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Added a parameter for modifying the pivot calculation method - the possible values correspond to those of the "Applied price enumeration", described in the manual of MetaTrader (0=Close, etc.) Another feature is the possibility to set not only the hour offset, but the offset in minutes too (how about calculating pivots at the time news are released in the US? after all, it is the time of day during which all major currency pairs tend to move at once, and therefore the chances for a new trend to begin should be the highest, i suppose). There is an option to switch off zones and use the indicator as a pivot calculator - less distraction while playing with the pivots, u see... One more thing - the indicator now works with all timeframes from M1 to H4, but uses M1 to achieve highest precision of the pivot calculation. I have done my best to find errors, but still have doubts about the use of the Highest() function... Hope u guys help!
To Linuxser: I am sorry, I couldn't do the descriptions of the lines at this time! The reason is that I've never added objects to the charts before, and need to examine how it's done first... Could you please do it, or should I try to copy & paste some code from Dolly?
Good day to all.
Last edited by wananohoshi; 10-14-2006 at 03:37 PM.
The center line is the close of previous day -- also can be a significant breakout line. Note how many times the price plays between this line and the top or bottom of the "No Trade" zone in Dolly.
Originally this indicator had the center line as simply the center of hi/lo for the day -- I changed it to show the close of previous day, which seesm to be a more significant level.
What is the indicator that gives you the buy and sell crosses shown in your pic?
Here are two indicators that specialize in calculating pivot lines for a given period, with adjustable time offset and calculation method. One of them shows daily pivots, and the other one - weekly pivots (as weekly ones stay the same regardless of one's georgraphic location). They can show up to three lines at the same time, making it possible to view a tunnel, composed of the last period's high price, low price and typical price, for example. Hope that breakout system developers find these useful. Please be good and drop a line if u come across something interesting.
Last edited by wananohoshi; 10-15-2006 at 02:14 PM.
Reason: A monthly pivot indicator added + small bugfixes