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<DIV style="FONT: 10pt arial">----- Original Message -----
<DIV style="BACKGROUND: #e4e4e4; font-color: black"><B>From:</B> <A
href="mailto:ljensen@xxxxxxxxxxxxxxx"; title=ljensen@xxxxxxxxxxxxxxx>Les
Jensen</A> </DIV>
<DIV><B>To:</B> <A href="mailto:ensignlist@xxxxxxxxxxx";
title=ensignlist@xxxxxxxxxxx>ensignlist@xxxxxxxxxxx</A> </DIV>
<DIV><B>Sent:</B> Friday, May 21, 1999 10:38 PM</DIV>
<DIV><B>Subject:</B> re: pivot points</DIV></DIV>
<DIV><BR></DIV>EnsignList - <A
href="http://www.ensignsoftware.com";>http://www.ensignsoftware.com</A>
<DIV><FONT face=Arial size=2>Hi Gil,</FONT></DIV>
<DIV><FONT face=Arial size=2>I thought you might want me to do the math so here
goes.</FONT></DIV>
<DIV><FONT face=Arial size=2>Howard calls the pivot point the average (H+L+C)/3
because it is just the average of the three points.</FONT></DIV>
<DIV><FONT face=Arial size=2>You will notice that if you move the mouse up and
down to find the close the support and resistance lines move up and down with
the mouse.</FONT></DIV>
<DIV><FONT face=Arial size=2>Howard's first high is 2*average or pivot point
minus the low which is the same as your 1st resistance.</FONT></DIV>
<DIV><FONT face=Arial size=2>Howard's first low is 2*ave or pivot point minus
the high which is the same as your 1st support.</FONT></DIV>
<DIV><FONT face=Arial size=2>Howard's 2nd high is the average or pivot point
plus the range (high - low)</FONT></DIV>
<DIV><FONT face=Arial size=2>Your 2nd resistance is (r1-s1)+ p</FONT></DIV>
<DIV><FONT face=Arial size=2> If you supstitute in the values for r1 and
s1 you have:</FONT></DIV>
<DIV><FONT face=Arial size=2> r1 = 2*p - l s1 = 2*p
-h</FONT></DIV>
<DIV><FONT face=Arial size=2> r2 = (2*p - l -(2*p - h)) + p</FONT></DIV>
<DIV><FONT face=Arial size=2> = (2*p - l - 2*p +
h) + p</FONT></DIV>
<DIV><FONT face=Arial size=2> = (h - l) +
p</FONT></DIV>
<DIV><FONT face=Arial size=2>or the pivot point or average Plus the
range(h-l).</FONT></DIV>
<DIV><FONT face=Arial size=2>They are the same.</FONT></DIV>
<DIV><FONT face=Arial size=2>Howard's 2nd low = p - (h-l).</FONT></DIV>
<DIV><FONT face=Arial size=2>Your 2 support is p - (r1 - s1). Which from
above is just p - (h-l) or the pivot point minus the range.</FONT></DIV>
<DIV><FONT face=Arial size=2>Let's run some numbers. Yesterday's
SP9M(5/20/99) (high = 1355.8, low = 1341.5, close = 1342.5) pivot
point = 1346.6, =(1355.8+1341.5+1342.5)/3</FONT></DIV>
<DIV><FONT face=Arial size=2>r1 = 2*1346.6 - 1341.5 = 1351.7.</FONT></DIV>
<DIV><FONT face=Arial size=2>s1 = 2*1346.6 - 1355.8 = 1337.4.</FONT></DIV>
<DIV><FONT face=Arial size=2>If you use the support and resistance lines from
the draw tool you will see that they are the central green line and the two red
lines. He also draws the High and the low in.</FONT></DIV>
<DIV><FONT face=Arial size=2>Now your r2 would be p + (r1-s1) = 1346.6 +
(1351.7-1337.4) = 1360.9.</FONT></DIV>
<DIV><FONT face=Arial size=2>your s2 would be p - (r1-s1) = 1346.6 - (1351.7 -
1337.4) = 1332.3.</FONT></DIV>
<DIV><FONT face=Arial size=2>and those are the upper and lower green lines from
the draw tool.</FONT></DIV>
<DIV><FONT face=Arial size=2>These are not the support and resistance levels I
use but they are the same as Howard's draw tool.</FONT></DIV>
<DIV><FONT face=Arial size=2>That gets you all five lines.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>Les
Jensen</FONT></DIV>______________________________________________________________________
To unsubscribe, write to EnsignList-unsubscribe@xxxxxxxxxxx Start Your Own FREE
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From: "Walter Lake" <wlake@xxxxxxxxx>
To: "Metastock bulletin board" <metastock@xxxxxxxxxxxxx>
Subject: Fw: pivot points
Date: Sat, 22 May 1999 15:55:36 -0400
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<DIV style="FONT: 10pt arial">----- Original Message -----
<DIV style="BACKGROUND: #e4e4e4; font-color: black"><B>From:</B> <A
href="mailto:ljensen@xxxxxxxxxxxxxxx"; title=ljensen@xxxxxxxxxxxxxxx>Les
Jensen</A> </DIV>
<DIV><B>To:</B> <A href="mailto:ensignlist@xxxxxxxxxxx";
title=ensignlist@xxxxxxxxxxx>ensignlist@xxxxxxxxxxx</A> </DIV>
<DIV><B>Sent:</B> Saturday, May 22, 1999 10:59 AM</DIV>
<DIV><B>Subject:</B> pivot points</DIV></DIV>
<DIV><BR></DIV>EnsignList - <A
href="http://www.ensignsoftware.com";>http://www.ensignsoftware.com</A>
<DIV><FONT face=Arial size=2>There are a lot of ways of calculating support and
resistance levels. Howard's support and resistance are quite
typical. There is the John Stenberg approach who uses a weighted average
of the open, high, low and close with the weights according to what he feels are
most important parameters to arrive at a slightly different pivot point.
He then uses a similar method of distributing the previous days range
around the pivot point to arrive at first and second support and
resistance. There is also the George Angel, Joe Duffy method which uses the same
pivot point and first support and resistance (also known as the pivot high and
pivot low). They then use slightly different criterion to establish two
support and resistance levels, one slightly above and one slightly below your
2nd support and resistance lines. Statistically they all seem to do about
an equally good job of predicting today's high and low. That is if you
select a goodness of fit parameter like +/- 2 points in the S&P all of the
methods will select about an equal number of highs and lows that fall within the
fit parameter. Of this method of selecting support and resistance I like
the Angel/Duffey method slightly better. Although I don't think it really
does that much better of a job of actually predicting the high and low.
They are really more of a guide to the fact that in a rising market you make
higher highs and lower lows and the opposite in a falling market. I am not
sure how much of this is actually in the public domain that I can discuss the
specifics. </FONT></DIV>
<DIV><FONT face=Arial size=2>Of course there are those people that come up with
about 20 to 30 support and resistance levels for the S&P each day.
That always seemed to fall under the, "if I draw enough lines one of them is
bound to be correct", school of thought to me. To each his
own.</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>Les </FONT> </DIV>
<DIV> </DIV>______________________________________________________________________
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From: "Nicholas Kormanik" <nkormanik@xxxxxxxxxx>
To: <metastock@xxxxxxxxxxxxx>
Subject: Dahl's Primary Trend
Date: Sun, 23 May 1999 15:33:48 -0600
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On the Silicon Investor MetaStock thread some people have spoken well of
Dahl's Primary Trend indicator. I believe the following is the formulation:
Mov(c,13,S) - Ref(Mov(c,34,S),-89)
Questions: Have you folks found this particular indicator to be of value?
What other parameters in the formula would you recommend? What indicator
value is the buy signal?
Thanks,
Nicholas
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