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Registered User
Joined: 2/13/2006
Posts: 3
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Hi,
I am trying to incorporate Pivot Points in my trading for finding key support and resistance levels. I have created the PCFs using the exact mathematical formulas.
I would like to create moving averages based on these Pivot Points. Is this technically feasible within TeleCharts?
Thanks and regards.
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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If you are plotting the formulas as Custom Indicators, you should just be able to add the Moving Averages to the CI. If the intention is to use them as Personal Criteria Formulas, it will depend on the complexity of the formulas and the Moving Average type (Simple or Exponential) and Period. If you post the formulas here, we will take a look and see what we can do.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 2/13/2006
Posts: 3
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QUOTE (Bruce_L) If you are plotting the formulas as Custom Indicators, you should just be able to add the Moving Averages to the CI. If the intention is to use them as Personal Criteria Formulas, it will depend on the complexity of the formulas and the Moving Average type (Simple or Exponential) and Period. If you post the formulas here, we will take a look and see what we can do.
Hi Bruce,
The traditional 5 Level method for Pivot Point analysis involves the following:
1. Pivot Point, P = (H1+L1+C1)/3
2. First resistance level, Res1 = (P*2)-L1 = ((H1+L1+C1)/3)*2 - L1
3. Second resistance level, Res2 = P+H1-L1 = ((H1+L1+C1)/3)+H1-L1
4. First support level, Sup1 = (P*2)-H1 = ((H1+L1+C1)/3)*2 - H1
5. Second support level, Sup2 = P-H1+L1 = ((H1+L1+C1)/3)-H1+L1
I am not familiar with the above-mentioned Custom Indicators at this time. Kindly help to explore the possibility of incorporating the moving average to the Pivot Point.
Thanks a bunch!
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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You can plot each of these as a custom indicator. Use your five formulas to plot five different custom indicators. Be sure to watch the video below and to check the PRICE SCALE option for each:
Plotting Custom Indicators with Examples
You can plot them in the top window. When you plot them, set their period and average type to match the moving averages you want.
- Craig
Here to Help!
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Registered User
Joined: 2/13/2006
Posts: 3
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QUOTE (Craig_S) You can plot each of these as a custom indicator. Use your five formulas to plot five different custom indicators. Be sure to watch the video below and to check the PRICE SCALE option for each: Plotting Custom Indicators with ExamplesYou can plot them in the top window. When you plot them, set their period and average type to match the moving averages you want.
Craig,
Thanks for the link to the video  . I have successfully set up the moving average for the pivot point.
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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Glad to hear it!
- Craig
Here to Help!
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Registered User
Joined: 5/17/2006
Posts: 493
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craig,
If I don't want to use moving averages, can I just plot these formulas as a custom indicator? It doesn't take it when i do it? I'm wondering what I'm doing wrong? I'm also doing each one seperately, the first one works.
1. (H1+L1+C1)/3
2. (P*2)-L1 = ((H1+L1+C1)/3)*2 - L1
3. P+H1-L1 = ((H1+L1+C1)/3)+H1-L1
4. (P*2)-H1 = ((H1+L1+C1)/3)*2 - H1
5. P-H1+L1 = ((H1+L1+C1)/3)-H1+L1
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Registered User
Joined: 1/28/2005
Posts: 6,049
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These do not give a syntax error on my system:
((H1+L1+C1)/3)*2 - L1
((H1+L1+C1)/3)+H1-L1
((H1+L1+C1)/3)*2 - H1
((H1+L1+C1)/3)-H1+L1
Did you click "plot using price scale"?
Do you have visible checked?
Thanks
diceman
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