Automated Daily/Weekly Pivots here

Hi everyone,
I've added the Mid-Pivots ... for Daily, Weekly and Monthly.
I've also added the option to change colours.

Adding the timezone option is going to require some new coding for the calculations. I had a look at some ways of doing it, but am trying to figure out a shortcut. This part will take a bit more time.

Here's the latest version with mid-pivots and custom colours.

Take Care
Habeeb

Thanks a million habeeb!

Thanks mate, if there would be an option for timezone selection that would be really very nice, because im using NF and i think its timezone is different, i get various pivot prices and that pisses me off

cheers mate

NF is fine, I just tried it, they're set to 5pm EST close.

Yes seems now they are okey, i dont know weaks ago i had this problem mate. Now were good and set to roll

DST has got something to do with it.

habeeb,

If you do another update, adding R4 as an option on the daily would be great. All of the volatility lately has sent several pairs well beyond their daily R3s (USDCHF would probably be above R5 today if such a level was common). thanks

Hi Habeeb, very nice update to the indicator! I'll be looking forward to the next update with the timezone, but meanwhile I will be enjoying this new one!!! Great work and Thanks!

Habeeb,

i like the colour change ability, although i didn't find the other ones bad.

i was going through the calcs and i noticed you have


R2 = Pivot+(R1-S1);
S2 = Pivot-(R1-S1);

now i realize that this is really the same as this:

R2 = Pivot + (YesterdayHigh-YesterdayLow);
S2 = Pivot - (YesterdayHigh-YesterdayLow);

but it brings it closer to the basic math.

fundamentally, i have problems with the normal way of calculating R1 and S1 which has an affect on R3 and S3 and would have an effect on R2 and S2 if i modified R1 and S2 to what i believe they should be.

of course most people use a pivot calc for S1 and R1 like you have them. When i derive the math for the R2 and S2, these work out to the pivot plus or minus the standard deviation of the prior period which is nothing more than the range.

it would stand to reason, then, that the calculation for R1 and S1 should be the pivot point plus or minus the standard deviation or range devided by 2.

in addition, the normal calculation ro R3 and S3 of using the R1 value plus the high minus the low would then be the same as taking the pivot + 1.5 * (high - low). or pivot + 1.5 * standard deviation of the prior bar.

i think the way we currently calculate the R1 and R2 were done that way because the calculations were easier to do by hand and it is reasonably close to the pivot +/- half the standard deviation but only when the market closes close to the pivot.

consequently you get unevenly spaced R and S values when the market closes at an extreme.

i don't think you should change your formulas because most people are used to using them the way they are, but a change in the formula for R2 and S2 would assist me when i modify the formulas for R1 S1 and R3 S3.

Thanks.
Scottie

Hi scottie,
I'm not quite following you. Which range you referring to ... Pivot to R1?
Just let me know how you work out your R2/S2 then I'll fit it in for you. Or you could DIY.

Take Care
Habeeb

Habeeb,

i'm not really going to change the pivots. i was just on a rant about the calculations seem to come from a simpler time.

simple is good though and everybody is going to use the pivots in the location you have them.

but the equation that you might consider changing sometime is

r2 = pivot + (h - l)
s2 = pivot - (h - l)

is the equation.

what you have will resolve down to this.

if there were a mistake in R1 and S1, then R2 and S2 would not be affected by it if you used the high and low of the prior bar.

Scottie

Installed Picot indicator a few days found in post #1 worked but 3 days later still showing weekly pivot @103.70 when it is actually 104.03

did you install the one that is autopivot version 5?

please send me that link

i am getting messages like this in the experts tab:

2008.07.28 10:47:28 AutoPivotIndicator USDJPY,H1: ArrayInitialize function does not process rates arrays


solutions?

thanks in advance.

very very much thanks you , i look for all internet , try to find mid point and pivot point, but i cannot until i found your threat....keep it up, very much appreciate
OD

Great Indicator, is it possible to shift pivot labels to the extreme right area of screen.

Can you tell me which code to alter to achieve this ?

Thank You

I've made some of my own modifications to this indicator to fix bugs etc. however there is one bug I haven't been able to clear up and that is that when I add the indicator to a template and then open a new chart and load the template the lines are drawn all over the place and only redraw correctly when I compile the indicator or reset it in the terminal.

Also what is the purpose of all the seemingly random placements of the redraw function calls?

Here is a picture of the changes I have made so far and also a picture of the bug I get when I save the indicator into a template and then load it onto a new chart (fixed by opening the indi and hitting reset or compiling in MetaEditor).

Good:
http://img262.imageshack.us/img262/3738/pivotspic.png

Bad:
http://img10.imageshack.us/img10/5448/pivotspicbug.png

So it seems as if the indicator is not resetting or doing a complete redraw of the lines and labels when information is changed.

When the day switches over all the lines skew and the labels don't update until I reset or compile the indicator.

How do I get the indicator to automatically update?