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Re: [EquisMetaStock Group] PIVOTS [January 2004 TASC magazine]



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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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