I just went through the time of replying to a post to include a useful indicator for adding pivot points to a metatrader chart automatically. I am guessing the user deleted his post because it included a link to a site that tells you how to calculate them manually. Maybe he was mad because the indicator I uploaded took away the need for you to learn how to manually add them yourself, hence no need for his advertising link . In any case I am copying & pasting my original post into a new thread for those who want it because you canât delete my post, only the mods can . I am also not apologizing for trying to help people!!
My original post is below!
"If anyone is interested here is an indicator for MetaTrader that will plot nice colorful pivot point lines automatically on your chart . Just unzip the file into the âC:\Program Files\StrategyBuilderFX 4\experts\indicatorsâ folder, then shutdown and restart MetaTrader. You can then add it to any chart by choosing âInsert / Indicators / Custom / Pivot Linesâ."
I guess I shouldnât have underlined that text because it makes it look like a hyperlink which it isnât. I updated the message because my original post is below that text .
No problem. I have lots more :). Hook my up by clicking on the reputation button in the right hand corner of my post ([B]I[I]f you want to that is![/I][/B])
Canât delete all the M3 H3 lines, etc.
Only need R and S.
I tried deleting them from the properties box but they donât come off the screen - any ideas?
Hi! Thanks for the file. I seem to be having a problem though. The High Low and Close are always the same on different period charts, (2004, 2005), and sometimes the lines donât appear, especially when I use a simulator. Any thoughts?
I found some great pivot systems at fxalgotrader.com. You can get all sorts of different system. I use V2 which has variable calculation periods and does all the donkey work for you.
I had a look at the pivots link you suggested - I think itâs worth pointing out that this indicator is VERY basic. I looked at the code and I can see several issues which are:-
It wonât compile
There is no consideration for Monday pivot data - currently the indicator will just take the previous days high low and close data - therefore on Mondays the system will calculate the pivot data from Sundayâs far eastern trading session - this will create a very narrow and incorrect pivot array for monday. A decent pivot system will allow the trader to skip sunday data and use a defined calculation window based on Fridayâs trading data.
The pivot calculation is based on the previous dayâs high low and close data which is derived from a daily chart. This means that no consideration is being made for the time zone in which the trader is in or the timezone for the broker chart data. This therefore means that the pivots will not be synchronised with European (GMT+1), GMT or EST pivots unless the trader is in one of these zones and the brokerâs chart is also synched exactly the same (very unlikely).
Using non-variable pivot calcs also precludes traders from adapting their daily pivots to the trading day. Traders should be thinking about what US traders are looking at in the European pm sessions - unless you can shift your pivots to EST in the pm European session youâre progressively trading into the dark as more and more eyes look at EST based pivs.
The current MQ4 code has the main standard pivots commented out - ie no R1,R2,P,S1 or S2 levels. Also the S2 calculation is incorrect. It should be P-High+Low of the previous period not âP-R1+S1â
In summary I think new traders should be very careful about blindly using freeby pivot systems which are poorly written. I used to do this as well and itâs pretty annoying when you realise youâre trading off levels which nobody else is looking at. Generally leads to losses!
Just thought people should tread carefully with software. Test it out against the published pivot points and if it doesnât match itâs worth about as much as you paid - ie nothing.
If youâre looking for a historical pivot indicator which can display âMâ levels try fxalgotrader. I donât think their indicator goes back loads of days but from what I remember it displays on or two weeks worth of previous pivot data. Any more than that is pretty academic anyway.
Also Fibonacci trader is another high end pivot system but itâll cost a good deal more.