FX AlgoTrader are delighted to announce the launch of the FX AlgoTrader Data Service (FXDS)
FXDS is designed to provide low cost access to the FX AlgoTrader product range. Over the next few weeks we will be rolling out a range of subscription based products. The key advantage of FXDS is trader's can try a wide variety of FX AlgoTrader trading tools without having to commit to a full perpetual license.
FXDSS has a minimum subscription period of 1 month. If traders do not want to continue subscribing to the particular product they can simply cancel their subscription via paypal.
The first product released under the FXDS scheme is the FXDS Pivots Package.
...FXDS Pivots Package
Low cost forex pivots!
Have you ever wondered whether your pivot software is correct?
Do your pivots match commercial pivot data produced by Mataf.net and other FX data authorities?
Do you want your pivots to be perfectly synchronized to GMT no matter what timeframe your chart is based on?
Free vs Paid for Pivots.....
A lot of novice traders spend far too much time looking for free 'magical' software on the internet which they hope will give them the illusive 'edge' to their forex trading.
We see a lot of indicator packages which customers send in for customisation or correction. The amount of variation in free pivot software found on the web is simply dazzling. Numerous free indicators contain coding errors ranging from incorrect pivot formulae to incorrect display and update code.
There are subtle nuances with forex pivots which most developers don't consider or don't know about. Have you ever wondered why some free pivot indicators don't display daily pivots on Mondays correctly? It's because the developer didn't know some fx brokers display Sunday data bars and some broker's don't. Some developers probably don't know the forex market is even open on Sundays!
The other area which traders and novice indicator developers completely overlook is pivot offset. Pivot offset is required when the broker's charts are not synchronized to GMT or EST (Eastern Standard Time). In such cases, indicators which rely on rudimentary daily high, low and close data immediately introduce a data skew error.
The example below illustrates this clearly.
In the screenshot above you can see how "monkeyware" pivots (poorly written free indicators) introduce data skew which becomes worse as the range extends. The free pivots indicator posted S3 @ 1.5835 whereas the correct value for S3 is 1.58175. That's over 17 pips difference!!!
Mataf.net's published pivot point for S3 @ GMT is 1.5817 as shown in the table below.
The FXDS Daily pivot is
0.5 pips from the Mataf.net published version
Why the difference you may ask? There are two reasons for variance on pivot data which are:-
High, Low and Close price differentials between brokers. Normally these will be within a pip or two.
The calculation basis on which the pivot data was calculated. The FXDS pivots use an hourly calculation engine rather than blindly assuming the Daily, Weekly or Monthly pivot data is correct. If you analyse Daily charts for long enough you will find discrepancies between Daily charts and hourly charts in terms of the recorded OHLC (open, high, low and close) data. We use hourly data for our pivot calculations because it is more accurate.
So hopefully you're beginning to see why using professional pivots software makes sense! The question traders using pivots should be asking themselves is
"Can I afford to be 20 pips out on my entries and exits?"
If you're a long term position trader then this is no big deal. If you're a scalper or a day trader this degree of error is the difference between winning and losing. It's a total game changer!
Multi-Timeframe Pivots
Using multi-timeframe pivots is invaluable as they allow a trader to see short, medium and long term areas of support and resistance and also identify pivot confluence areas.
A pivot confluence is where several different pivots from multiple timeframes are grouped in close proximity. Typically these areas will create a price reaction point as there will be a lot of traders watching and placing trades around these levels. Generally the more significant the pivot levels the more significant the price reaction will be.
The chart below shows an example of a multi-timeframe pivot confluence using the FXDS pivot package.
Notice how the multi-timeframe pivots show a twin pivot confluence at M3/WM3 - ie Daily M3 and Weekly M3. Price action has tested the confluence level for 10 hours (screenshot is an hourly chart) and the level is still holding. This is significant! Would you sell this pair? Not without a confirmed break of the M3/WM3 confluence and look what's a few pips below.... another twin pivot confuence which may offer additional support. Traders who do not consider multi-timeframe pivots are effectively trading in the dark!
Full Pivot Arrays
The FXDS pivot package has full S3-R3, WS3-WR3 and MS3 to MR3 pivot arrays. This is especially useful for divergence/reversion traders who like to make trades when pairs are 'pushing the envelope'.
Screen shot below shows the full arrays for Daily, Weekly and Monthly pivots - pretty huh?
Trader Defined Pivot Configuration
The FXDS pivot software has been developed form the FX AlgoTrader core V1-V3 pivot software products. Whilst the FXDS software is not as comprehensive as the V3 systems it provides a very high degree of configuration options including:-
price/pivot proximity audible alerts (reduces screen time massively)
What do you get from the FXDS Pivots Package?
Hyper accurate multi-timeframe Pivot Data (Daily/Weekly and Monthly Pivot Data)
Market leading pivot display software developed directly from the FX AlgoTrader stable of pivot indicator products.
Easy software installation
Shiftable Pivot Calculation Basis
Capability to run the system on two MT4 accounts (live and demo)
How much does the FXDS Pivot Package cost?
We are supplying the FXDS pivots package for an unbelievably low price of $7.80 USD / month!!!!
Can I stop the service whenever I want?
Yes, you can cancel your subscription at any time but when you stop you're subscription your software will no longer work.
How exactly does the FXDS service work?
Once you've purchased your FXDS subsription you will be sent an email which will request your MT4 account numbers. Once we receive your MT4 account data you will receive another email with installation details, video turtorial and data sheets.
Summary of FXDS Pivots Package Benefits
Ultra low cost access to FX AlgoTrader products
No contract lock in (cancel service at any time)
Hyper Accurate Professional Pivots Software
Sound good?
Try it for a month and see how you get on.
If you have any questions about this service please email us
