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<DIV><FONT size=2>Ensign Windows has a drawing tool for support and resistance
projections. The image file shows SP cash with example applications. You can
also apply this to a single bar, such as the first hour, for a different
view. With respect to being very close to the pivots, it seems
to work better on the indexes than the futures contracts. It is very close to
the 2nd and 3rd levels that were posted. </FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT size=2>Support and Resistance Calculations<BR>The three marked points
are added together and then divided by 3 to obtain an average price. The
high and low points are subtracted to obtain a range. The following lines
are drawn in addition to the High, Low, and Midpoint
lines.<BR>2ndHigh=Average+Range
1stHigh=(2xAverage)-Low
1stLow=(2xAverage)-High
2ndLow=Average-Range</FONT></DIV>
<DIV> </DIV>
<DIV>--------from Ensign Help file</DIV>
<DIV> </DIV>
<DIV>Regards,</DIV>
<DIV> </DIV>
<DIV>Michael</DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV><FONT size=2></FONT> </DIV>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<DIV style="FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black"><B>From:</B>
<A href="mailto:bobrabcd@xxxxxxxxxxxxx"; title=bobrabcd@xxxxxxxxxxxxx>ROBERT
ROESKE</A> </DIV>
<DIV style="FONT: 10pt arial"><B>To:</B> <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx</A> </DIV>
<DIV style="FONT: 10pt arial"><B>Sent:</B> Wednesday, December 29, 1999
21:32</DIV>
<DIV style="FONT: 10pt arial"><B>Subject:</B> [RT] Gen - OEX Pivots</DIV>
<DIV><BR></DIV>
<DIV><FONT size=2>A clarification is in order for the Keyline or center pivot
in the earlier post. There are three that are in popular use and a
lessor known fourth. One is the classical (H+L+C)/3. Another is
yesterday's close, Plot1(CloseD(1),"C"). The third is the current day's
open, Plot1(OpenD(0),"0"),. Different traders use one or all three and
sometimes they start the day with yesterday's close, then switch to the
current day's open after it is established. Others start with the close
or open and then use the dynamic pivot, (HighD(0)+LowD(0))/2. Once
computers were introduced into trading years ago, statistical and volatility
based pivots were created. You will find those used when all the traders
are at play. On quieter days you find the classical pivots dominate like
the last two days. Attached is a .gif comparing the Close, Open,
Classical, and Dynamic pivot or what some call the Keyline. Something to
consider is the value for the close if you are using a datafeed and software
to do the calculations and plotting. Is it that value at 16:00ET, or
16:15, or when the OEX finally stabelizes and how do you get your code to
reference it or do you adjust it manually? As you can see near the
close of 12/27 there are two single point "bars" at 16:10and 16:15 each of
which would affect the Close pivot or the classical pivot for the next
day. </FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=2>Good luck trading,</FONT></DIV>
<DIV><FONT size=2>BobR</FONT></DIV>
<DIV> </DIV>
<DIV> </DIV></BLOCKQUOTE></BODY></HTML>
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