The Monthly Pivots module automatically calculates the monthly major and minor pivot levels and displays them on the associated main chart window with the appropriate pivot label. The pivot lines are colour configurable so the user can customise the colour scheme to their own requirements. The Monthly Pivots V2 Module uses a new adjustable pivot calculation algorithm which scans the hourly data for the start of the current month. It then places a calculation basis point in that position and scans back over the previous month's hourly data in order to calculate the high, low and close data. The algorithm is based on hourly bars whereas the V1 system uses Monthly period data. Once the system has the required data, the pivot levels are calculated and drawn on the curren chart. The system also extrapolates the claculation day, date and time form the calculation basis point and displays this (if desired) in a trader definable location on the chart. The Monthy V2 system also has a more advanced alert system than previous pivot systems as the alert thresholds are physically drawn on the chart around the any pivot levels which have the price/proximity alerts enabled on the inputs screen.
The pivot lines drawn are:-MR2,MM4,MR1,MM3,MPP,MM2,MS1,MM1,MS2 and are calculated using the previous month's high, low and closing prices.
|
|
|||||||||
