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Pivot Points - Daily - Fibonacci Ratios |
  
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Pivot Points - Daily - Fibonacci Ratios |
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Pivot Points - Daily - Fibonacci Ratios
Overview |
Coming soon...
Interpretation |
The Fibonacci Ratio Daily Pivot Point indicator can be used in place of the traditional Daily Pivot Point indicator. Please refer to the "Pivot Point - Daily" indicator for additional details.
Implementation |
PLEASE READ THIS SECTION BEFORE USING THIS INDICATOR!
The Pivot Points daily auto-update time (in EST) is user-adjustable. Using the default settings, the Daily Pivot Points are calculated at 5:00 PM EST each day (StartHour=17 and StartMinute=0) using the previous 24 hour period. If calculating the pivots on Friday (for use on Sunday and Monday), it is recommended to use 4:00 PM EST (StartHour=16) instead of 5:00 PM EST; Why? Your particular FOREX broker may close the market earlier than 5:00 PM EST on Friday; if this happens there is no value for 5:00 PM EST which causes the indicator to NOT display.
IMPORTANT NOTE: If the user-chosen StartHour value and/or StartMinute value does not exist on the chart interval being used, the pivots will NOT display! For example, on a 2H chart using StartHour=17 and/or StartMinute=22 would NOT be acceptable; however, StartHour=18 and StartMinute=0 would be acceptable.
Attaching this indicator to a tick Chart Interval is NOT possible due to the limitation of history data available in VT Trader. Attaching this indicator to a Daily, Weekly, or Monthly chart is also NOT possible since the pivot calculations are not designed for those intervals.
It is suggested to increase the number of bars loaded into the charts before using this indicator. The History Length can be Set using:
VT Trader > Navigator Window > Options Bookmark > Properties > General > General Properties > Communication Bookmark
Recommended History Lengths:
| • | 600+ bars are required for 5-Minute chart intervals or higher intraday intervals |
| • | 3,000+ bars are required for 1-Minute chart interval |
If the chart window shrinks the price bars too much when the pivot point indicator is added, remove the pivot point indicator from the chart and then DISABLE the Auto-Size Vertically option before reattaching the indicator. Once reattached, you can manually Zoom In Vertically to re-adjust the chart scaling as desired.
Construction |
1. Navigator Window>Tools>Indicator Builder>[New] button
2. In the Indicator Bookmark, type the following text for each field:
Name: Pivot Points - Daily - Fibonacci Ratios
Short Name: vt_PPIFibs
Label Mask: Pivot Points - Daily - Fibonacci Ratios (StartTime: %StartHour%:%StartMinute%) | Pivot: %PivotPoint%, R1: %Resistance1%, R2: %Resistance2%, R3: %Resistance3%, S1: %Support1%, S2: %Support2%, S3: %Support3%
Placement: Price Frame
Inspect Alias: Pivot Points - Daily - Fibonacci
3. In the Input Bookmark, create the following variables:
[New] button...
Name: StartHour
Display Name: Calculate Pivot At Hour (EST)
Type: integer
Default: 17
[New] button...
Name: StartMinute
Display Name: Calculate Pivot At Minute (EST)
Type: integer
Default: 0
4. In the Output Bookmark, create the following variables:
[New] button...
Var Name: Resistance3
Name: (R3)
Line Color: light blue
Line Width: slightly thicker
Line Type: solid
[New] button...
Var Name: Resistance2
Name: (R2)
Line Color: blue
Line Width: slightly thicker
Line Type: solid
[New] button...
Var Name: Resistance1
Name: (R1)
Line Color: dark blue
Line Width: slightly thicker
Line Type: solid
[New] button...
Var Name: PivotPoint
Name: (Pivot Point)
Line Color: black
Line Width: very thick
Line Type: solid
[New] button...
Var Name: Support1
Name: (S1)
Line Color: dark red
Line Width: slightly thicker
Line Type: solid
[New] button...
Var Name: Support2
Name: (S2)
Line Color: red
Line Width: slightly thicker
Line Type: solid
[New] button...
Var Name: Support3
Name: (S3)
Line Color: light red
Line Width: slightly thicker
Line Type: solid
5. In the Horizontal Line Bookmark, create the following lines:
This indicator requires no horizontal lines.
6. In the Formula Bookmark, copy and paste the following formula:
_BarCount:= BarCount();
CalculateLookBackPeriods:= Barssince(hour()=StartHour and Minute()=StartMinute);
LookBackPeriods:= valuewhen(1, Cross(0.5,CalculateLookBackperiods), ref(CalculateLookBackPeriods,-1));
H1:= valuewhen(1, Hour()=StartHour AND minute()=StartMinute, HHV(H,LookBackPeriods));
L1:= valuewhen(1, Hour()=StartHour AND minute()=StartMinute, LLV(L,LookBackPeriods));
C1:= valuewhen(1, Hour()=StartHour AND minute()=StartMinute, C);
IndicatorDisplay:= if(_BarCount>=(2*LookBackPeriods), 1, 0);
PivotPoint:= if(IndicatorDisplay=1, (H1+L1+C1)/3, null);
Resistance1:= if(IndicatorDisplay=1, PivotPoint + ((H1-L1) * 0.382), null);
Resistance2:= if(IndicatorDisplay=1, PivotPoint + ((H1-L1) * 0.618), null);
Resistance3:= if(IndicatorDisplay=1, PivotPoint + ((H1-L1) * 1.000), null);
Support1:= if(IndicatorDisplay=1, PivotPoint - ((H1-L1) * 0.382), null);
Support2:= if(IndicatorDisplay=1, PivotPoint - ((H1-L1) * 0.618), null);
Support3:= if(IndicatorDisplay=1, PivotPoint - ((H1-L1) * 1.000), null);
7. Click the "Save" icon to finish building the Pivot Points - Daily - Fibonacci Ratios indicator.