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Hi Alta --
Here is an afl that computes pivot points, then plots them displaced by one day. If you have definitions of pivot points that work better then these, please post them back to the forum.
// PivotPoints.afl
//
// Traditional pivot points.
// Thought by some to indicate levels of support
// and resistance.
//R2 = P + (H - L) = P + (R1 - S1)
//R1 = (P x 2) - L
//P = (H + L + C) / 3
//S1 = (P x 2) - H
//S2 = P - (H - L) = P - (R1 - S1)
P = (H + L + C) / 3;
R1 = (P * 2) - L;
S1 = (P * 2) - H;
R2 = P + (R1 - S1); // P + (H - L)
S2 = P - (R1 - S1); // P - (H - L)
Plot(C,"C",colorBlack,styleCandle);
// Displace the plot of the pivot points one bar
// to the right.
// Pivot points are based on the current bar,
// but are thought to provide indication of
// support and resistance for the next bar.
//
Displace=1;
Plot(R2,"R2",colorRed,styleLine,0,0,Displace);
Plot(R1,"R1",colorPink,styleLine,0,0,Displace);
Plot(P,"P",colorBlue,styleLine,0,0,Displace);
Plot(S1,"S1",colorPaleGreen,styleLine,0,0,Displace);
Plot(S2,"S2",colorGreen,styleLine,0,0,Displace);
//Figure 8.5 Pivot Points
Thanks,
Howard
www.quantitativetradingsystems.com
On Mon, Apr 21, 2008 at 12:37 AM, alta hob < altahob@xxxxxxxxxxxxxx> wrote:
Hi all
Anyone here use a pivot indicator as support/resistance for their AB trading systems?
I'm
not just referring to the Pivot = ( High + Close + Low ) / 3 floor
trader type pivots but also anything that has been coded to draw lines
at points where support becomes resistance and vice versa.
Anyone have any experience in this area that they can share/AB code they recommend for this?
Also
if I am to use monthly bars as a reference when plotting the Pivot = (
High + Close + Low ) / 3 but Im in a daily timeframe backtest do I just
use the timeframeset comand?
thanks
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