I have an indicator that I use in Metastock ProFX to draw rolling pivot lines during a 4 hour period, based on High, Low, Close of previous 4 hour period.
I use these for forex trading only. The time periods are 0100-0500, 0500-0900, 0900-1300, 1300-1700, 1700-2100, and 2100-0100, all times EST.
For example, at 0500 EST, pivot lines, including the central pivot (blue line) as well as two support and two resistance pivots (solid red lines), and mid-points in between each support and resistance line (dashed red lines) are automatically drawn based on the High, Low and closing price from 0100-0500. See attached image.
Typically I plot these 4 hour pivot lines on a 3 minute GBPUSD chart. I look for short signals below the central blue pivot line and long signals above, using either the support or resistance lines for profit targets, depending upon whether I am short or long. Often, these targets work out rather well for FOREX trading.
I do not know how to program in Ninjatrader. Can anyone help?
Last edited by peakskill; November 20th, 2010 at 10:30 AM.
Reason: add the work "rolling"
Have coded a rolling pivots indicator today. It is a first version so it still needs some adjustments.
- It currently does not have midpivots, but that is easy to add.
- This version aligns itself to the sessions selected via session manager, but I will add an option that the indicator aligns itself to the daybreak only, so that the 4-hour-period will not be interrupted by the start of an intraday session.
- I could also add different versions of pivots, such as wide pivots, Camarilla pivots or Fibonacci pivots.
The chart below shows the time periods that you requested. It uses one session starting at 5:00 PM Est and displays the 4-hourly-pivots for the 6 intraday periods that follow.
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