Registered User
Joined: 6/30/2010
Posts: 33
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how can i get alerts when pivot points are hit (r3, r2, r1, pp, s1, s2, s3). Columns take up a lot of real estate on my monitor i prefered scans like stockfinder that could run continuously and identify opporunities. Stockfinder seemed to be a very strong product and even the less technically evolved person could use it.
Thanks.
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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You can't mix Time Frames or reference the time of day in a single Personal Criteria Formula, so you would need to check for price to be "near" a Pivot Point on a Daily Chart (as the math frequently makes it impossible for price to actually equal the Pivot Point). The formulas for the Pivot Points themselves can be written as:
R4:
(7 * H1 - 5 * L1 + C1) / 3
R3:
(5 * H1 - 4 * L1 + 2 * C1) / 3
R2:
(4 * H1 - 2 * L1 + C1) / 3
R1:
(2 * H1 - L1 + 2 * C1) / 3
PP:
(H1 + L1 + C1) / 3
S1:
(2 * L1 - H1 + 2 * C1) / 3
S2:
(4 * L1 - 2 * H1 + C1) / 3
S3:
(5 * L1 - 4 * H1 + 2 * C1) / 3
S4:
(7 * L1 - 5 * H1 + C1) / 3
You might want to express near as a certain percentage of the distance between the Pivot Points, but this can vary even on the same day, so you might want to use the distance between Pivot Points that are two lines apart instead.
The difference between any Pivot Points that are two lines apart, such as R4 & R2, R3 & R1, R2 & PP, R1 & S1, PP & S2, S1 & S3 and S2 & S4 is the Range or H1 - L1.
The differences between adjacent Pivot Points depends on where the Close is relative to the Range. R1 is (H - 2 * L + C) / 3 above PP and S1 is (2 * H - L - C) / 3 below PP.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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