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Your pivots are correct. For calculating the pivots, the settlement price is used. The settlement price is the VWAP of all trades occuring between 1:59:30 and 1:59:59 Central Time, which marks the end of the RTH session.
That is why you need to use daily data. You cannot find the settlement price on intraday data.
The chart displays the settlement price, which is needed for the pivots. As the indicator does not know whether your historical data uses settlement or close, it will always display the "close", even if it is the settlement.
i think i am following.. so its just one of those things that i have to accept and no matter what the chart looks like, trust that the pivots are correct? this doesnt happen often. usually the close is spot on..
dont believe anything you hear and only half of what you see
You should not trust entirely, but check from time to time.
You can visually test the high and low on your charts. For 6E the settlement price is determined at 2:00 PM CT, so you can check it against the close of the RTH session, which should be no more than a few ticks off.
thanks for your help! sometimes this is hard to wrap your head around and it doesnt help that the next instrument you move to might be completely different..
dont believe anything you hear and only half of what you see
I have tried creating several different templates for the Asian, European (London Open), and NY forex sessions, and then coloring the session backgrounds using your Session Colors indicator without success. It gets confusing since I live in the CET time zone when creating the template. What is the format to use and will the Session Pivots indicator work on the Forex market?
one thing i have picked up in all of this is that no matter where you live, you need to have the time zone set to wherever the exchange resides in the session manager.. NT will do the rest of the conversion automagically on your charts..
dont believe anything you hear and only half of what you see
With FOREX there is one problem indeed. For any template you have to select a time zone. For FOREX I would select EST, as the close of the FOREX market is at 5:00 PM EST, and the close is the most important landmark.
If you use EST for the template, then everything will be fine, except for 3 weeks per year, when the US already/still has summertime and Europe uses winter time. During those 3 weeks you would have to use a different template, which I call Halloween template (the US waits to switch to winter time, to avoid that sunset arrives too early on Halloween, which could rise the crime rate).
Otherwise you decide on your FOREX trading times, create that template and then use it. No problem. A sample template is attached. Below the modifications needed for the 2 weeks in March and the Halloween week.
That is what's confusing to me. I don't know if it is possible to plot on one chart, but I would like the Asian session, the London Session, and the NY session on one chart. Seems like that should be possible to me. Unless I am mistaken, there is no central exchange for Forex like there is for the CME or NYBOT, etc. Maybe I just need to create 3 separate templates.