </o>
Could somebody please explain the difference?
<o> </o>
Thank you.
Papirusz.
<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o
> </o>PP: 1.2524
S1: 1.2496
R1: 1.2553
<o
> </o>When looking at www.forexproject.com/Daily_Pivot_Points, I get:
<o
> </o>PP: 1.25447
S1: 1.25363
R1: 1.25573
<o
> </o>These numbers also correspond to my calculations (based on the standard formula and yesterday’s H-L-C prices retrieved from MT4.
<o
> </o>Could somebody please explain the difference?
<o
> </o>Thank you.
Papirusz.
You need a pivot lines indicator.
I attach a few.
To learn how to import them into your MT4, go to http://www.forexfactory.com/forexfor...ead.php?t=8734
Hope this helps
Lighty
I have tried a number of pivot indicators and they seem to give consistent values. For today’s EURUSD, for example, I get:
<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o
PP: 1.2524
S1: 1.2496
R1: 1.2553
<o
When looking at www.forexproject.com/Daily_Pivot_Points, I get:
<o
PP: 1.25447
S1: 1.25363
R1: 1.25573
<o
These numbers also correspond to my calculations (based on the standard formula and yesterday’s H-L-C prices retrieved from MT4.
<o
Could somebody please explain the difference?
<o
Thank you.
Papirusz.
I don't know how those indicators work because I don't even use Pivot Points. Just sent you some stuff that I found on FF. I did make my own PP indicator once; for Weekly PP's with backtesting (most other weekly PP indicators don't go back in time but only plot for the current week)....
Anyway, the point of PP indicators giving different values has been raised somewhere on FF before. I think it had something to do with timing issues. Have a search and if you can't find anything, I'll have a look inside the indicators and see what the calculations are and maybe try to fix one for you.
As for today's values on Euro/USD:
The attached indicator shows the pivot point to be 1.2524
Yesterday's high was 1.2555
Yesterday's low: 1.2498
Yesterday's close: 1.2519
PP=(H+C+L)/3 = 1.2524 (according to my pocket calculator)
"The market will rally from this or lower levels"
Thanks a lot Lighty. I am also beginning to think that it has to do with timing.
I am using the indicator that I attached and just relaized that one of its input variables is called GMTshift (default 0). Though unclear how to interpret, I will try to play around. I am in GMT+1 (Western Europe). By the way, do you happen to know why MT4 uses GMT-1?
Thanks,
Papirusz.
"The market will rally from this or lower levels"
