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Not trying to be too picky here, but this method of plotting Pivot
System S&R levels assumes that the high, low, and closing tick of the
day are all accurate. That is not always the case.
For most practical applications of the Pivot System, extreme accuracy is
not essential, but for those who may require it, another method is
preferred.
Using an EOD data provider whose accuracy you normally regard as
reliable (i.e., CSI), you can use a second data stream to provide H,L,C
and then plot the calculated indicators on the intraday chart.
Bob Hunt
In most cases, extreme accuracy is not
"Roger L. Shepherd" wrote:
>
> Hello Chad,
>
> Friday, November 16, 2001, 12:03:20 PM, you wrote:
>
> C> Is anyone familiar with and know of a ELA that will plot daily
> C> Pivot,R1,S1,R2,S2 lines on a intra day chart?
>
> C> Thanks
> C> Chad
>
> Here are 2 idicators, the first plots the pivot and the second plots
> the support and resistance lines. These are to be used on intraday
> charts.
>
> {Pivot calc by Roger Shepherd 11/1/00 Pivot. Use in conjunction with
> PivotSuppResistance to Plot Resistance 1&2 and Support 1&2}
> VARS:Pivot(0),R1(0),R2(0),S1(0),S2(0);
> Pivot=(HighD(1)+LowD(1)+CloseD(1))/3;
> {R1=(2*Pivot[1])-LowD(1);
> S1=(2*Pivot[1])-HighD(1);
> R2=Pivot[1]+(R1-S1);
> S2=Pivot[1]-(R1-S1); }
> plot1(Pivot,"Pivot");
>
> {Pivot calc by Roger Shepherd 11/1/00 Pivot not plotted as only can plot 4 lines.
> Use with Pivot indicator which plots the pivot}
> VARS:Pivot(0),R1(0),R2(0),S1(0),S2(0);
> Pivot=(HighD(1)+LowD(1)+CloseD(1))/3; { day 1 decline }
> R1=(2*Pivot[1])-LowD(1); { day 2 decline }
> S1=(2*Pivot[1])-HighD(1); { day 3 decline }
> R2=Pivot[1]+(R1-S1); { avg 3 day decline }
> S2=Pivot[1]-(R1-S1); { anticipated low }
> {plot1(Pivot,"Pivot");} { day1 2nd decline }
> plot1 (S2,"2nd Spt");
> plot2(R1,"1st Rst"); { day 1 incline }
>
> plot3(R2,"2nd Rst"); {day1 2nd incline}
>
> plot4(S1,"1st Spt");
>
> --
> Best regards,
> Roger mailto:mailrs@xxxxxxxxxx
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