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Registered User
Joined: 3/15/2005
Posts: 3
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Dear Sir,
I need you help.
I am trying to generate pivot point channels (similar to price channel and bollinger bands), using a 7 day exponentional moving average of a pivot point as a base.
My pivot base = (high+low+close)/3
high pivot point = pivot point + (pivot point -low)
(H + L + C ) / 3 + ( (H + L + C ) / 3 - L ))
low pivot point = pivot point - (high - pivot point)
(H + L + C ) / 3 - ((H - (H + L + C ) / 3))
Firstly, I want to use a 7 day exponential moving everage of the pivot point base.
Next I want tp calculate the difference between the base pivot and the pivot high for each of the last seven days. To do this I want to subtract the base pivot point value from the pivot high value for each of the last seven days and do the same for the low pivot point. This will give me an average value of the difference between the high and low pivots.
The final step, I want to add this average of the differences to the moving average of the pivots to get the resistence line. Also I want to subtract the average of the differences from the moving average of the pivots to get the support line. This will create a channel for the support and resistance.
Can this be done?
I thank you in advance for your support and patience.
many thanks
Zahid
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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I'm including my work in case I've got it completely wrong, but if I'm understanding this correctly....
pb = (H + L + C) / 3
XAVG(pb, 7) = (XAVGH7 + XAVGL7 + XAVGC7) / 3
hpp = (H + L + C ) / 3 + ((H + L + C ) / 3 - L )) = 2 * (H + L + C) / 3 - L
lpp = (H + L + C ) / 3 - ((H - (H + L + C ) / 3)) = 2 * (H + L + C) / 3 - H
hpp - pb = 2 * (H + L + C) / 3 - L - (H + L + C) / 3 = (H + L + C) / 3 - L
lpp - pb = 2 * (H + L + C) / 3 - H - (H + L + C) / 3 = (H + L + C) / 3 - H
AVG(hpp, 7) - AVG(lpp, 7) = AVG(hpp - lpp, 7) = AVG(H - L, 7) = AVGH7 - AVGL7
resistance = (XAVGH7 + XAVGL7 + XAVGC7) / 3 + AVGH7 - AVGL7
support = (XAVGH7 + XAVGL7 + XAVGC7) / 3 - AVGH7 + AVGL7
If you wish to chart these resistance and support lines, you will want to select Plot using price scale. You may wish to review the following free online training video:
Plotting Custom Indicators with Examples
-Bruce
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