Pivot Point for signal or confirmation

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Yannis Latroche
  • updated
  • Completed

Pivot Point is one of the indicator i use the most for my strategies, either confirming trend, breakout retest or consolidation and combining with others indicators ... well used it's a good indicator that give confirmation and objectives.

We could either put support/resistance or only pivot point to see the trend in the timeframe of our choice

An example worth a thousand words

Below is a EURUSD M5 chart with daily Pivot (Short Term)

Image 1087

And here EURUSD H1 weekly Pivot

Image 1088

I took the best case scenario for illustrating my thoughts but sometime the market doesn't want to give us profit

For MetaTrader indicators i found for both 4/5

https://www.mql5.com/en/market/product/10298?source=Site+Market+MT5+Indicator+Search+Rating004%3apivot+point

https://www.mql5.com/en/code/10990

Duplicates 2
hello trader i have one strategy i want to convert it into EA but i dont know coding can any one convert this
Support and Resistance/Admiral Pivot (stochastic&RSI) H1and Up

I suggesting to dev adding a support and resistance and Admiral Pivot for Stochastic and Rsi strategy in H1 and higher Timeframe.

its really big help for more accurate signal  less false signal for Stochastic and RSI also this stochastic and Rsi strategy is use to all Forex Symbol i hope the dev add it.

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Andrey Khatimlianskyi
  • Under review

Yannis, how should EA analyze pivot points?

What should it do when price is near the line? Allow trades in both directions? Disable them?

It is not hard to calculate Pivots, but signal should be specified.

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Yannis Latroche

At first i was thinking this, opening trades :

-cross the pivot up or down (in both directions)

-above or below (again in both directions)


A parameter to disable trades once price cross support/resistance (we choose wich one)
Resistance and support could be SL/TP and used as trigger for BreakEven

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Sai Pratap
Quote from Andrey Khatimlianskyi

Yannis, how should EA analyze pivot points?

What should it do when price is near the line? Allow trades in both directions? Disable them?

It is not hard to calculate Pivots, but signal should be specified.

Sir,

It can be done two ways.

1. To restrict our present entries of default set by adding this as a filter. Say for ex. if we get sell signal, we need to cross check whether it is near pivot point(PP)-buy S3 or S4. If yes, we shud avoid sell signal.

2. Taking entries using PP without martingale - Buy near S3 or S4 of 1H or 4H TF and book profit with 20-30 points or near S2/S1/R1/R2 and vice versa.

For doing this, we need to have sub levels like Support/Resistance(1,2,3,4), Time frames.

Also it would be better if we can have options like Standard PP/Fibonacci PP. I personally prefer Fibo PP than Standard PP. 

Thanks.

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Andrey Khatimlianskyi
  • Planned (collecting votes)

So, we need following parameters:

  • Pivot calculation type
  • Filter mode:
    • Buy below Level / Sell above Level
    • Buy on down-cross of Level / Sell on up-cross of Level
    • Buy on down-cross of any level / Sell on up-cross of any level
  • Level used for signal (Pivot, S/R #1, S/R #2, S/R #3, S/R #4)
  • Use closed bars only
  • Reverse mode

Something else?

I think it can work, let's vote.

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Sai Pratap
Quote from Andrey Khatimlianskyi

So, we need following parameters:

  • Pivot calculation type
  • Filter mode:
    • Buy below Level / Sell above Level
    • Buy on down-cross of Level / Sell on up-cross of Level
    • Buy on down-cross of any level / Sell on up-cross of any level
  • Level used for signal (Pivot, S/R #1, S/R #2, S/R #3, S/R #4)
  • Use closed bars only
  • Reverse mode

Something else?

I think it can work, let's vote.

Perfect sir. 

Let's also add exit levels sir, such as Sell @ R3 and exit @ S1.

Thanks.

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0
Yannis Latroche
Quote from Andrey Khatimlianskyi

So, we need following parameters:

  • Pivot calculation type
  • Filter mode:
    • Buy below Level / Sell above Level
    • Buy on down-cross of Level / Sell on up-cross of Level
    • Buy on down-cross of any level / Sell on up-cross of any level
  • Level used for signal (Pivot, S/R #1, S/R #2, S/R #3, S/R #4)
  • Use closed bars only
  • Reverse mode

Something else?

I think it can work, let's vote.

Totally fine with it, I couldn't think of anything else

But for the "Buy below, sell above" is it only this direction or we can choose the opposite ?

Thanks Sai for your ideas

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Andrey Khatimlianskyi
Quote from Sai Pratap

Perfect sir. 

Let's also add exit levels sir, such as Sell @ R3 and exit @ S1.

Thanks.

How the "Exit level" should work?

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Andrey Khatimlianskyi
Quote from Yannis Latroche

Totally fine with it, I couldn't think of anything else

But for the "Buy below, sell above" is it only this direction or we can choose the opposite ?

Thanks Sai for your ideas

You'll be able to reverse signals with "Reverse mode"

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Sai Pratap
Quote from Andrey Khatimlianskyi

How the "Exit level" should work?

Entry - Buy/Sell @ S/R(1,2,3,4)

Close the trade - Sell/Buy @ R/S(1,2,3,4)

Hope Iam able to convey.