prefilled charts of piviot points

[jacobnbr1 10]

is there a chart service that already shows piviot points as in your tradestation charts?

thanks

[Soultrader 12]

is there a chart service that already shows piviot points as in your tradestation charts?

thanks

 

There is the stock indicator called floor trader pivots that come with the platform. However, its not the best tool to use. You can also find a variety of pivot point indicators at the TS support forum. I did custom make one before but due to the lack of programming skills it wasnt all that ideal to use.

 

Do you already use Tradestation? If you do, check with the easylanguage indicator forum. There are plenty posted there.

[jacobnbr1 10]

No i am sorry i do not use trade station. I use scottrade and i don't think there is anything like this to add to their platform?

there is however another charting software that is free that you can link your scottrade account to but i am not sure how or what the name of it was..

do you know of anything?

 

I for the most part traded anything that has had massive insider buying preasure and have done pretty good... Anytime i have strayed and tried a momentum trade or swing trade and shorting have resulted in loss.

Although insider trades pay off they are very time consuming and i would like to do more volume of trades with less hold time..

 

I go to this filter scan site and many traders are having good luck with some of the most confusing stuff i have ever read, I read till i was blue in the face and still with minimal loss didn't find my true calling..

 

chris

[Soultrader 12]

Maybe the software you are looking for is Medved Quote Tracker? Here is the homepage:

 

Medved QuoteTracker

 

Short term intraday trading requires a well designed game plan. You mentioned you trade anything with insider buying pressure... is this for investment purposes? Trading is a totally different game from investment. Your "true calling" or break through will come as long as you keep building your trading style and method.

 

A buddy of mine told me this when I was 22, which literally changed my approach to life. He said, "In order to make money, you need to be an expert in one thing."

 

Good luck.

[ant 10]

There is the stock indicator called floor trader pivots that come with the platform. However, its not the best tool to use. You can also find a variety of pivot point indicators at the TS support forum. I did custom make one before but due to the lack of programming skills it wasnt all that ideal to use.

 

Do you already use Tradestation? If you do, check with the easylanguage indicator forum. There are plenty posted there.

 

Soultrader,

 

If you're still in need of a pivot point tool and can describe what you're looking for, I can try to create it for TradeStation.

 

Antonio

[Soultrader 12]

Soultrader,

 

If you're still in need of a pivot point tool and can describe what you're looking for, I can try to create it for TradeStation.

 

Antonio

 

OMG yes! I would love to have a pivot point indicator for Tradestation. I am looking for an indicator where I can simply input the close, high, and low and will plot the pivots accordingly. I also want the ability to delete individual horizontal lines manually (since I may choose to keep or delete midpoints) and ability to select the colors for the lines (color & dotted or solid). It would be great to have for daily, weekly, and monthly pivots. I dont use midpoints for the weekly and the monthly.

 

Am I asking for too much?

 

PS: Here's the link the to trading class I mentioned before, Bestrades Mentoring Group. The website might be still under contruction. The class is approx $300-$320 per month. I know they just recently moved and launched it back into hotcomm so I am not sure how many people are part of it. I will try to find out more info.

[jacobnbr1 10]

Maybe the software you are looking for is Medved Quote Tracker? Here is the homepage:

 

Medved QuoteTracker

 

Short term intraday trading requires a well designed game plan. You mentioned you trade anything with insider buying pressure... is this for investment purposes? Trading is a totally different game from investment. Your "true calling" or break through will come as long as you keep building your trading style and method.

 

A buddy of mine told me this when I was 22, which literally changed my approach to life. He said, "In order to make money, you need to be an expert in one thing."

 

Good luck.

 

"Investment purposes" Yes.. as in a year or so. I never did mind holding a stock as long as it shows life to expand higher.

This is really not what i want to do but is what i do cause i have had good luck doing it.

I spent some time in a classroom at "STAR TRADER" and what a waste of time. But i started by trading stocks that had announced a stock split and that fell apart seems like after one year.

 

So yes i lack a plan...

 

I dabled in options and lost a great deal there after being warned 1st.

 

chris

[Soultrader 12]

Some trading rooms are useless in my opinion. It is also hard to find the right mentor that fits your style of trading.

 

If you want to pursue with short-term trading, I recommend reading tons of books on it. There are plenty of useless books out in the market but there a few that are priceless.

 

First thing you should do is to pick a methodology that suits you and develop it. Build a trading style and work on designing your trading setups. I don't use fundamentals in my intraday trading unless there is significant news that can cause the markets to gap in either direction. Specialize in the group of stocks you plan to trade. Learn the personality of it.

 

Finding a metholodogy and gaining your own trading style can require alot of work and research. You also need to look inside yourself to fully understand what fits you and what doesnt. From my understanding you trade stocks based on fundamental news? This is good for longer term investment but learn day trading strategies and you will be surprised how effective it can be by combining both methods.

[ant 10]

OMG yes! I would love to have a pivot point indicator for Tradestation. I am looking for an indicator where I can simply input the close, high, and low and will plot the pivots accordingly. I also want the ability to delete individual horizontal lines manually (since I may choose to keep or delete midpoints) and ability to select the colors for the lines (color & dotted or solid). It would be great to have for daily, weekly, and monthly pivots. I dont use midpoints for the weekly and the monthly.

 

Am I asking for too much?

 

PS: Here's the link the to trading class I mentioned before, Bestrades Mentoring Group. The website might be still under contruction. The class is approx $300-$320 per month. I know they just recently moved and launched it back into hotcomm so I am not sure how many people are part of it. I will try to find out more info.

 

Some questions...

 

1. From the close, high, and low values that you input, how do I calculate the weekly and monthly pivots? How would they differ from the daily pivot points?
   
2. If all of those pivot points are plotted, then you would have 15 to 21 lines on your chart, is that correct?
   
3. I'm not sure one pivot point can be deleted manually without deleting all of the other ones. How about an input to specify which pivot point to plot?
   
4. Which one is the midpoint? :o
   

[Soultrader 12]

Hi ant,

 

Here is the formula for the pivots:

 

R3 = R2 + RANGE (same as: PP + RANGE * 2)

R2 = PP + RANGE

R1 = (2 * PP) - LOW

PP = (HIGH + LOW + CLOSE) / 3

S1 = (2 * PP) - HIGH

S2 = PP - RANGE

S3 = S2 - RANGE (same as: PP - RANGE * 2)

 

Range = High - Low

 

The midpoints are simply the distance between each pivot. I use the same formula for the weekly and monthly pivots.

 

Is there anyway to duplicate the indicator three times so I can use it seperately for daily, weekly, and monthly? Also is it possible to enable or disable the midpoints?

 

Including the midpoints... the daily pivots would give me 13 lines. The weekly and monthly without the midpoints would give me 7 each making it 14 in total.

 

Thank you

[ant 10]

Let's start with this. Let me know what needs to be changed/added.

[Soultrader 12]

Thank you Antonio,

 

I have to admit, I am loving this I do want to request two minor additions if that is okay.

 

1. I would like the option of plotting my pivots in solid lines and the midpoints in dotted.

2. I also want a different set of colors for the weekly and monthly pivots apart from the daily pivots.

3. Also is it possible to enable the midpoint for the daily pivots but to disable them for the weekly and monthly? (or perhaps I can duplicate the .eld with a different name and use it seperately for the weekly and monthly?)

 

You should see me smiling right now Great work!

[ant 10]

Hey James, it's really no big deal. See how this version works out. There are a lot of inputs in this tool, but it beats plotting these pivot points manually. Feel free to suggest any other changes.

 

EDIT: Alternatively, this tool could have been applied to a chart three times for daily, weekly, and monthly, instead of duplicating the code three times.

[Soultrader 12]

This is great Antonio. Just the way I want it

 

I did notice one error... the midpoint between S2 & S3; R2 & R3, and the S2, R3 seems to be calculated incorrectly?

 

Could you check to see if there is an error in the formula? All the other pivots seem to be correct. Thank you

[Soultrader 12]

Hi Antonio,

 

Went through the EL coding and fixed the formulas up a little bit. The R3 and S3 pivots were a little off on the daily and monthly. The weekly was fine. Thank you very much for this. This is going to save me alot of time from now on.

 

I want to make a slight tweak to the code. I remember working with EL a few years back.... even bought the EL bootcamp book which ended being sold on ebay 1 month later. I just can not seem to get the hang of coding. I know they call it "Easy Language", but not too easy for me.

 

The tweak I want is for the lines to extend all the way to the right of my chart. Also, I noticed the lines will plot with the values rounded up. This sort of affects the R3 and S3 pivots by approx 1 point and would like to know if there is anyway to have the lines plotted as it is.

 

Thank you

 

PS: posted a new analysis on the market discussion forum using the new coding.

[ant 10]

James, I still couldn't tell what was wrong with the pivot point formulas. What did you change?

 

I could change the trendlines to extend to the right. Basically, the function is TL_SetExtRight(<TL_Name>, True).

 

With respect to the rounding issue, are you saying that if a pivot point calculation results in 10660.5 that you want the line plotted at that value instead of 10661? If so, I'm not sure if that's possible since the YM has a granularity of 1 point (i.e., no decimals). I'll check into it though.

[Soultrader 12]

I changed this bit right here:

 

 // Daily Pivot Points
Rng = DailyHigh - DailyLow;
PP = (DailyHigh + DailyLow + DailyClose) / 3 ;
R1 = (2*PP) - DailyLow ;
R2 = PP + Rng ;
R3 = R1 + Rng;
S1 = (2*PP) - DailyHigh ;
S2 = PP - Rng ;
S3 = S1 - Rng ;

 

I changed the S3 formula from S2 - Rng to S1 - Rng. Also changed the R3 formula to R1 + Rng from R2 + Rng. Did this for the daily and monthly.

 

Regarding the rounding issue.. if it can not be changed it is okay. It is not a big deal since I tend to look at plus or minus 5 pts of every pivot.

 

Also, the code you just gave me to extend the line.... where should I place it in the coding?

 

Thank you

[Soultrader 12]

ahh.. I just realized it was my mistake. I use a different formula for the R3 and S3 pivot. I believe the classic formula adds or subtracts R2 and S2.

 

Instead I use the S1 and R1. I totally forgot about this because all I do everyday is plot the numbers into my spreadsheet.

[ant 10]

Changes are in this version. Thanks for the clarification.

SOULTRADERPIVOTS.ELD

[Soultrader 12]

Amazing... works perfectly Antonio. You have no idea how happy I am right now. Thank you very much

[ant 10]

Amazing... works perfectly Antonio. You have no idea how happy I am right now. Thank you very much

 

Glad I could help.

 

Regarding EasyLanguage, it's not an intuitive language to learn IMO. I find that it is an inflexible language that makes doing certain things that should be easy, harder to do. But hey, no platform is perfect...