Presented by Michael Hevern
Click here to watch the presentation.
Click here to download the mp3 audio recording (814Kb).
You are currently browsing the Online Stockmarket Trading Update blog archives for May, 2008.
As mentioned in one of the comments in a prior blog posting, no Pivot Points indicator is currently included in the Market Analyser. However, since the Market Analyser supports indicator scripts, I decided to create a Pivot Points implementation as a script for people to use.
This implementation of the indicator detects whether you’re viewing an Intraday or Daily chart and adjusts its calculations accordingly. On an intraday chart, it will use the available data from the prior trading session for the calculations. This means that if you’re viewing an intraday chart after 10am, then the calculations will be from the day before, but if you’re viewing the chart before 10am (or before the market is open) then the calculations will be from two days ago and applicable to the trading session from the prior day. This indicator doesn’t currently recognise Weekly or Monthly charts and will not operate correctly on those chart periods.
You are welcome to view, edit, copy and learn from the source code to make your own indicators. These can be discussed in the Developers Corner forum.
You can download the indicator from here. Please save the indicator into the /Analyser Scripts/Chart Indicators directory of your installation. After doing so, the Pivot Points indicator should be available in the Plotted Scripts drop down button on the Chart Window toolbar.
The reference I used to create this implementation comes from Mark McRae. His page includes further information on how Pivot Points can be used as part of a trading strategy. Note that future updates to the Market Analyser may include a version of this indicator, but the indicator will need to pass an audit before it’s formally included.