Where can I get automated pivot point?:eek:
Here’s the one I use pivotsD_v5.zip (7.6 KB) for MT4.
Check it against this websiteafter you’ve added the indicator to your chart, just to make sure it’s working. Don’t worry if it is out by a pip or two, as S/R is an area rather than a hard line anyway. 
Using pivot points is highly unreliable.
May I ask on what basis have you arrived at this assumption?
If you are using an indicator that calculates them incorrectly then sure, a lot of indicators use the Open which is not the included in the floor pivot calculations but other types of pivot calculations. But using correct calculations, pivot point alone are a profitable strategy, here is an excerpt from an article in investopidea, they [B]tested pivots on fiber for 2026 trading days[/B]. This to me was enough to include them in my strategies, I think it would sway most people as well.
The results since the inception of the euro (January 1, 1999, with the first trading day on January 4, 1999):
The actual low is, on average, 1 pip below Support 1
The actual high is, on average, 1 pip below Resistance 1
The actual low is, on average, 53 pips above Support 2
The actual high is, on average, 53 pips below Resistance 2
The actual low is, on average, 158 pips above Support 3
The actual high is, on average, 159 pips below Resistance 3
Judging Probabilities
The statistics indicate that the calculated pivot points of S1 and R1 are a decent gauge for the actual high and low of the trading day.
Going a step farther, we calculated the number of days that the low was lower than each S1, S2 and S3 and the number of days that the high was higher than the each R1, R2 and R3.
The result: there have been 2,026 trading days since the inception of the euro as of October 12, 2006.
The actual low has been lower than S1 892 times, or 44% of the time
The actual high has been higher than R1 853 times, or 42% of the time
The actual low has been lower than S2 342 times, or 17% of the time
The actual high has been higher than R2 354 times, or 17% of the time
The actual low has been lower than S3 63 times, or 3% of the time
The actual high has been higher than R3 52 times, or 3% of the time
This information is useful to a trader; if you know that the pair slips below S1 44% of the time, you can place a stop below S1 with confidence, understanding that probability is on your side. Additionally, you may want to take profits just below R1 because you know that the high for the day exceeds R1 only 42% of the time. Again, the probabilities are with you.
Read more: Using Pivot Points In Forex Trading
There are other techniques with higher probabilities than pivot points.
We’re listening…
Do I think that there are systems that are have a higher success rate than pivots. Yes absolutely.
But to disregard their effectiveness as a tool especially in light of the evidence I present is just, illogical. Are they a system unto themselves, yes. A statistically profitable one. But they are a tool that can be adapted and work with many strategies. disregard such a tool at your own peril. But to say pivots are unreliable or ineffective without follow up or backing. I wouldn’t want people just starting their journey to take away the wrong idea. Since this forum is focused at newbies. Especially if your statement has no evidence to back it. If however you can provide ample justification for your statement then I would love to continue this debate.
TADA! :60:
Sometimes you just love the market! :53:
I have plenty of evidence after years of research but for my eyes only. I’m just not willing to give it away to prove someone wrong. All I’m saying is do not settle for lesser degree of probability.
I would be quite interested in your research but i respect your privacy. As it would probably be a complete revelation to many traders, myself included. Not to flame over it, but it seems that answer is just so anticlimactic. I hope I can find what you see one day. Until then its pivots for me.
As for better or more “accurate” means of trading as it relates to Pivot Points… I would agree Pivots alone are useless. However, when a Trader actually understand them and how to “accurately” trade with them in concert with other Support & Resistance concepts… It is amazingly precise.
Although that’s just one dynosaur’s perspective on the matter… what would I know?
GLGT :57:
Kind of like any tool being useless when the person doesnt understand what it is for. Probability of a tool working is going to follow along with the person’s degree of skill. Give a bat to a beginner you also must teach him to hit a ball, give the bat to an intermediate and they will be better than avg., give the bat to Teddy Ballgame…
Always these types of posts on any forum ‘I know something, you don’t, but ill never tell’ lol
I can understand where you or anyone else from this stance is coming from, it is very hard to give away something for free that has taken you awhile to figure out. But at least throw a guy a bone… ‘focus on probabilities’ okay that was a small treat but something I have heard on all the seemingly sane trader’s threads, so how about something like ‘the force does not reside within the pivots, but within the fibonacci relationships of price action, use this knowledge to overcome the smart money or maybe become the smartmoney, you will know when you are there young padawan.’