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Daily pivot

  • #1
  • First Post: Aug 22, 2008 4:52pm Aug 22, 2008 4:52pm
Hello!
I'm a bit confused about calculation of a daily pivot points. Don't get me wrong, I know how to calculate them. What buggs me is, that different trading platforms draw start of a candle at different times: Oanda starts daily candle at 6 am local (0 am NY), MT4 has 1 hour difference with my local time, Saxo has 2 hours diff.
How does that influence on accuracy of the calculated pivot and S&R levels?
  • #2
  • Aug 22, 2008 7:34pm Aug 22, 2008 7:34pm
Quoting Lenart
Hello!
I'm a bit confused about calculation of a daily pivot points. Don't get me wrong, I know how to calculate them. What buggs me is, that different trading platforms draw start of a candle at different times: Oanda starts daily candle at 6 am local (0 am NY), MT4 has 1 hour difference with my local time, Saxo has 2 hours diff.
How does that influence on accuracy of the calculated pivot and S&R levels?

They'll be different, obviously. Which kind of makes them redundant unless you use the same data that the market-movers use for their levels. You should be able to find an MT4 indicator (I apologise I can't [be bothered] to find it) that you can set the start time so the opening time of your broker is not a problem. I stopped using the pivots some time ago but I reckon the NY close/Asian open would be the most likely starting point.
  • #3
  • Last Post: Aug 23, 2008 12:58pm Aug 23, 2008 12:58pm
Quoting birdt
... I reckon the NY close/Asian open would be the most likely starting point.
I agree with you.
I will try to find that indicator you mentioned.
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