An Auto Pivot Level Indicator

[GCB 10]

People have been asking for an auto pivot level indicator. Here is the one I wrote. I use it every day and it is the most useful indicator I have written. I couldn't trade without it.

:wohoo:

 

This indicator will calculate and plot automatic pivot levels and yesterday's high, low and close. It will also plot the non-auto levels of overnight high, low, and value area high, low and point of control. These non-auto levels must be input every day manually. The levels which are automatically generated may also be input manually if you so choose. This is useful on days where the previous day's chart is for one reason or another messed up. This can happen on rollover days or on days following holidays.

 

The auto levels are calculated based upon the high low and close of the session in which the chart is displayed. So pick a session which reflect the proper open and close for the levels you are trying to generate.

 

The indicator does not label the levels. However, I find labels obtrusive and rather chose to use different colors and line styles to differentiate the various levels. (See attached image.) A logical color and style scheme makes it easy to learn to identify the levels by sight, and once learned is actually more intuitive than reading labels. For my own use, I set the midpoints to gray and PP a unique color, R1 and S1 the same color, R2 and S2 the same color, and so forth. I make all the pivot levels dashed lines. High low and close I make solid green, red and cyan lines. Overnight high and low I make a lighter green and red. For value area lines I used variations on yellow with a hatched style. This takes some effort to set up but once you make it the default setting (click default) you don't need to do it again and is worth the effort.

 

The plotting of each level is optional. For example, PlotR1 = 1 will cause R1 and its midpoint to be plotted. PlotHigh = 0 will cause yesterday's high to not be plotted. This is useful to make sure neither too many nor not enough lines appear on your chart. For example, there is no point in plotting R2 when price has never gotten higher than yesterday's close--it just scrunches the chart. There also is no point in plotting yesterday's low when prices has gapped up to R3. I use these every day to customize the level plotting and often change them several times a day when price moves around a lot. This flexibility is very useful to keeping the chart as readable as possible.

 

Several non-auto levels--overnight low, high and value area values--can be input, but will only be plotted if PlotNonAuto = 1.

 

Non-auto levels can also be also be input manually for the normally auto levels (pivots and high, low and close) if you so choose. This is useful on days when yesterday's chart is misleading for some reason, like on days after holidays when the stock market was closed but the futures market was open or on rollover days. These will be used only if PlotAuto = 0.

 

On those troublesome days after holidays when the stock market was closed but the futures market was open, the market tends to respect the pivot levels generated from the day before the holiday. In that case you can optionally set PlotSkipYest = 1, which tells the indicator to use the day before yesterday's chart data to generate todays levels. I find this is the ticket most of the time in these situations.

 

Pivot Level Formulas used:

 

Resistance Level 4 = R3 = R2 + LastHigh - LastLow

Resistance Level 3 = R3 = R2 + LastHigh - LastLow

Resistance Level 2 = R2 = PP + LastHigh - LastLow

Resistance Level 1 = R1 = PP * 2 - LastLow

PivotPoint = PP = (LastHigh + LastLow + LastClose) / 3

Support Level 1 = S1 = PP * 2 - LastHigh

Support Level 2 = S2 = PP - LastHigh + LastLow

Support Level 3 = S3 = S2 - LastHigh + LastLow

Support Level 4 = S4 = S3 - LastHigh + LastLow

 

Uses the open and close of the chart session to determine auto levels.

 

Input value meanings:

• PlotAuto = 1 -- Plot every level which can have an auto level. This includes pivot levels and yesterday's high, low and close.
  
• PlotAuto = 0 -- Use input values for pivot levels and high, low and close, if they are not zero.
  
• PlotNonAuto = 1 -- Plot every level which can be input except for those which can be auto if PlotAuto = 1. This includes overnight highs and low and value area values.
  
• PlotNonAuto = 0 -- Do not plot any input values.
  
• PlotAuto = 0 -- Use input values for pivot levels and high, low and close, if they are not zero.
  
• TodayOnly = 1 -- Only plot pivots for today.
  
• TodayOnly = 0 -- Plots pivots for all days on chart.
  
• MidsOuter = 1 -- Plots all pivot levels selected except the extreme levels, which make the midpoints the extreme. Used to save space.
  
• MidsOuter = 0 -- The outer lines with be the extreme pivot levels selected.
  
• NoMids = 1 -- No midpoints will be plotted.
  
• NoMids = 0 -- All midpoints will be plotted.
  
• PlotSkipYest = 1 -- The day before yesterday will be used to calculate pivot levels. Useful for days after stock market holidays when the futures market was open.
  
• PlotSkipYest = 0 -- Levels will be calculated from yesterday's data.
  
• PlotR4 thru PlotS4 = 1 -- Plot this particular pivot level and its midpoint (if NoMids=0).
  
• PlotHigh = 1 -- Plot yesterday's high.
  
• PlotLow = 1 -- Plot yesterday's low.
  
• PlotClose = 1 -- Plot yesterday's close.
  
• PlotOHigh = 1 -- Plot the overnight high. (Value must be input in IOH).
  
• PlotOLow = 1 -- Plot the overnight low. (Value must be input in IOL).
  
• PlotVAH = 1 -- Plot the VAH. (Value must be input in IVAH).
  
• PlotVAL = 1 -- Plot the VAL. (Value must be input in IVAL).
  
• PlotPOC = 1 -- Plot the POC. (Value must be input in IPOC).
  
• IOH -- Input overnight high. (Will be used if PlotAuto = 0 and the value <> 0, and so also for the inputs which follow).
  
• IOL -- Input overnight low.
  
• IH -- Input yesterday high.
  
• IL -- Input yesterday low.
  
• IC -- Input yesterday close.
  
• IVAH -- Input VAH.
  
• IVAL -- Input VAL.
  
• IPOC -- Input POC.
  
• IR4 thru IS4 -- Input values for pivot levels.

I hope you find this useful. However, I may not be able to make any customizations for you. Let me know what you think.

LEVELSNEW.ELD

[GCB 10]

Mistake in documentation. Should read at bottom.

 

IOH -- Input overnight high. (Will be used if PlotNonAuto = 1 and the value <> 0, and so also for the inputs which follow except IR4 thru IS4).

...

IR4 thru IS4 -- Input values for pivot levels. (Will be used if PlotAuto = 0 and the value <> 0).

[Soultrader 12]

Nice... you are going to piss off alot of pivot point indicator vendors. Thank you GCB. Great stuff.

[GCB 10]

Nice... you are going to piss off alot of pivot point indicator vendors. Thank you GCB. Great stuff.

 

Thanks soul!

[Guest cooter]

Verrrrry nice work, James.

[GCB 10]

Verrrrry nice work, James.

 

:lol:

 

Good one, cooter!

[GCB 10]

Guys,

 

I inadvertantly put an older version of the Levels indicator on the site.

 

Here is the correct version. Sorry for the confusion.

 

Gary

LEVELS.ELD

[GCB 10]

The name of the indicator you use should be $I-Levels, not the $-Levels which was in the first install. That's the old version.

 

(I use the $ to distinguish my indicators from TradeStation, "I" just means indicator. The $ makes mine sort to the top of any list which makes them easy to find.)

[Soultrader 12]

Hi GCB,

 

I have updated the first thread with the new ELD attachment. For future reference, I have added the function of allowing certain forums to be editted anytime. You should be able to update, edit your threads in this forum at any given moment. Thanks.

[sumac 10]

Looks great - will this run OK with Metatrader! I don't use Tradestation for Forex.

 

Many thanks.

 

sumac

[bakrob99 11]

This is the 1st time I have come across an indicator like this that calculates correctly and is very easy to use. Very professional. Congrats and thank you !!

[davla 10]

could you please get me a .txt file or something I ew, I would like to use it in my program and I cannot read .eld

thanks

[tradem 10]

GCB,

 

I have been looking for this type of indicator for a while. Thanks for taking the time to code it - for I cannot code. However, I am a guy who likes to see labels. Would you have the code to add so labels can be seen? This would be much appreciated. Thanks

 

Tradem

[joy99 10]

I have the indicator on the chart but nothing is showing up. I'm sure it's something I'm doing wrong, but any help would be great.

 

thanks

[chrisleonard 10]

Is there anyway to get labels on this indicator?

 

R1, R2 etc etc?

 

Thanks

[bomberone1 10]

Do you have any improvments?

[livernik 10]

I tried page 2 and an error appears.Where can I find the indicator ? Thankyou.