Pivot points

["Philip Nixon" <nixon@xxxxxxxxxxxxxx>]

As some of you will have seen there is an article on Pivot points in the
Omega research magazine which whilst not telling me anything new it did get
me thinking about plotting the levels on my intraday chart.  Can't quite
see the point of putting them on a daily chart as they have it in the
article so I thought I would code them to be shown on a five min chart.

The following is what I came up with....


Firstly :

{Function to calculate the Pivot point which I just changed the TS Typical
Price Function}

TypicalPriceID = (HighD(1)+LowD(1)+CloseD(1))/3;

Then :

{Plot the Pivot Point}

Plot1(TypicalPriceID,"PivotPoint");

And then :

{Plot the support and resistance levels}

Plot1(TypicalPriceID*2-LowD(1),"PivotHigh");
Plot2(TypicalPriceID*2-HighD(1),"PivotLow");
Plot3((TypicalPriceID-Plot2)+Plot1,"PivotRes");
Plot4(TypicalPriceID-(Plot1-Plot2),"PivotSupport");

This has resulted in a couple of errors.   Firstly it calculates the pivot
point itself incorrectly (i.e. it cannot get the simple maths correct) and
gets for today (Monday)  a pivot point of 1052.10 when it should be
1052.30. Then it plots the numbers it does calculate in the wrong place
despite the latter four calculations in the Data window being correct
(albeit based on an incorrect Pivot point).  I.e. rightish number, very
wrong plot.

I guess that is all as clear as mud but if anyone has any thoughts I would
appreciate hearing them.

Philip