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I use an indicator package called session pivots. If you have it, you will see it in the list as all the "anaCurrent* or
anaPivots*. It just puts some high, low, pivot data, and some fib info on the chart. Sometimes a little handy to have on the chart.
I was wondering if anyone knows how I might modify how it defines a "day"? Or how I can learn how it does define a day? As I trade the emini s&P, I might prefer for the day to begin at 8:00am est. or some other time. Having "the day" begin at midnight may make some of the numbers not as useful as they might be.
It is hard to be sure what a day is in a 24 hr market, and where, if we can define it our selves, it would be most profitable to assign that value.
Thanks
Can you help answer these questions from other members on NexusFi?
@mcteague: NinjaTrader uses session templates. This indicator requires that you use the appropriate session template for each instrument. Here is the process for the E-Mini S&P which you mentioned:
The contractual trading times for the E-Mini S&P are (starting from November 18, 2012)
-> night session from 5:00 PM Central to 8:30 AM Central
-> regular session from 8:30 AM Central to 3:15 PM Central
-> after session from 3:30 PM Central to 4:15 PM Central
Best use a session template that reflects those trading times. As the contractual trading times are different for each instrument, I recommend to store them under instrument settings.
-> create a session template for each instrument
-> store that session template under instrument settings
-> only open charts with instrument settings
and you will always be fine. Never use a session template 24/7. Always make sure that your session templates uses the time zone of the exchange, otherwise you will run into trouble with daylight saving zime.
ETH pivots
If you set one of the indicators contained in the SessionPivots package to ETH, it will calculate high, low or pivots from the full electronic session. If you wish to do this for ES, you can use any of the two attached session templates.
RTH pivots
If you wish to display RTH pivots on a full session chart, you need to tell the indicator the start and end time of the regular session. This is done by selecting a segmented session template that reflects the trading times of the instrument. In case of ES, you would select the second session template attached and set the indicator to "RTH" and to "Second", as the regular session you want to calculate your pivots from is the second session segment of the day.
Nota: You might ask why the after-session ends at 4:30 and not at 4:15. This is just to include all trade data prior to November 18. It is not required for the current trading times.
For more details on appropriate sessions to select for each instrument, please also read through the following thread:
I have been asked several times to put this information into a thread in a condensed form along with the class of indicators that I have coded for sessions. So here it comes. The idea is to explain, why it is useful to use sessions, how to set up the …
There is of course the distinct possibility that as a beginner my thinking on this is entirely wrong. I was just thinking that because the emini is a 24 hour market certain calculations like pivot points and other things like "gap ups" are affected. But maybe if I could just pretend that low volume periods could be separated from the "trading" day, or perhaps even that each major exchange timezone could be seen as its own "day"; I might get better calculations and a clearer picture of what is going on. Though I admit the whole idea probably seems a bit strange.
@mcteague: This is not a science. Pivots are just meeting points for lazy traders. They were already used by floor traders 40 years ago, before the arrival of the PC was on the agenda.
Traders wanted simple reference points
- that could be established prior to the start of the session
- that were easy to calculate on half a piece of paper
So they took the open, high, low and close of the prior trading day as reference points, then added some thing like a main pivot = 1/3 * (high + low + close). The range of the prior trading day was added to and subtracted from that pivot and you got the levels R2 and S2.
The idea was to enter in the direction of the prevailing trend near PP, sell R2 and to buy S2, unless something very special happened in the market.
This tool was used by many traders, and its effectiveness depends on its concomitant use. Pivots rely on self-fulfilling prophecy. If you use exotic methods to calculate pivots by creating your own sessions they will not work, because you are the only one to use that session. Best accept that there is some herding around those meeting points and use it to your advantage.
The origimal floor pivots referred to the regular session - the floor session. But nowadays, even for physical commodities, many traders like Mark Fisher have shifted to full session pivots. For more ideas how to use the session pivots, please read
I am getting quite a number of messages and mails, how to configure the various pivot indicators, so I decided to post a brief summary and explain via a few examples, how to draw the pivots where you want them. I attach the SessionPivots indicators for …
You are correct. I am certainly over thinking the pivots thing. I only really use them as warning signs, and am overreacting to beginner errors. Like maybe shorting at support wasn't to clever. But for the most part things are going ok. You comments about changing there setting actually limiting value is quite correct.
I am a beginner. I use standard settings on pretty standard indicators. I have a few setups I wait for. I try to remember this adage " Professionals win small. Amateurs lose big". I am not crushing the market. But so far things are okay.
Thanks for reminding me that I don't have to go crazy
I can't get the blue box to display in the top left hand corner of the session pivots. Can someone send detailed instuctions on which of the 6 indicators to use and the settings? I am attaching the blue box.
I can open all 6 indicators, but can't see the blue box.
the blue box is ana current open high low close (OHLC) indicator ADR stands for the average daily range
in the indicator window, go to display option area and it is the "show range data" option
