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Directional Bias
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Directional Bias

  #41 (permalink)
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Cachevary View Post
@Fat Tails,

could you please provide with more details?Main pivot PP is equal the previous day VWAP?And what does the ''pivot range is up'' mean?Hard to guess,an image maybe?

The main pivot PP is not equal to the VWAP. The pivot is the arithmetic average of high, low and settlement price, the calculation just uses 3 data points. The VWAP is the arithmetic average of all contracts traded over the trading day.

When the range is up, it paints green (see screenshot above), when it is own it paints red. "Up" means that the directional pivot is above the central pivot (yesterday's midline), while "down" means that the directional pivot is below the central pivot. The range is up when yesterday's close was in the upper half of yesterday's range, it is down when the market has closed in the lower half of the daily range.

The daily pivots indicator that comes with the SessionPivots shows the trend direction - up or down - via the bright blue section of the pivot range. the dark side is off-trend.

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  #42 (permalink)
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Fat Tails View Post

The daily pivots indicator that comes with the SessionPivots shows the trend direction - up or down - via the bright blue section of the pivot range. the dark side is off-trend.

Can you please clarify.Bright blue for up and down or for up?From what i see,the range in the SessionPivots is always bright blue,regardless where it closes.

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  #43 (permalink)
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@Fat Tails,

can you please tell the difference between the Central Pivot Point(CP) and Main Pivot Point(PP)?Is the (CP) is just RTH opening?


Last edited by Cachevary; December 22nd, 2014 at 09:49 PM.
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  #44 (permalink)
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Cachevary View Post
@Fat Tails,

can you please tell the difference between the Central Pivot Point(CP) and Main Pivot Point(PP)?Is the (CP) is just RTH opening?

I know FT is busy enough to answer each and every inquiry in every nano-second,so i did a search and,hopefuly,found(not always happens though) the description here,for those who are interested - hit the link that will redirect you to the explanation.

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  #45 (permalink)
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Thank you as always @Fat Tails.

I was looking @ CL for yesterday (Dec 22) and did the following analysis which seems similar to the ES chart you posted regarding price action on Dec 17.

For CL on Dec 22:

Thursday VWAP is slightly greater than Friday VWAP => Bullish bias going into Monday Dec 22.
Thursday pivot > Friday pivot so bias for Monday is bullish. Did I get this analysis right?

I have tradestation and am using the ETH VWAP's which I found on the TS community. so there maybe some discrepancy in how the calculations are done.

On Monday, the overnight session in CL was bullish, but the RTH session clearly bearish.

Since bias based on pivot and VWAP was bullish, in real time at what point would warning signs flash regarding the bullish bias?

Thank you for your time,



Fat Tails View Post
I use both VWAPs and pivots on my chart. They reflect different timeframes, for example

Today's prices are above the main pivot PP -> meaning: the market trades above yesterday's value
Today's prices are above the current day's VWAP -> meaning: the market trades above today's value
The pivot range is up -> meaning: yesterday's close was in the upper half of the range, the bull trend is the first scenario retained, unless pivot range is broken


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  #46 (permalink)
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@Fat Tails,

what i`d like to ask,is why the SessionPivots doesn`t calculate Pivots from RTH?In the indicator options i set:

Calculate from session - RTH

Select session - Second

and yet,it calculates Pivots from the entire ETH session.The Session template i use by default - <Use instrument settings>.

Could you please clarify?

Thanks

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  #47 (permalink)
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Cachevary View Post
@Fat Tails,

what i`d like to ask,is why the SessionPivots doesn`t calculate Pivots from RTH?In the indicator options i set:

Calculate from session - RTH

Select session - Second

and yet,it calculates Pivots from the entire ETH session.The Session template i use by default - <Use instrument settings>.

Could you please clarify?

Thanks

if instrument settings are ETH, which I assume they are, there is no RTH timeframe available where the indicator could aggregate data from. Setting it to RTH-Second requires having at least two sessions per day in the used session template.

You'd probably need to build a custom session template if you want to see the full ETH session but have the pivots calculated from RTH.

That's at least how it seemed to me when looking at the indicator (I use it myself).

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  #48 (permalink)
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Scalpingtrader View Post
if instrument settings are ETH, which I assume they are, there is no RTH timeframe available where the indicator could aggregate data from. Setting it to RTH-Second requires having at least two sessions per day in the used session template.

You'd probably need to build a custom session template if you want to see the full ETH session but have the pivots calculated from RTH.

That's at least how it seemed to me when looking at the indicator (I use it myself).

@Scalpingtrader,

thanks for your reply.Can you please show how that "custom session template" your talking about look like?If i want,for e.g.,to have the entire ETH 6E session on the chart,but to have the Pivots calculated from RTH only.In this case i`d need CME FX Futures RTH.

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  #49 (permalink)
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Cachevary View Post
@Scalpingtrader,

thanks for your reply.Can you please show how that "custom session template" your talking about look like?If i want,for e.g.,to have the entire ETH 6E session on the chart,but to have the Pivots calculated from RTH only.In this case i`d need CME FX Futures RTH.

Go to Tools - Session Manager and build it like this:

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Each row equates to a session, so now you can choose the session from the indicator while having all data in your chart.


Last edited by Scalpingtrader; December 23rd, 2014 at 06:04 AM. Reason: typo
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  #50 (permalink)
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Scalpingtrader View Post
Go to Tools - Session Manager and build it like this:

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Each row equates to a session, so now you can choose the session from the indicator while having all data in your chart.

Thanks a lot!

I assume there are three sessions on the image?

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