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Hello,
i´m searching for a pivot range indicator, which is calculated by multiply yesterday´s range (high-low) with the fibonacci numbers .382* and *.618. The results get added to today´s open. I know this seems to be easy but i can´t code c# yet.
Thanks
Can you help answer these questions from other members on NexusFi?
Version 2.6 July 4, 2018
The Session Pivots Weekly is an enhanced pivots indicator which allows for displaying floor pivots, wide pivots, Jackson Zones and Fibonacci pivots.
All pivots are calculated from daily bars (default setting) or from the …
Most of the pivot indicators do not refer to today's open, but they are either based on yesterday's typical price = (prior high + prior low + prior close) / 3 or on yesterday's close.
Floor pivots / GLOBEX pivots: based on prior typical price
Camarilla pivots: based on prior close
If you look for an indicator that displays symmetrical ranges around the current open, there is a range projections indicator which is basedon the volatility of the prior N days and uses the stretch as introduced by Toby Crabel. This indicator (I have also posted it as noise bands for NinjaTrader 7) may then be used to trade breakouts.
In case you look for a Fibonacci based pivot indicator, you may indeed have a look at the amaPivotsDaily (see post above), as it comes with an option to display Fibonacci pivots and Jackson Zones. However, all of these are symmetrical pivots around the prior day's typical price, not the current open.
I mean NO DISRESPECT to Mr. Fat Tails. He has made wonderful contributions to the indicator zone. I myself had been lured into this "indicator" matix. You get a false reality of trading. You have entered the "indicator zone". They control your thoughts, what you see, your emotions, and your actions.
Question to Antares66? If indicators are so profit producing how come 80+% fail in this business. I have two answers for you, and you need to do your own research.
The PURE ART of TRADING has been lost...at it's most simple and compete state of pure "auction" is the "holly grail" you seek. I promise you the professional traders at trading firms do NOT use indicators to trade. and they make hundreds of thousands of dollars and even millions of dollars annually, and it ain't with the use of indicators.
Good point. I agree that indicators are overvalued and that oneshould not use too many of them. But I would not say that they are dead.
Most indicators are just a representation of price. As they are calculated from price, they contain less information than price itself. An oscillator is the result of detrending price and normalizing it. It does not add any information.
However, indicators can be useful in some circumstances
- when they are used by other traders and when you may capitalize on other traders who make use of them
- when they add higher timeframe information
- when they add new information not derived from price (volume, market breadth, intermarket relationships)
Why not combine indicators with order flow information?
Your argument connecting failure in trading to indicators is just wrong. It is true that 80+% fail in trading. But the same would apply to gamblers, poker players and opera singers, all of which do not use indicators. It is always the professionals who take the money from the amateurs. There are many ways to defeat the amateurs, with or without indicators. I would even daresay that position management is more important than strategy design.
Totally agree, and I think there is a step to be taken before using indicators and that is to think about what the effect it is you want to exploit. And knowing the effect one ofcourse need a tool /indicator to quantify the effect. I have the idea a lot of traders are skipping this first step and building strategies and backtesting just thinking in terms of indicators. Which in my experience - doing this same stuff in the beginning of my journey - doesn't deliver future favorable results.
