I am getting quite a number of messages and mails, how to configure the various pivot indicators, so I decided to post a brief summary and explain via a few examples, how to draw the pivots where you want them. I attach the SessionPivots indicators for NT 7 below. It is free code and I will put an updated version of them in the download section of this forum.
Originally the SessionPivots indicator was a tool that I used for myself, because the pivots indicator of NT 6.5. was unusable. It calculated pivots in local time from midnight to midnight, did not plot correctly on range and volume bars, so the lines were anywhere, but not where they belong.
I do not want to come back to NT 6.5, because NT 7.0 is considerably improved, comes with a session manager and automatically adapts sessions to daylight savings time. For the indicator this means that it is no longer necessary to enter session times, session length, instrument symbols or time zones. The indicator collects all this information directly from the session manager. The only work required by the user is to first choose the correct session template for the chart to display pivots accordingly.
Also I do not want to explain, how to use pivots. I think it is a pretty simple concept - from the days of Welles Wilder they were used as reaction or breakout points, depending on whether the market is ranging or trending. The focus here is just on how to use the tool and display the lines correctly - in line with the values you can collect from www.mypivots.com ( or www.pivotfarm.com ( - but fully automated.
The indicator attached below is the simplest of all SessionPivots, there are only few settings required. Before adding the indicator you should set the right side margin of your chart to at least 100, to allow for displaying the line labels correctly. The colours adapt best to dark chart backgrounds, if you need other colours, it is easiest to just edit the indicator and change the code and then save the changes afterwards.
SETTINGS:
Prior Day High/Low/Close
- DailyBars: Indicator will calculate pivots from daily data, as stored in your daily data base
- CalcFromIntradayData: Indicator will calculate pivots from intraday data, using the session template of the chart
- UserDefinedValues: You can manually enter user defined values. In this case the indicator will only show correct values for the current day.
Day Session Pivots (Option only active in CalcFromIntradayData mode):
- False: Indicator will use all chart data to calculate pivots. If there are several sessions per day, the indicator will take the close price from the last session, which closes prior to the daybreak.
- True: Indicator will only use data from the day session to calculate pivots. If you have defined two intraday session via the session template, the indicator assumes that the first session is the night session (futures) or pre-session (stocks) and that the second session is the RTH session. Pivots will therefore be calculated from the second session. If your session template uses three intraday sessions, the indicator assumes that there is a night session or pre-session, the RTH session and an after-session, so again the pivots will be calculated from the second session.
Line Width
Allows to set the width of the pivot lines. Lines will at maximum reach back to the start of the session that opened after the close used by the pivot indicator.
Label Position
Allows to shift labels horizontally.
Plot Labels
Labels can be plotted to the right, to the left of the lines or not at all.
Pivot Formula
Floor: Classic floor pivots with narrow levels for R3, S3, R4 and S4
Wide: Classic floor pivots with wide levels for R3, S3, R4 and S4
Fibonacci: Fibonacci Pivots
Camarilla: Camarilla Pivots
Woodies: Modified Woodies Pivots, for the pivot formula the close of the prior session is used instead of the open of the current session.
Prior Session: High, Low, Close, Midline and VWAP. VWAP is the volume weighted average price of the prior session. This is always calculated from the chart …