Pivot Question

[toddaclark]

Harry,

Can you tell me where to find the current version of the pivot indicator? I see one in this thread but it seems like that is a modification based on someone's comment in the thread. I didn't know if that was the main new indicator that you want people like me to try out instead of the V6 that I am using currently.

I downloaded that one attached on the previous page of this thread and put it on a chart. The first thing I noticed was that I don't see the labels R1, R2, etc... If I wanted to see the labels can I somehow turn those on?

Todd

[T2020]

Pivots 15:15 (Central Time), chart properties 1:15 PM (Pacific Standard Time)!

You will only get the message for larger time frames, for 5 or 15 minute charts it will disappear. Reason for the message. For larger intervals pivots can be inaccurate, because the close of the last bar of the session is not identical with the session close. The indicator already uses the 15 minute break to compensate, so it will not give you the message for intervals < break.

The easiest solution is to toggle to a smaller timeframe < 15 minutes, which will always give accurate pivots. Then toggle back and compare the values for the pivots.

OK , I understand , and I can toggle back and forth to double check . I
think it's good to go now . So far it's checking out with a 15 min . time
frame . Thanks again for your most generous help .

[Harry]

Pivots 15:15 (Central Time), chart properties 1:15 PM (Pacific Standard Time)!

You will only get the message for larger time frames, for 5 or 15 minute charts it will disappear. Reason for the message. For larger intervals pivots can be inaccurate, because the close of the last bar of the session is not identical with the session close. The indicator already uses the 15 minute break to compensate, so it will not give you the message for intervals < break.

The easiest solution is to toggle to a smaller timeframe < 15 minutes, which will always give accurate pivots. Then toggle back and compare the values for the pivots.

To understand this, take the example of a 90 min chart:

Session start 13:30 PST -> 1st bar ends 15:00 -> following bars end 16:30, 18:00, 19:30 .... 12:00, 13:30 -> perfect because the 13:30 bar will show the correct close -> pivots are correct.

But with a 300 min chart you will get:

Session start 13:30PST -> 1st bar ends 18:30 -> following bars end 23:30, 4:30, 9:30, 14:30 -> very bad, because neither the 9:30 nor the 14:30 will show the correct close and the session of NT does not cut off the bar correctly -> pivots will be false.

Somehow you need to manage that the ending point of this series falls into the break between 13:15 and 13:30 PST. This problem only occurs with CalcFromIntradayData mode, DailyBars will always be correct, but you cannot calculate pivots for day sessions then, if you want to keep the overnight data.

Thanks again Harry . I'm sure you've gone through these explanations a
zillion times . Now I can set the pivots to 13:15 ending ,but chart properties
I have to set to 1:15 PM . Otherwise it automatically changes it to 12:00AM .
I get an error message at the bottom of the chart about chart sessions needing to match , but the pivots plot and it all seems fine . Is there need
for concern here ? Should the break period still be set to 0:15 ?

[T2020]

Thanks again Harry . I'm sure you've gone through these explanations a
zillion times . Now I can set the pivots to 13:15 ending ,but chart properties
I have to set to 1:15 PM . Otherwise it automatically changes it to 12:00AM .
I get an error message at the bottom of the chart about chart sessions needing to match , but the pivots plot and it all seems fine . Is there need
for concern here ? Should the break period still be set to 0:15 ?

[Harry]

The prior or previous close, which is displayed as P-Close on the chart is the close of the session of the prior day. P-High and P-Low are high and low of the session of the prior day. P-Close, P-High and P-Low are the three values needed to calculate pivots. If these three are correct - you can check this visually - you will have correct pivots for sure.

Example: ES futures

DailyBars: Indicator takes prior close from the daily data as provided by your data provider. For ES this should always be the prior close at 15:15 Central Time (13:15 PST).

CalcFromIntradayData: The indicator will identify the close of the last bar that falls within the session defined via indicator dialogue as the session close.

Indicator settings: For RTH pivots (day session) you will set Session Begin Globex Index to 8:30 (Central Time for CME) and Session End to 15:15 (Central Time), the BreakPeriod Globex Index should be set to 0:15.

Chart properties: It is recommended to use the same session close under chart properties, because this will cut off the last bar of the session at 15:15 CT and give you the expected close and correct pivots. For the chart properties you need to enter the session close in PST, so it would be 13:15 PST. Session start should be something prior to 6:30 PST - otherwise the pivots cannot access the data required.

For example you can choose a chart session (data displayed) from 5:30 to 13:15 PST, if you want to see the pre-market prices.

If you apply this you will get accurate pivots on fixed interval, tick and volume charts. Due to architecture of NT, pivots on range charts will be inaccurate and can be off up to 1 range in CalcFromIntradayData mode.

Thanks again Harry .The Reset worked fine . Now I did eliminate the P-Open and to certain degree I'm trying to reduce the things on my chart . Now correct me if I'm wrong , but the Previous close . Is that based on the closing
time of the bar ? In my case ( 2hour chart) that would either be 12:30 or
14:30 using intraday data ( PST) .Using only regular market hours at the
moment .....

[T2020]

Previous Midline works as pivot, previous close is quite important to know. The previous open is more or less useless, I do not know why I did not take that out....

Thanks again Harry .The Reset worked fine . Now I did eliminate the P-Open and to certain degree I'm trying to reduce the things on my chart . Now correct me if I'm wrong , but the Previous close . Is that based on the closing
time of the bar ? In my case ( 2hour chart) that would either be 12:30 or
14:30 using intraday data ( PST) .Using only regular market hours at the
moment .....

[Harry]

Previous Midline works as pivot, previous close is quite important to know. The previous open is more or less useless, I do not know why I did not take that out....

[T2020]

Or you could just comment them out. If it was me, I would keep the option to show those plots by grouping them together and setting up a bool in your parameters to show or not show that group with an if() statement. But that's just me. Dan

I kept learning more all the time , that however is still a little past my abilities. Thanks though .

[eDanny]

Or you could just comment them out. If it was me, I would keep the option to show those plots by grouping them together and setting up a bool in your parameters to show or not show that group with an if() statement. But that's just me. Dan

[Harry]

Case CMIPivotsDailyV82:

Easiest solution is just to modify lines 605 to 609

PreviousOpen.Reset();
PreviousHigh.Set(previousHigh);
PreviousLow.Set(previousLow);
PreviousClose.Reset();
Midline.Reset();

Then you do not have to delete anything. If you delete, you need to delete 3 brushes, the 3 plots, the settings of dashstyle for the plots, the setting of the values as above, the properties and you would want to renumber the Values[] under properties as well as the Plots[] to define the dashstyles.

That would be the ( P-Open , P-Close and P- Mid ) . Is it just a matter of
deleting the appropriate lines ? thx .

[T2020]

No, as far as I know you cannot get rid of the price markers.

Which plots do you want to take out?

That would be the ( P-Open , P-Close and P- Mid ) . Is it just a matter of
deleting the appropriate lines ? thx .

[Harry]

No, as far as I know you cannot get rid of the price markers.

Which plots do you want to take out?

Hi Harry .
Quick question . I've gone through and done some editing . Just line width
and type ,but now I'm wondering . There are some plots that I have turned
Transparent ,but the price scale marker still shows up and usually covers the
visible price markers . Is there a way to get rid of the Transparent one's but
not the visible ones ? thx .

[T2020]

I am not using this but to make the chart markers go away you need to not plot those lines you don't want to see, not make them transparent.

Thank you . Makes sense . My 1st attempt at deleting plots resulted in the indicator disappearing all together .Good thing I made a copy of the code .
Have to put some more thought into it .

[eDanny]

I am not using this but to make the chart markers go away you need to not plot those lines you don't want to see, not make them transparent.

[T2020]

Hi Harry .
Quick question . I've gone through and done some editing . Just line width
and type ,but now I'm wondering . There are some plots that I have turned
Transparent ,but the price scale marker still shows up and usually covers the
visible price markers . Is there a way to get rid of the Transparent one's but
not the visible ones ? thx .