|Using indicator DailyPivot_Shift the main levels can be calculated based on shifted beginning of day. Thus it is possible to calculate levels using local time, instead of server time. For example, GMT-8. Also DailyPivot_Shift indicator does not take the quotes of Saturday and Sunday during calculation of levels on Monday.
The DailyPivot Points indicator helps to get the idea of the future market movements, unlike other tools that are usually behind the market. Information that has become available during the previous day is used to calculate reference points for short trends of the current day.
Pivot Point (PP) is the balance point, a level to which the price gravitates during the day. Having got three values of the previous day (High, Low, Close), one can calculate 13 levels for smaller timeframes: balance point, 6 resistance levels, and 6 support levels. These levels are named reference points. Reference points allow easy determination of changes in the short trend. The most important are the following three values: pivot point levels, Resistance1 (RES1.0), and Support1 (SUP1.0). When the price moves between these values, breaks are often to be seen in the movement, even returns.
Thus, the DailyPivot Points indicator:
If the market at the current day is opened above the pivot point level, that this is a signal for opening long position. If the market is opened below the pivot point level, that current day is favouring for opening short position.
The technique using pivot points consists in following and detecting probable turns or breakdowns at the price clashing the levels of resistance RES1.0 or support SUP1.0. By the moment of price reaching levels of RES2.0, RES3.0 or SUP2.0, SUP3.0, the market has normally been overbought or oversold, so these levels are mostly used as exit levels.
I agree entirely with yr comment about explanations for external inputs. Especially for those that do not have source.
Could put it in ext inputs as notes or as comments in the source.
02.05.2009 03:46 lsee8868
I very strongly recommend that indicator code writers include in the .mq4 code INSTRUCTIONS ON USING THE INPUT VALUES! I cannot tell you all how frustrating it is to see a possibly good indicator, but that has ABSOLLUTELY NO INSTRUCTIONS on using it. Take this one for example…..the prime feature, we are to understand, is the ability to SHIFT TIME so that the start point of calculations can be something other than the users server time for the start of a day, and maybe select the start of the London open instead. Fine, but WHICH WAY do we shift the time? Is NY time PlUS hours or MINUS hours from London? A silly question? No! We have code in this base that use opposite conventions, so which way does the code in this indicator work? And what is the ExtFormula input all about? I have no way of knowing since the code writer completely omitted ANY instructions on the use of this indicator…..something that could have been added into the beginning of the .mq4 code with just a few minutes of typing!
If this code is worthy, i recommend the writer invest a few more minutes of time to include much needed intructions, so users can get the value out of this indicator the writer obviously thought was there considering the time the writer spent to produce the code in the first place!
09.11.2008 01:04 frederick
I need some help.
Ive tried this pivot level. This work is great. But, I want to see the previous day all pivot level, just like thomas demark pivot appearance. Somebody can help me?
08.08.2008 13:30 mokemi85
there seems to be a bug, yesturday’s lines partly disappears, after changing time frames its ok again, but comes back after about 10 minutes, why does that happen?
17.04.2007 06:48 o6o2
First, great thanks to Collector for those indicators i’ve found here collected by him. Great job! Ok, i’ll ask if it’s possible to remake this (DailyPivot_Shift) indicator so that the lines won’t be horizontal lines (coz it makes them to show over previous days ) but to make them the RAYS (!) , starting at the point where the day’s starting (We have to have shown “today’s” levels only, coz we trade today). Yes i know it’s possible (and worthwhile) but am not able to do it myself. Please, help here. And. We’d have it the best if a vertical line will appear at the start of the day ( and possibly another one showing the end of the day). May be it’d be better to add an external int to have an option to switch them on\off. With these two options added\corrected we’ll have a chart concentrated only over the current day (or 1,2,3 etc previous days if some option added) Thanks in advance. I’ll be patiently waiting.
06.08.2006 01:55 Long