In trading, you have to be defensive and aggressive at the same time
- #2,862
- Sep 21, 2016 4:32am Sep 21, 2016 4:32am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #2,863
- Sep 21, 2016 4:39am Sep 21, 2016 4:39am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #2,865
- Sep 21, 2016 4:51am Sep 21, 2016 4:51am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
Thank you Davit for a very interesting thread. A number of people seem to use it very successfully.
I recently discovered this thread and downloaded the indicators and template and set up charts to match Davits. However like many others here, I am using an Australian broker (Pepperstone) with so called GMT+2 or New York Close timing. I know Davit said that he uses Oanda and it seems that he has a GMT-5 account and uses the brokers weekly candle for pivot calculations. The parameters of the pivot indicator were intended to overcome the broker timing differences and allow matching pivots from any broker, with of course minor differences for the pivot levels due to price bar differences.
Like many other here I could not manage to get my pivots to match Davits. I read the posts on how other people set their pivots but did not manage to get any logical or correct results.
I then examined the MQ4 code and found that the indicator will never yield pivots from a differently timed broker to match Oanda due to a bug in the indicator program code. If they do happen to match it is mere coincidence and not a repeatable result. I then corrected the code for personal use and am satisfied that it now works as intended but I was hesitant to post the corrections on this thread. However, after seeing yet another example of incorrect pivots and questions as to why the pivot levels are different, I decided to share. At least then all participants should have matching pivots as the pivot levels are a fairly important part of the success of the strategy!
The updated MQ4 file (updated to show the Version parameter as 3) is attached. I did not change the file name of the indicator on purpose as that would require the template to be updated as well.
I would also like to use this opportunity to clarify the use and meaning of the indicator input parameters (only those concerning the pivot values) as these do not seem to be documented and this also adds to the confusion of incorrect results.
Broker's Candle If this is set to True then the Open, High, Low and Close of the brokers candle for the selected (previous) period (D, W or M) is used to calculate the pivots for the current period and the next three parameters are totally ignored and have no meaning. If set to False then the next three parameters are used to define and highlight the (previous) pivot period.
Choose H1 Start Candle This is the starting date and time for the selected period (ie First Bar of the pivot period). Let us for this post assume a weekly pivot. In the case of a New York Close broker (ie such as Pepperstone) it should be set to the previous week Monday at 7:00. This can be verified but also makes sense that from GMT-5 to GMT+2 = 7 hours. This date does not roll over automatically and must be set every week.
Choose H1 Finish Candle This is the finish or end or closing or last candle of the period. It should be set for a New York Close broker to this week Monday at 6:00. This and the previous parameter then defines the week start and end from which the pivot values are calculated. Stating the obvious, this must also be adjusted every week. This also means that the rollover from one week to the next occurs at the start of Monday (00:00) according to Oanda time although the market opens earlier.
Display Start and End lines for manual settings Setting this to True will draw two vertical lines at the start and end of the pivot period which is useful while verifying the setup but can be set to False once you are happy that your pivots are set up correctly.
I attach a recent screenshot from Davit and one from my version to show the matching pivot levels. Differences in levels are due to price differences between brokers and should not exceed 3 to 5 pips maximum. If you have differences more than that, you may have the period start and end times set incorrectly.
Trade well!!
Nico
I recently discovered this thread and downloaded the indicators and template and set up charts to match Davits. However like many others here, I am using an Australian broker (Pepperstone) with so called GMT+2 or New York Close timing. I know Davit said that he uses Oanda and it seems that he has a GMT-5 account and uses the brokers weekly candle for pivot calculations. The parameters of the pivot indicator were intended to overcome the broker timing differences and allow matching pivots from any broker, with of course minor differences for the pivot levels due to price bar differences.
Like many other here I could not manage to get my pivots to match Davits. I read the posts on how other people set their pivots but did not manage to get any logical or correct results.
I then examined the MQ4 code and found that the indicator will never yield pivots from a differently timed broker to match Oanda due to a bug in the indicator program code. If they do happen to match it is mere coincidence and not a repeatable result. I then corrected the code for personal use and am satisfied that it now works as intended but I was hesitant to post the corrections on this thread. However, after seeing yet another example of incorrect pivots and questions as to why the pivot levels are different, I decided to share. At least then all participants should have matching pivots as the pivot levels are a fairly important part of the success of the strategy!
The updated MQ4 file (updated to show the Version parameter as 3) is attached. I did not change the file name of the indicator on purpose as that would require the template to be updated as well.
I would also like to use this opportunity to clarify the use and meaning of the indicator input parameters (only those concerning the pivot values) as these do not seem to be documented and this also adds to the confusion of incorrect results.
Broker's Candle If this is set to True then the Open, High, Low and Close of the brokers candle for the selected (previous) period (D, W or M) is used to calculate the pivots for the current period and the next three parameters are totally ignored and have no meaning. If set to False then the next three parameters are used to define and highlight the (previous) pivot period.
Choose H1 Start Candle This is the starting date and time for the selected period (ie First Bar of the pivot period). Let us for this post assume a weekly pivot. In the case of a New York Close broker (ie such as Pepperstone) it should be set to the previous week Monday at 7:00. This can be verified but also makes sense that from GMT-5 to GMT+2 = 7 hours. This date does not roll over automatically and must be set every week.
Choose H1 Finish Candle This is the finish or end or closing or last candle of the period. It should be set for a New York Close broker to this week Monday at 6:00. This and the previous parameter then defines the week start and end from which the pivot values are calculated. Stating the obvious, this must also be adjusted every week. This also means that the rollover from one week to the next occurs at the start of Monday (00:00) according to Oanda time although the market opens earlier.
Display Start and End lines for manual settings Setting this to True will draw two vertical lines at the start and end of the pivot period which is useful while verifying the setup but can be set to False once you are happy that your pivots are set up correctly.
I attach a recent screenshot from Davit and one from my version to show the matching pivot levels. Differences in levels are due to price differences between brokers and should not exceed 3 to 5 pips maximum. If you have differences more than that, you may have the period start and end times set incorrectly.
Trade well!!
Nico
Success is a marathon, not a sprint!
- #2,868
- Sep 21, 2016 5:07am Sep 21, 2016 5:07am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
Thank you Davit for a very interesting thread. A number of people seem to use it very successfully. I recently discovered this thread and downloaded the indicators and template and set up charts to match Davits. However like many others here, I am using an Australian broker (Pepperstone) with so called GMT+2 or New York Close timing. I know Davit said that he uses Oanda and it seems that he has a GMT-5 account and uses the brokers weekly candle for pivot calculations. The parameters of the pivot indicator were intended to overcome the broker timing...
Welcome
Thanks for taking your time to correct and share the indicatorYou will find many Australian traders here and that should make you feel at home
Wish you the best
In trading, you have to be defensive and aggressive at the same time
- #2,869
- Sep 21, 2016 5:10am Sep 21, 2016 5:10am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
EG on the move 
WP TP 8521
WP TP 8521
In trading, you have to be defensive and aggressive at the same time
- #2,870
- Sep 21, 2016 5:26am Sep 21, 2016 5:26am
- Joined Aug 2014 | Status: Membership Terminated | 4,544 Posts
Thank you Davit for a very interesting thread. A number of people seem to use it very successfully. I recently discovered this thread and downloaded the indicators and template and set up charts to match Davits. However like many others here, I am using an Australian broker (Pepperstone) with so called GMT+2 or New York Close timing. I know Davit said that he uses Oanda and it seems that he has a GMT-5 account and uses the brokers weekly candle for pivot calculations. The parameters of the pivot indicator were intended to overcome the broker timing...
........ bless u bro 
......... can i plz put this on my Tech journal [http://www.forexfactory.com/showthread.php?t=518993] - i will refer to u 
- #2,871
- Sep 21, 2016 5:29am Sep 21, 2016 5:29am
- Joined Aug 2014 | Status: Membership Terminated | 4,544 Posts
I might get out on UC at WP cause it might spike up again and opportunity to reload {image}
superb trade'n as usual D 
{quote} Nico!!!! u have done it!!!!! thnx like so much man - it was the high/low codes that i had wrong
Success is a marathon, not a sprint!
- #2,874
- Sep 21, 2016 5:32am Sep 21, 2016 5:32am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
{quote}
feel free to drop in anytime bro
In trading, you have to be defensive and aggressive at the same time
- #2,875
- Sep 21, 2016 5:41am Sep 21, 2016 5:41am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #2,876
- Sep 21, 2016 5:51am Sep 21, 2016 5:51am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #2,877
- Sep 21, 2016 5:58am Sep 21, 2016 5:58am
- Joined Aug 2014 | Status: Membership Terminated | 4,544 Posts
{quote} Hi griffinsoul - it is still your code so you are more than welcome to post or use as you see fit! Thank you for the original version!
many thnx 4 sharing Nico .......... there is no 1 on the planet that trades like Davit wit pivots - u will learn many tings 
- #2,878
- Sep 21, 2016 6:01am Sep 21, 2016 6:01am
- Joined Aug 2014 | Status: Membership Terminated | 4,544 Posts
{quote} Hey hey hey Nice surprise to see you here buddy.Missed you feel free to drop in anytime bro
] ...... scalp'n on the TMS thread 4 now ..... how Green r u 4 the MN ? 
Thank you Davit for a very interesting thread. A number of people seem to use it very successfully. I recently discovered this thread and downloaded the indicators and template and set up charts to match Davits. However like many others here, I am using an Australian broker (Pepperstone) with so called GMT+2 or New York Close timing. I know Davit said that he uses Oanda and it seems that he has a GMT-5 account and uses the brokers weekly candle for pivot calculations. The parameters of the pivot indicator were intended to overcome the broker timing...
Great Job, Thanks Nico, Im sure this will help a lot of members here.Cheers
MR
Silence your Ego & Your Power will Rise
- #2,880
- Sep 21, 2016 6:04am Sep 21, 2016 6:04am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
{quote} hey D - just had some time 2 scalp this MN [normally on the H4 these days - no time 2 trade dat much
Nice % brother wow
167% for this month? Wow Great job
In trading, you have to be defensive and aggressive at the same time