For gold futures both the CME floor pivots and Globex pivots should be calculated by using the settlement price, which is the volume weighted average price established by CME between 1:29 PM and 1:30 PM EST.
How would you catch that settlement price with MetaTrader? Even if your high and low is accurate 99% of the time, your close will be always false, as you cannot use the candle close at 5:00 PM to approximate the correct settlement price, which was the gold price about three and a half hours earlier.
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I do not know how the settlement price is exactly calculated. In my opinion it is important to take the exact price published by the exchange. This in turn requires a data feed that comes with the settlement price (the close for daily data), and I do not know how to connect such an external data feed to MetaTrader.
If you want to calculate the settlement price from 1-tick data, there may be a different result, as some of the hidden volume may not be taken into account. Furthermore, you cannot access 1-tick data from CME with MetaTrader, so it will be impossible to calculate an accurate settlement price for at least two reasons.
I've read through past posts where you discuss pivot points and how crucial the settlement price is to properly calculating them. Most of the posts are a couple years old however.
Do you know if Ninja will display proper pivots at this point, or if the workaround is still to connect with kinetic end of day data?
If you want to use the settlement price, you need a datafeed that supplies it. NinjaTrader is just the software, and you can connect it to many different datafeeds. If you trade futures, the best solution is to subscribe to a decent datafeed such as DTN/IQ or Kinetick and you are done.
If your primary datafeed is something else, such as Zenfire, CQG or Interactive Brokers, then NinjaTrader offers you to first-connect to the free Kinetick EOD feed (for daily data, including settlement) and then second-connect to your default datafeed.
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Ok great. Thanks for your help.
What got me started on this search is I noticed TF and NQ were real receptive to Ninja's default Pivots (based on daily bars), but YM was hardly responding at all. I thought it was weird because while TF is on ICE, I thought NQ and YM were both on CME. (at least that's my understanding)
I'll see if I can get kinetic EOD to backfill for historical.
I hadn't realized this about the Forex Futures.
Trading the FOREX cash market is where most of my experience lies. I do have a friend that trades FOREX spot using the Ninja trader volume footprint, on the 6E Euro Fx futures contract. That's not exactly what I was thinking of trying. But it's nice to know that the 5PM EST candle has some relevance for FOREX cash and FOREX futures.