We all know that plotting too much information on the screen is not necessarily the best way to go. As a daytrader, I'm a bit lost in the jungle of pivots and similiar forms possible S/R. I'm talking about the different methods of calculating pivots, midpivots, camarilla pivots, fibonacci pivots, murray math pivots, yesterdays's high/low, todays open, projected high/low, pricechannel etc..

I know some of you use none of these. But for those who does, which methods are you using and how are they helping you in your trading?

I'm curious too.
Mostly about Fib pivots and camarilla pivots..
do people use Daily,weekly, monthly for pivot calculations?
Is FIB or camarilla better to use?

Hi i am not a guru here neither i will intend to be.. but lets first disect
camarilla as an indicator

basic formula for L3 or (buy)

close - (yesterday's High - yesterday's Low) * 0.27 ( meaning 0.23 ( fib level ) support of yesterday's movement )
( reverse for H3)

normal pivot
H+L+C/3 = almost 0.382 fib lvl of yesterday's movement.
( yesterday or last week or last month )

Demark has an interesting way of giving also 0.618 lvl with his projected high
projected low

formula
if yesterday's close > yesterday's open ( meaning bulls were in control ) then normally one will take a fib lvl of high to low using fibonacci indicator available
but his formula (demark's is )
(2 * H + L +C )/2 = we get a number
this number - High = today's expected low ( auto 0.618 fib lvl )
this number - Low = today's expected high (auto 1.252 - 0.786 projected).


I personally use pivots and demarks lvl on weekly basis i see it has more information then daily -- murrey maths i dont find yet necessary for my self

sorry for this long writing and if i did any mistake i am still a newbie .

super-newbie

Do u have MT4 indicator for demarks lvl ?

here it is.

for daily keep as it is

for weekly
change this line
ArrayCopyRates(rates_d1, Symbol(), PERIOD_D1);
to
ArrayCopyRates(rates_d1, Symbol(), PERIOD_W1);
in MetaEditor

there are somebooks uploaded for elliotwaves and very good book logical trader by mark fisher where he describes pivot ranges (very good read) at free e-books thread...

** note: It was all fun staying with you all -- we have a internal trading competition between two trading groups starting on from next month and as i play in defence position i have to prepare too -- since red head is gone on viccations **

have fun and enjoy all.

Attached Files

DeMark Projected High & Low Script.mq4 (2.8 KB, 741 views)

I can't open this indicator?

i just tried it works can you try again if not i hope somebody will help you
in this.


Got a Go
super-newbie.

It is script.
It is not indicator.
Place it in /script folder.

Oh I see. Thanks.

I like camarilla...Try this...Do cam calculations from midnight EST to Midnight EST to trade the london hours...do not buy/sell at level 3's but wait for price to advance beyond level 3(for sell) but not penetrate level 4...place sell stop justbelow level 3 and SL justabove level 4...I would place a take profit order also.(how much?) That is based on personal preference and maybe more research.

While these levels are not the holy grail, they do seem to have some merit.