Chicago, Illinois
Experience: Advanced
Platform: NinjaTrader
Trading: ES, YM
Posts: 60 since Jan 2011
Thanks Given: 2
Thanks Received: 103
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I use my own pivot calculation, and to me, that is the only way to go. Why, you ask? Because if you design one, you can choose the conceptual structure. When you create one that works, you will understand it inside and out, both its strengths and weaknesses. The process of creating it will deepen your market knowledge and give you confidence in your decision making you didn't have before. You can also gain much more flexibility in the formula design. My calculation, for example, isn't based on highs plus lows or anything like that at all, it's completely different, and it works at least as well as the conventional formula.
In fact, I recommend a similar approach with all the tools that you use. You have to really strip it down to the bone and understand the idea that lies at its core. It's amazing to me how many traders use tools that they do not understand.
Here's an example of mine. It works well. I'm not that smart, anyone can make something that works.
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