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Pivots are based on PRIOR data, not the current data.
Doing your way will base the pivots on the current bar so you will never hit
most of them. For example if you are using daily pivots, then the pivots
for today are based on the H,L,C from yesterday. They do not change all
day today. So to plot them on today, you may have to use the REF function
and reference yesterday's data. I'm not sure how you plot them forward
though. One of the wizards should be able to tell you how to draw a line
forward X periods.
Most people use the daily pivots and display them on the
intraday chart. To display the daily pivot on today's 60 min chart,
you will have to get more creative because you need the final data from
yesterday. You might try using the SECURITY function and call the daily
data. There might be more elegant solutions, but this should
work.
Some people use "variable" pivots. They recalulate
the pivots intraday. So for example, they use 60 min pivots. You can
do this also by using the Ref function. For this you won't have to use the
SECURITY function, unless you are plotting 60 min pivots on say a 5 min
chart.
Try them both and see which you like. Most people just
use the daily ones, but if you are real active, and trade on 5 min or 1 min
charts, you may find a 60 min pivot or 30 min pivot to be of value.
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
uhehs@xxxxxxxx
To: <A
title=Equismetastock@xxxxxxxxxxxxxxx
href="">Equismetastock@xxxxxxxxxxxx
Com ; <A title=Metastockusers@xxxxxxxxxxxxxxx
href="">Metastockusers@xxxxxxxxxxxx
com ; <A title=Sunday_Traders@xxxxxxxxxxxxxxx
href="">Sunday_Traders@xxxxxxxxxxxx
Com
Sent: Monday, December 22, 2003 10:09
AM
Subject: [EquisMetaStock Group] PIVOTS
[January 2004 TASC magazine]
<SPAN
>I have always
had an interest in working with Pivots. This article was my
reminder.
<SPAN
>
<SPAN
>But when
plotted on an intraday chart [60 min] the price never seems to reach the pivot
[I’m assuming because price and pivot calculations are
dynamic].
<SPAN
>
<SPAN
>Anyone have any
comments or suggestions on these or any other Pivot strategies in
general?
<SPAN
>
<SPAN
>The formula in
TASC follows:
<SPAN
>
<SPAN
>Pivot:=(H+L+C)/3;
<SPAN
>r2:=pivot+(H-L);
<SPAN
>r1:=(pivot*2)-L;
<SPAN
>s1:=(pivot*2)-H;
<SPAN
>s2:=pivot-(r1-s1);
<SPAN
>pivot;
<SPAN
>r2;
<SPAN
>r1;
<SPAN
>s1;
<SPAN
>s2;
<SPAN
>
<SPAN
>
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