Daily Pivot Point Indicator for NY Close | Forex Factory

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Daily Pivot Point Indicator for NY Close

  • #1
  • First Post: Oct 7, 2007 12:26pm Oct 7, 2007 12:26pm
I have been reading that you are supposed to calculate the daily pivot points according to US Market Close. I have found many daily pivot indicators here on the forum but I am not sure which one does this? Does anyone know for sure which one definitely calculates for NY Daily Close?

Thanks
  • #2
  • Oct 7, 2007 12:37pm Oct 7, 2007 12:37pm
Quoting The Pippinator
I have been reading that you are supposed to calculate the daily pivot points according to US Market Close. I have found many daily pivot indicators here on the forum but I am not sure which one does this? Does anyone know for sure which one definitely calculates for NY Daily Close?

Thanks
Technically they all do. It's more of a question as to whether your MT4 broker is correctly using the NY close for its daily close. From my testing of dozens of demo server files, I've found that only FXDD is using the correct daily close of 17:00 ET. The rest are using whatever they feel like, and thus giving the end user erroneous daily data (Sunday candles, etc). However, FXDD has terribly inaccurate weekly/monthly data, so if you use weekly/monthly pivots, don't use them. As a matter of principle, avoid MT4 brokers/datafeeds at all costs.

Some pivot indicators include a GMT offset feature, so that it can be configured regardless of the broker's daily close. I've attached one here.
Attached File(s)
File Type: mq4 Pivot Options.mq4   24 KB | 2,212 downloads
  • #3
  • Oct 7, 2007 12:51pm Oct 7, 2007 12:51pm
Thank You. I will try it out.
  • #4
  • Jan 25, 2012 3:31am Jan 25, 2012 3:31am
I am working on my pivot point indicator.

My MT4 server has the time GMT+2.
My Destination is GMT-5 for new york.
-----------------------------------
Delta of 7 hours, then I have to find ny_close time in order to calculate last_day data.

Problem is that I found some persons are using 4pm for close, while others 5pm for close.

Which one is correct?
  • #5
  • Jan 25, 2012 3:52am Jan 25, 2012 3:52am
Hi guys!
I would like to ask how do you test your strategies, indicators? .... let me know this information, please
  • #6
  • Dec 10, 2012 8:49am Dec 10, 2012 8:49am
Quoting Trader KGB
Technically they all do. It's more of a question as to whether your MT4 broker is correctly using the NY close for its daily close. From my testing of dozens of demo server files, I've found that only FXDD is using the correct daily close of 17:00 ET. The rest are using whatever they feel like, and thus giving the end user erroneous daily data (Sunday candles, etc). However, FXDD has terribly inaccurate weekly/monthly data, so if you use weekly/monthly pivots, don't use them. As a matter of principle, avoid MT4 brokers/datafeeds at all costs. ...

You know what, i totally agree with you.

MT4 brokers have different data feeds.
And the picture painted on the charts are so different.
I am so scared of using mt4 already.

I tested and proven this one 2 mt4 brokers, alpari and xforex.
If anyone has them both, u go and try this experiment.
Select candle stick charts.
Select USD/CHF 30min chart.
Go to 2 nov, 8am to 830am candle.
U can see that on xforex chart, it shows a candle with no wig on top.
Its body is long.
For alpari's chart on the other hand, u see a small body and a long wig on top.

The picture painted is totally different.
I was testing out pivot points, and for that day, the alpari's chart hit the pivot point becos of the wig, but xforex chat did not hit the pivot point.

Just imagine, how can u formulate a strategy when u can even have a clear mind that ur charts are accurate.
  • #7
  • Dec 10, 2012 10:43am Dec 10, 2012 10:43am
Quoting geo
Hi guys!
I would like to ask how do you test your strategies, indicators? .... let me know this information, please
Huh? i tot is common sense?

U back test it on paper trading.

Or if u have an EA, then use mt4 strategy tester, short cut [control R]
And it will run ur EA and back test it to as long as you want and u can see the results.
  • #8
  • Dec 13, 2012 3:48am Dec 13, 2012 3:48am
Hi there,

Most traders use the New York closing time of 4:00pm EST as the previous day's close, so proper pivot points must be calculated due to this time. All the PP indicators that use your chart daily candle for their calculation are incorrect.

I have developed an indicator that uses correct time for it's PP calculation and you should just set Broker_GMT_Offset
variable, please look at this thread

Regards,
  • #9
  • Dec 13, 2012 5:56am Dec 13, 2012 5:56am
Quoting ssignal
Hi there,

Most traders use the New York closing time of 4:00pm EST as the previous day's close, so proper pivot points must be calculated due to this time. All the PP indicators that use your chart daily candle for their calculation are incorrect.

I have developed an indicator that uses correct time for it's PP calculation and you should just set Broker_GMT_Offset
variable, please look at this thread

Regards,
yup, but i want to ask, i heard there are some brokers who offer sunday candle and some dont.
This to me will affect the pivot calculations wont it?

So which is the right one. WIth or without the sunday candle?

THanks.
  • #10
  • May 22, 2014 8:38am May 22, 2014 8:38am
Quoting Trader KGB
{quote} Technically they all do. It's more of a question as to whether your MT4 broker is correctly using the NY close for its daily close. From my testing of dozens of demo server files, I've found that only FXDD is using the correct daily close of 17:00 ET. The rest are using whatever they feel like, and thus giving the end user erroneous daily data (Sunday candles, etc). However, FXDD has terribly inaccurate weekly/monthly data, so if you use weekly/monthly pivots, don't use them. As a matter of principle, avoid MT4 brokers/datafeeds at all costs....
How would I use this for NY close? gmt offset would be -4?
  • #11
  • May 22, 2014 11:25am May 22, 2014 11:25am
Quoting AmeriTrini
{quote} How would I use this for NY close? gmt offset would be -4?
Use this site to find your timezone, it allows for DST.

If in doubt ask your broker.

http://www.timeanddate.com/time/map/#!cities=179
It never gets easier, you just get better
  • #12
  • Edited 4:42am May 24, 2014 3:54am | Edited 4:42am
Hi guys,

What do you think about this strategy?

I setup pivot points using the daily chart everyday. I also use an EMA (10 & 21) crossover to assess the trend of the market. I sometimes have loss making trades and sometimes profit making.

http://i.imgur.com/5kKzW2n.jpg

So, I know losses can't be eliminated completely but I'm looking to minimize them as much as possible.

I have heard that on the daily chart when candle closes below the pivot point then it will be a bearish day. So should we not create any long trades on that day? This was the case in usdcad yesterday.

In part, it may also have been because of the Core CPI data that was going to release at that time but then I waited for New Home Sales data and it didn't have much of an impact.

Anyway, I would much appreciate if someone can point me to a pivot point strategy that is better than mine.

Thanks
  • #13
  • Last Post: Feb 7, 2024 11:38am Feb 7, 2024 11:38am
Hi, I need an indicator for MT4 which draws a horizontal line for daily New York close price for free (like the picture attached).
can you introduce one?
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.JPG Size: 40 KB
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