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background for diffenrt sessions template
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background for diffenrt sessions template

  #21 (permalink)
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madLyfe View Post
is this because of one of my settings? i occasionally go to mypivots.com to make sure everything is function properly and i noticed this. my previous days OHLC are correct per their numbers, but in this picture you can clearly see where the close is and where the previous days close is marked by the indicator.. is something wrong here?

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here are the mypivots numbers which are inline with the numbers on my chart:

10-Feb-2012:
Open 1.3288
High 1.3292
Low 1.3157
Close 1.3172

Your pivots are correct. For calculating the pivots, the settlement price is used. The settlement price is the VWAP of all trades occuring between 1:59:30 and 1:59:59 Central Time, which marks the end of the RTH session.

That is why you need to use daily data. You cannot find the settlement price on intraday data.

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  #22 (permalink)
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Fat Tails View Post
Your pivots are correct. For calculating the pivots, the settlement price is used. The settlement price is the VWAP of all trades occuring between 1:59:30 and 1:59:59 Central Time, which marks the end of the RTH session.

That is why you need to use daily data. You cannot find the settlement price on intraday data.

i have it set to daily bars for settlement/close and am using ETH for the session type and session template.

dont believe anything you hear and only half of what you see

¯\_(ツ)_/¯

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  #23 (permalink)
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madLyfe View Post
i have it set to daily bars for settlement/close and am using ETH for the session type and session template.

The chart displays the settlement price, which is needed for the pivots. As the indicator does not know whether your historical data uses settlement or close, it will always display the "close", even if it is the settlement.

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  #24 (permalink)
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Fat Tails View Post
The chart displays the settlement price, which is needed for the pivots. As the indicator does not know whether your historical data uses settlement or close, it will always display the "close", even if it is the settlement.

i think i am following.. so its just one of those things that i have to accept and no matter what the chart looks like, trust that the pivots are correct? this doesnt happen often. usually the close is spot on..

dont believe anything you hear and only half of what you see

¯\_(ツ)_/¯

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  #25 (permalink)
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madLyfe View Post
i think i am following.. so its just one of those things that i have to accept and no matter what the chart looks like, trust that the pivots are correct? this doesnt happen often. usually the close is spot on..


You should not trust entirely, but check from time to time.


You can visually test the high and low on your charts. For 6E the settlement price is determined at 2:00 PM CT, so you can check it against the close of the RTH session, which should be no more than a few ticks off.


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  #26 (permalink)
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Fat Tails View Post
You should not trust entirely, but check from time to time.


You can visually test the high and low on your charts. For 6E the settlement price is determined at 2:00 PM CT, so you can check it against the close of the RTH session, which should be no more than a few ticks off.


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thanks for your help! sometimes this is hard to wrap your head around and it doesnt help that the next instrument you move to might be completely different..

dont believe anything you hear and only half of what you see

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  #27 (permalink)
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Forex sessions....

Hi Harry,

I have tried creating several different templates for the Asian, European (London Open), and NY forex sessions, and then coloring the session backgrounds using your Session Colors indicator without success. It gets confusing since I live in the CET time zone when creating the template. What is the format to use and will the Session Pivots indicator work on the Forex market?

Thanks,

Calvin

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  #28 (permalink)
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cal1152 View Post
Hi Harry,

I have tried creating several different templates for the Asian, European (London Open), and NY forex sessions, and then coloring the session backgrounds using your Session Colors indicator without success. It gets confusing since I live in the CET time zone when creating the template. What is the format to use and will the Session Pivots indicator work on the Forex market?

Thanks,

Calvin

one thing i have picked up in all of this is that no matter where you live, you need to have the time zone set to wherever the exchange resides in the session manager.. NT will do the rest of the conversion automagically on your charts..

dont believe anything you hear and only half of what you see

¯\_(ツ)_/¯

(╯°□°)╯︵ ┻━┻
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  #29 (permalink)
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cal1152 View Post
Hi Harry,

I have tried creating several different templates for the Asian, European (London Open), and NY forex sessions, and then coloring the session backgrounds using your Session Colors indicator without success. It gets confusing since I live in the CET time zone when creating the template. What is the format to use and will the Session Pivots indicator work on the Forex market?

Thanks,

Calvin

With FOREX there is one problem indeed. For any template you have to select a time zone. For FOREX I would select EST, as the close of the FOREX market is at 5:00 PM EST, and the close is the most important landmark.

If you use EST for the template, then everything will be fine, except for 3 weeks per year, when the US already/still has summertime and Europe uses winter time. During those 3 weeks you would have to use a different template, which I call Halloween template (the US waits to switch to winter time, to avoid that sunset arrives too early on Halloween, which could rise the crime rate).

Otherwise you decide on your FOREX trading times, create that template and then use it. No problem. A sample template is attached. Below the modifications needed for the 2 weeks in March and the Halloween week.


Default Template:

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Halloween Template:

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  #30 (permalink)
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Forex session....



madLyfe View Post
one thing i have picked up in all of this is that no matter where you live, you need to have the time zone set to wherever the exchange resides in the session manager.. NT will do the rest of the conversion automagically on your charts..

That is what's confusing to me. I don't know if it is possible to plot on one chart, but I would like the Asian session, the London Session, and the NY session on one chart. Seems like that should be possible to me. Unless I am mistaken, there is no central exchange for Forex like there is for the CME or NYBOT, etc. Maybe I just need to create 3 separate templates.

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