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keymoo

Globex Pivots

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Note this indicator is still in beta testing. Please test it for me and let me know of any problems. Thanks.

 

Overview

This indicator calculates pivots using the daily chart - so no matter what session times you are using on your intraday chart, the pivots will be calculated the same. I've often found my pivots to be inaccurate when switching from regular session hour charts to 24hour charts. This indicator solves that problem. I also find that the pivots calculated using the overnight highs and lows to be more accurate than ones calculated using regular session hours. This indicator uses the daily chart which includes the overnight highs and lows.

 

Features

  • Standard, woodie or camarilla calculations
  • Daily, weekly and monthly pivots combined and can be selected individually
  • Midpoint lines are plotted (and can be switched off)
  • Daily high, low, close lines can optionally be plotted
  • Each pivot line has an optional label printed on the chart with the price
  • Pivots are calculated for every day in the data loaded into the chart and plotted. This makes back-testing easier as the pivot lines are accurately and automatically plotted back in time.
  • Optional R4 and S4 plots with midpoints

Charts setup

You need to have two symbols on your chart for this indicator to work. Datastream 1 must be a minute chart and datastream 2 must be a daily chart. So make sure you have both of those on your chart before installing the indicator. You can hide the daily chart in trade station by going to Format Symbol...Scaling Tab, set Sub-Graph to hidden.

 

The way I set my pivots up are as follows:

  • Daily pivot lines are yellow solid lines
  • Weekly pivots are cyan dashed lines except the central pivot which is solid
  • Monthly pivots are purple solid lines
  • High low and close lines have their own colours and are dashed lines
  • Midpoints are dotted lines half the brightness of the pivot lines in their respective colours

NOTE you can save the colours in tradestation by clicking the Default button on the colours tab. You can also save the line styles by clicking the Default button on the styles page.

 

This is best illustrated with a screenshot of a 15min YM chart:

attachment.php?attachmentid=1187&d=1175208600

 

Inputs

PlotDailyPivots: Plots the daily pivot lines (true or false)

PlotWeeklyPivots: Plots the weekly pivot lines (true or false)

PlotMonthlyPivots: Plots the monthly pivot lines (true or false)

PlotDailyMidPts: Plots midpoints for the daily pivots (true or false)

PlotWeeklyMidpts: same for weekly (true or false)

PlotMonthlyMidpts: same for monthly (true or false)

ShowDailyLabels: Prints a label at the start of each day on the line (true or false)

ShowWeeklyLabels: same for weekly (true or false)

ShowMonthlyLabels: same for monthly (true or false)

ShowHighLowCloseLabels: same for the high, low and close lines (true or false)

PivotStyle: "classic", "woodie" or "camarilla"

PlotPD24H: Plot the Previous day's 24 hour high (true or false)

PlotPD24L: same for the low (true or false)

PlotPDC: plot the previous day's settlement price. NOTE this can be different to the closing price. For example the YM is settled at 5pm EST not 4:15pm EST (true or false)

PlotPDH: Plot the previous day's high based on your current session (true or false)

PlotPDL: same for low (true or false)

PlotR4S4: Plots R4 and S4 lines with midpoints if selected (true or false)

5aa70dd025786_ym15minpivots.thumb.jpg.ae1604433fa446928eb510c0b220f1e3.jpg

GLOBEXPIVOTS.ELD

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Guest cooter
PlotPDC: plot the previous day's settlement price. NOTE this can be different to the closing price. For example the YM is settled at 5pm EST not 4:15pm EST (true or false)

 

Actually, the YM is settled on the 4:15 close of the pit traded session for the $10 DJ contract.

 

Question: Can you choose to use the regular daily chart (such as @ES.D) if that's what you desire?

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Sure cooter, for data series two add the symbol @ES.D instead of @ES. However bear in mind that the pivots will get calculated from the high/low/close of the daily @ES.D chart not the @ES chart. These values do differ quite a lot so would change the pivots a fair bit.

 

You could of course modify the indicator to use whatever close value you like, I find the close of the normal @ES daily chart to be fine.

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Yes, I am working with a TradeStation engineer on the TradeStation boards to sort that out. The weekly pivots are correct from Tues-Fri but wrong on Mondays. I will hopefully get to it over the coming weeks.

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Great idea Keymoo! It works fine with regular session but I have wrong value if I want to set my chart to "gap" (RTH) session and it doesn't seems possible to have different session for data1 & data2.

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