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anadailypivots v39


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anadailypivots v39

  #21 (permalink)
 
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 Fat Tails 
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wldman View Post
Technically correct is good enough for government work. When you refer to values that are different and a range that is different....could that be due to the heiken ashi price bars...or is the discrepancy larger than that?

Different a tick or two will not make much difference in what I do. Thanks so much for all the help with this. Dan

The HeikinAshi bars are technically an indicator. It is not a bar type. The default bars are maintained and simply set to transparent. Therefore HeikinAshi have no impact on other indicators, as all other indicators are calculated from the hidden, transparent bars.

The main pivot on our charts is identical. S2 is about 3 ticks lower on my chart compared to yours. This is data related, as we use different data providers for $EURUSD, and the daily highs and lows are 1-2 ticks off. Nothing exiting, the pivots are good enough, and on your chart you can clearly see that the main pivot PP acted as resistance and the support pivot S2 acted as support today.

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  #22 (permalink)
 
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Just curious if there are any pivots that work better than others for CL, ES and 6E?....floor vs jackson vs camarilla, etc?

I am using Fat Tails multi session templates, thanks Harry!

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  #23 (permalink)
 
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Devil Man View Post
Just curious if there are any pivots that work better than others for CL, ES and 6E?....floor vs jackson vs camarilla, etc?

I am using Fat Tails multi session templates, thanks Harry!


@Devil Man: This is a good question. All pivots are more or less arbitrary lines that serve as meeting points for flocks of traders. This means that they rely on a self-fulfilling prophecy. Pivots only work if traders have them in their heads. Different populations of traders may use different types of pivots.

Floor pivots: They are based on the main pivot and the prior day's volatility, a fraction of which is added or subtracted. Work best, where there is a strong tradition of floor traders. This would be the case for physical commodities, in particular Agriculturals, Metals and Oil, but also index and interest rate futures. The question for floor pivots would be, whether you use full session or regular session pivots. Originally only regular session pivots were used, but with markets now being mostly open 24/5, there is a strong trend to full session pivots. Traders are lazy, so they just use the high, low and close(settlement) as published by the exchange, and this leads to full session pivots. To my knowledge Mark Fisher, a long time follower of regular pivots has switched to full session pivots a few years ago. The best thing to do is to add both full session (ETH) and regular session (RTH) pivots to your chart and look whether price reacts to them or not. For many days they are identical, a difference only occurs for those days where either the high or the low was made off-session.

Jackson Zones: The Jackson Zones display levels identical to the floor pivots for the main pivot PP (it is sometimes called balance point) and for the levels R2 and S2 (resistance band 2 and support band 2). The levels R1 and S1 are symmetrical for the Jackson Zones while they are asymmetrical for the floor pivots. A further difference is that the Jackson Zones replace the resistance & support lines with resistance & support zones. You may consider JacksonZones just as a symmetrical variation of floor pivots. The most important levels are identical. I personally use JacksonZones or floor pivots for all instruments.

Camarilla Pivots: Camarilla pivots are not built from a main pivot PP (prior high + prior low + prior close)/3, but they are symmetrically built around the prior day's close. I do not pay attention to the lower levels, as they are too close to the prior day's close. The higher levels are more relevant. Camarilla pivots can be used, where there is no strong tradition of floor pivots, for example for FOREX or currency futures, which follow the larger FOREX markets.

Fibonacci Pivots: These pivots are also symmetrical pivots built around the main floor pivot PP. Insofar they can be compared to the Jackson Zones. For both a multiple of the prior day's range is added to or subtracted from the main floor pivot PP.

Jackson levels: first zone 0.5 * range to 0.618 * range, second zone 1.0 * range to 1.382 * range
Fibonacci levels: first level 0.382 * range, second level 0.618 * range, third level 1.0 * range, fourth level 1.382 * range

Of those four levels three are identical. You may consider Fibonacci pivots as another variation of floor pivots.

In the end floor pivots, Jackson Zones and Fibonacci pivots are quite similar. The most important levels PP, R2 and S2 are shown by all three of them. Maybe it is a question of taste, which of them you prefer. I think it is more important to make a choice between the full and regular session pivots. Camarilla and Woodies pivots are pretty exotic ones. I have never used them and do not believe that they are useful, but there are traders who love to use them.

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  #24 (permalink)
 
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Fat Tails View Post
@Devil Man: This is a good question. All pivots are more or less arbitrary lines that serve as meeting points for flocks of traders. This means that they rely on a self-fulfilling prophecy. Pivots only work if traders have them in their heads. Different populations of traders may use different types of pivots.....

@Fat Tails fantastic explanation! thank you Harry I really appreciate it!

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  #25 (permalink)
 rickr 
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@Fat Tails

Harry is there some way to display monthly pivots on a weekly bar/candle chart ?

I have tried different settings without any success and suspect the current indicator needs daily charts ?

If so, would it be possible to change the monthly pivots so they would also work on a weekly chart ?

Thx, rick

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  #26 (permalink)
 turkmay 
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Devil Man View Post
Just curious if there are any pivots that work better than others for CL, ES and 6E?....floor vs jackson vs camarilla, etc?

I am using Fat Tails multi session templates, thanks Harry!

I can tell you this...the pivot range (blue) keeps me out of trouble on a daily basis. Nothing long below it and nothing short above it. Good for the first hour. Don't know about anything else. But a real money saver.

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  #27 (permalink)
 
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rickr View Post
@Fat Tails

Harry is there some way to display monthly pivots on a weekly bar/candle chart ?

I have tried different settings without any success and suspect the current indicator needs daily charts ?

If so, would it be possible to change the monthly pivots so they would also work on a weekly chart ?

Thx, rick

@rickr: The indicator does not display monthly pivots on a weekly chart. The reason is quite simple. You cannot calculate monthly pivots from weekly data. The end of the month does not always fall on a Friday. Therefore daily data is needed to calculate monthly pivots.

Of course it is possible to load a secondary bar series of daily data in order to calculate monthly pivots and display them on a weekly chart. This would require a modification of the indicator. You are the first person ever to have asked for this feature, so I do not think that it is necessary to include it with the default version of the indicators. If you badly need it, you can contact me via private message. I am personally fine with displaying monthly pivots on daily charts.

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  #28 (permalink)
 
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i noticed on this that the prior vwap styling isnt being applied like the others(previous HLC). in this its the dash styling thats not being passed on:


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  #29 (permalink)
 
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madLyfe View Post
i noticed on this that the prior vwap styling isnt being applied like the others(previous HLC). in this its the dash styling thats not being passed on:

I thought @Fat Tails already fixed this little bug.

anyway it's my understanding that the prior vwap is linked (for width and dash style) to the pivots and not to the high, low or mid pivots.

I prefer not to publish any modifications, but you can easily fix it yourself. just replace #26 with #27 in row 363 of the code.


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  #30 (permalink)
 
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Silvester17 View Post
I thought @Fat Tails already fixed this little bug.

anyway it's my understanding that the prior vwap is linked (for width and dash style) to the pivots and not to the high, low or mid pivots.

I prefer not to publish any modifications, but you can easily fix it yourself. just replace #26 with #27 in row 363 of the code.


@Silvester17, @madLyfe:

I confirm that there is a little bug, which can be fixed by replacing "26" with "27" as shown above. I have also updated the indicator files for the daily, weekly, monthly and rolling pivots in the download section.

Thank you again for your diligence!

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