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Daily pivots indicator

  • #1
  • First Post: Mar 25, 2010 1:08pm Mar 25, 2010 1:08pm
Is there a similar daily pivots indicator that will allow in the inputs to enter the starting hour when it should start the calculate the pivots? This one is great but starts to calculate it as per broker's starting time.
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File Type: mq4 PivotsD.mq4   32 KB | 2,130 downloads
  • #2
  • Mar 25, 2010 11:45pm Mar 25, 2010 11:45pm
Quoting constin
Is there a similar daily pivots indicator that will allow in the inputs to enter the starting hour when it should start the calculate the pivots? This one is great but starts to calculate it as per broker's starting time.
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To select a different 24 hour period (time zone) for pivot calculations you need the TzPivotsD and TzPivotsMW, both in versions 3.5 (latest), released in attached post:

http://www.forexfactory.com/showpost...ostcount=17863

I suggest you read the notes in the compile for each indicator. That will answer your likely questions.
  • #3
  • Mar 26, 2010 3:57pm Mar 26, 2010 3:57pm
Quoting traderathome
To select a different 24 hour period (time zone) for pivot calculations you need the TzPivotsD and TzPivotsMW, both in versions 3.5 (latest), released in attached post:

http://www.forexfactory.com/showpost...ostcount=17863

I suggest you read the notes in the compile for each indicator. That will answer your likely questions.
Traderathome, God bless you!
This is very helpful.
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  • #4
  • Mar 26, 2010 10:07pm Mar 26, 2010 10:07pm
The weekly and monthly pivots I have are different than the TZ weekly and monthly pivots. Any idea?

Attached File(s)
File Type: mq4 P-Monthly.mq4   5 KB | 558 downloads


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File Type: mq4 P-Weekly.mq4   5 KB | 569 downloads
  • #5
  • Mar 26, 2010 10:41pm Mar 26, 2010 10:41pm
If a pivot works on the Day Close, I think it would not matter what the broker time is.. does it?

I have two brokers 2hrs apart but they still report the same close price for the day but it is not exact.. there is about a point or less difference.

Hopefully someone can clarify this.
  • #6
  • Mar 26, 2010 11:00pm Mar 26, 2010 11:00pm
Quoting asgard2
If a pivot works on the Day Close, I think it would not matter what the broker time is.. does it?

I have two brokers 2hrs apart but they still report the same close price for the day but it is not exact.. there is about a point or less difference.

Hopefully someone can clarify this.
Well, If all the traders trade the daily pivots starting mid night NY then it sure matters.

Constin
  • #7
  • Mar 26, 2010 11:18pm Mar 26, 2010 11:18pm
Quoting constin
Well, If all the traders trade the daily pivots starting mid night NY then it sure matters.

Constin
Most I know use NY 5pm close, since that is the time (24 hrs previous) the markets open the week in the East.

So NY 5pm on Monday/Tuesday/etc is a complete 24 hr trading cycle.
  • #8
  • Mar 26, 2010 11:24pm Mar 26, 2010 11:24pm
Quoting constin
Well, If all the traders trade the daily pivots starting mid night NY then it sure matters.

Constin
So given the pivot code running like this

Inserted Code
double PivotPoint =(YesterdayHigh +  YesterdayLow +  YesterdayClose)/3;

you think that NY has a different yesterday close than everyone else?

This is just a question.. personally I am just interested to see if we are all on the same page here?
  • #9
  • Mar 27, 2010 12:32pm Mar 27, 2010 12:32pm
Quoting SunTrader
Most I know use NY 5pm close, since that is the time (24 hrs previous) the markets open the week in the East.

So NY 5pm on Monday/Tuesday/etc is a complete 24 hr trading cycle.
I googled a little and found out that they are both used
It is a good possibility that most use 5 pm but I think that some use mid night.
I don't have any problems using both but where the problem comes is that there are more then 1 formula for calculating pivots. Again I don't have any problems using more formulas but now the point is: which formulas are the most popular and used? This is going to take a little search.

Constin
  • #10
  • Last Post: Mar 27, 2010 12:38pm Mar 27, 2010 12:38pm
Quoting asgard2
So given the pivot code running like this

Inserted Code
double PivotPoint =(YesterdayHigh +  YesterdayLow +  YesterdayClose)/3;
you think that NY has a different yesterday close than everyone else?

This is just a question.. personally I am just interested to see if we are all on the same page here?
Looks that this is the most popular formula for calculating the mid pivot. At least all the formulas have something in common.
If you calculate the pivots starting from 5 pm or mid night, you will get different pivots.

Constin
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