Now the funny part is that ActionForex.com's OHLC data perfectly matches MT4's data. So I'm wondering if NT or the former are wrong in the way that they are calculating them.
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Pivots, S3/R3 Not Calculating Correctly
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Pivots, S3/R3 Not Calculating Correctly
I have had another issue with pivots and NT. Well, since I've been using it. S3/R3 seem to be always off, I mean WAY off. I'm wondering if the place that I'm getting my pivot info is calculating them in a different way. Reason I say this is that S1/R1 and S2/R2 always match. But S3/R3 are always completely different between the two sources NT and http://www.actionforex.com/technical-analysis/pivot-points/pivot-points-summary-200603205734/.
Now the funny part is that ActionForex.com's OHLC data perfectly matches MT4's data. So I'm wondering if NT or the former are wrong in the way that they are calculating them.Tags: None
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Ryan O.NinjaTrader Customer Service
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For R3 and S3 there are 2 alternative formulas being used:
Narrow pivots formula: Adding daily range to R1 or subtracting daily range from S1
R3 = R1 + (H-L) = H + 2*(P-L)
S3 = S1 - (H-L) = L - 2*(H-P)
Wide pivots formula: Adding daily range to R2 or subtracting daily range from S2
R3 = R2 + (H-L) = P + 2*(H-L)
S3 = S2 - (H-L) = P - 2*(H-L)
The SessionPivots Indicator allows you to choose between wide and narrow pivots.
References:
Narrow pivots:
- J. Welles Wilder: New Concepts in Technical Trading Systems
- J.F. Carter : Mastering The Trade
- https://www.sierrachart.com/support...hp/t-21832.html
- http://www.earnforex.com/pivot_points_calculator.php
- http://ezinearticles.com/?Forex:-Pi...Rules&id=446207
- http://tradingsharesonline.com/articles.php?article=199
- http://systems4trading.com/system,2...day-system.html
- http://www.floorpivottrading.com/fl...vot-trading.htm
- http://www.esignalcentral.com/excha...y_spotlight.asp
- http://tradingthingys.com/PitPivotPoints.pdf
- also used for Woodie's Pivots just with a different formula for the main pivot
Wide pivots:
- http://www.traderslaboratory.com/fo...ormulas-35.html
- http://www.investopedia.com/article...intstrategy.asp
- http://www.ninjatrader-support2.com...read.php?t=4676
- http://www.mypivots.com/page.aspx?p...tcalculatorhelp
- http://www.tralvex.com/pub/forex/pivots/index.htmLast edited by Harry; 04-26-2010, 11:54 PM.
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