Problem with Weekly Pivot Points in MT4 | Forex Factory

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Problem with Weekly Pivot Points in MT4

  • #1
  • First Post: Dec 16, 2008 5:26pm Dec 16, 2008 5:26pm
I've been searching around for a weekly pivot point plotter for MT4, the problem is they all base the pivots based on the weekly bars in MT4. This would be fine if the weekly bars were actually the entire price action from the past week. After doing some checking and comparing a weekly chart with an hourly one, it seems that a weekly bar in MT4 comprises the price action from the START of MONDAY of last week, and ends at the END of SUNDAY of this week. Weird.

I want to base my pivots on price action from Sunday of last week until Friday of last week, so far I have had to do this manually to get what I want, and it takes a lot of time to do this for each currency pair I want to trade.

Does anyone know a way around this problem? Is there a MT4 indicator out there that deals with this issue and perhaps uses daily candles instead of weekly ones to plot weekly pivots?
  • #2
  • Dec 18, 2008 10:06pm Dec 18, 2008 10:06pm
Quoting andy9279
I've been searching around for a weekly pivot point plotter for MT4, the problem is they all base the pivots based on the weekly bars in MT4. This would be fine if the weekly bars were actually the entire price action from the past week. After doing some checking and comparing a weekly chart with an hourly one, it seems that a weekly bar in MT4 comprises the price action from the START of MONDAY of last week, and ends at the END of SUNDAY of this week. Weird.

[size=2]I want to base my pivots on price action from Sunday of last week...
I have had the same problem and modified an indicator called spudfibo to weekly pivots. It will take the previous week hi/lo the way you want. Here is the indicator

Attached File(s)
File Type: mq4 SpudFiboW1.mq4   6 KB | 953 downloads
  • #3
  • Dec 29, 2008 12:32am Dec 29, 2008 12:32am
Sorry it took me so long to get back to this. I appreciate you posting the indicator for me, unfortunately it didnt create pivots anywhere close to what I calculate manually.

On the EUR/USD this past week, according to my broker, the high was 1.4126, low was 1.3901 and close was 1.4028. This creates the following pivots, done manually with this (or any other) calculator: http://www.fxpivot-points.com/pivot_...calculator/02/

R1 = 1.4136
PP = 1.4018
S1 = 1.3911

Using the indicator posted I get the following:

R1 = 1.4083
PP = 1.4013
S1 = 1.3944

The central pivot is "good enough," but the others are very off. Plus I would prefer one with mid-points and all seven pivots (R1-R3, CPP and S1-S3) -- but I will take what I can get.

If aaaaanyone out there has an indicator that will do what I am looking for, as I spoke about in my original post, I would really appreciate it.
  • #4
  • Dec 29, 2008 12:58am Dec 29, 2008 12:58am
Quoting andy9279
I've been searching around for a weekly pivot point plotter for MT4, the problem is they all base the pivots based on the weekly bars in MT4. This would be fine if the weekly bars were actually the entire price action from the past week. After doing some checking and comparing a weekly chart with an hourly one, it seems that a weekly bar in MT4 comprises the price action from the START of MONDAY of last week, and ends at the END of SUNDAY of this week. Weird.
Which MT4 broker are you using? My weekly candles show up fine, Sunday open > Friday close.
  • #5
  • Dec 29, 2008 1:02am Dec 29, 2008 1:02am
Quoting andy9279
Using the indicator posted I get the following:

R1 = 1.4083
PP = 1.4013
S1 = 1.3944
Don't use that indicator, use habeeb's. My weekly pivot calcs using his indicator match the correct ones you generated off that site. Switch MT4 broker feeds if your weekly candles aren't showing up right.
  • #6
  • Dec 29, 2008 1:53pm Dec 29, 2008 1:53pm
Quoting andy9279
Sorry it took me so long to get back to this. I appreciate you posting the indicator for me, unfortunately it didnt create pivots anywhere close to what I calculate manually.

On the EUR/USD this past week, according to my broker, the high was 1.4126, low was 1.3901 and close was 1.4028. This creates the following pivots, done manually with this (or any other) calculator: http://www.fxpivot-points.com/pivot_...calculator/02/

R1 = 1.4136
PP = 1.4018
S1 = 1.3911

Using the indicator posted I get the following:

R1 = 1.4083
PP =...
You may like this one better
Attached File(s)
File Type: mq4 PivotCustom_4TimeFrames.mq4   45 KB | 1,292 downloads
  • #7
  • Dec 30, 2008 1:49am Dec 30, 2008 1:49am
Quoting Kas1
You may like this one better
Attachment
Sigh...yes unfortunately I have tried that one and about a half dozen others.

I dunno if its my broker that is screwing up how weekly candles are displayed or what. Im going to look for another broker but I doubt I will find one with futures for gold, oil, djia, etc, like I am using now..

andy
  • #8
  • Dec 30, 2008 9:20am Dec 30, 2008 9:20am
Quoting andy9279
Sigh...yes unfortunately I have tried that one and about a half dozen others.

I dunno if its my broker that is screwing up how weekly candles are displayed or what. Im going to look for another broker but I doubt I will find one with futures for gold, oil, djia, etc, like I am using now..

andy
Sounds like North Finance. Do they have a Sunday candle on the daily? That could be messing up the weekly bars maybe.
  • #9
  • Dec 30, 2008 10:54am Dec 30, 2008 10:54am
Quoting Trader KGB
Sounds like North Finance. Do they have a Sunday candle on the daily? That could be messing up the weekly bars maybe.
Yeah i noticed ibfx has a sunday candle too
  • #10
  • Dec 30, 2008 3:39pm Dec 30, 2008 3:39pm
For forex charts I tried FXDD which does not have a Sunday candle either half of the year. Two different PP indicators gave the same results as your web page calculator in post #3.
Problems have probably resulted from using 5 digit brokers and/or Sunday candle brokers.
  • #11
  • Apr 2, 2010 7:07am Apr 2, 2010 7:07am
Did anyone found the W indicator for Sunday and Monday Open close data?
  • #12
  • Last Post: Edited 9:04pm Jun 23, 2014 3:04pm | Edited 9:04pm
I am still looking for Weekly Pivot point indicator with adjustable time. Anybody know if it is possible to program ?

I like those, but not able to use with my broker because of time difference.

Attached File(s)
File Type: mq4 Auto-Pivot Plotter Weekly V1-00.mq4   7 KB | 527 downloads

Attached File(s)
File Type: mq4 Auto-Pivot Plotter Weekly V1-00 (Mid-Levels).mq4   7 KB | 481 downloads

Attached File(s)
File Type: mq4 10.2 WeeklyPivots S1.R1 5.9.mq4   15 KB | 537 downloads

Attached File(s)
File Type: mq4 WeeklyPivot.mq4   5 KB | 579 downloads


Attached Image (click to enlarge)
Click to Enlarge Name: weekly pivot.png Size: 40 KB




Here is the link with big Weekly and Monthly Pivot indicator collection if anybody interested
http://www.forexfactory.com/showthread.php?t=152420
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