No one can agree what the close time is for currencies so I've been experimenting with the actual close of everyday which is 5am EST. This is when the day changes at the international date line.
Calculating pivot points based on this has so far shown interesting results. The typical 5pm EST that most traders use happens to be 12 hours from the international date line close so price reacts around these levels as well. I also added 11am and 11pm EST which is 25% and 75% of the day and price uses those as s/r.
Even putting a horizontal line at the open of these times looks interesting especially the 5am and 5pm EST opens.
Try it out
the first indi automatically draws a horizontal line at the time you specify. The second draws pivot points based on the time you choose it also goes back quite a few days so you can backtest. The third is the same as the 2nd but only plots the mid points. The settings for all of them are based on midnight for your brokers server so if your broker is based on EST you would put 5 in the start hour space for 5am or 17 for 5pm
Calculating pivot points based on this has so far shown interesting results. The typical 5pm EST that most traders use happens to be 12 hours from the international date line close so price reacts around these levels as well. I also added 11am and 11pm EST which is 25% and 75% of the day and price uses those as s/r.
Even putting a horizontal line at the open of these times looks interesting especially the 5am and 5pm EST opens.
Try it out
the first indi automatically draws a horizontal line at the time you specify. The second draws pivot points based on the time you choose it also goes back quite a few days so you can backtest. The third is the same as the 2nd but only plots the mid points. The settings for all of them are based on midnight for your brokers server so if your broker is based on EST you would put 5 in the start hour space for 5am or 17 for 5pm
Attached File(s)
