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Thread: Pivot Points EA

  1. #1
    Junior Member
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    Apr 2010
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    Default Pivot Points EA

    Hi,

    Pivot points is the only leading/predictive indicator.

    Whilst all the other indicators are lagging.

    The banks/institutional traders use pivot points for trading.

    I want to know if anybody is willing to make an EA based on pivot points.

    If so, then I can give the parameters which the banks use.


  2. #2
    Junior Member
    Join Date
    Jan 2009
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    Default

    Hi f1

    I have written a pivot EA but the problem that I have is that I am not sure wether the price is going to bounce or go through the pivot. On my tests I found that it was more of a band and not exact. A second problem for me was when to define the pivots as to the start of the day ie. is it allways GMT or EST? If you could perhaps supply more information then I will re look at the EA.

  3. #3
    Junior Member
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    Apr 2010
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    Default Parameters

    Hi GarethC,

    I will give you the parameters for the EA.

    There are several strategies, I will outline them below;

    Firstly, the pivot points are calculated from New York Open to New York Close; that is the timeframe used by a majority of the people in regards to what is considered as a day. Therefore the new pivot points are established at the start of the sydney opening time.

    Secondly, when banks trade, they always trade in the bounce of the pivot points and rarely trade the breakthrough of the pivot points, depending on certain circumstances, the price usually bounces of the pivot point and hits the nearest pivot point 60-70% of the time.

    Therefore we will only concentrate on the bounce of the pivot point.

    If price starts above pivot point, the buy stop should be placed above the pivot point (support) and take profit is the nearest resistance level. If the price starts below the pivot point, the sell stop should be below the pivot point (resistance) and the take profit is the nearest support level. The stop loss, for each trade is 26 pips away from the pivot. This is because the price may go down 20-25 pips, before reversing. If it breaks through 26-27 pips stop loss, it is very unlikey that it will reverse.

    Another important factor is that once a target/profit has been made in a day, then trading is closed for the day. We dont continuously keep on trading as this will lead to a loss.

    This is the basics of the EA, if you can work on the above then I can give you the money management and risk parameters to make the EA profitable.

  4. #4
    Junior Member
    Join Date
    Jan 2009
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    Default

    Hi fi

    Thanks for the info. Give me a day or 2 as am just finishing off a large software job, so under a lot of pressure!! I have been working off GMT so will change it to NYO will also add the 26 pips.

    cheers

    GAC

  5. #5

    Default

    Hello
    I would also be very interested in an EA to test strategies on pivots
    Thank you

  6. #6
    Junior Member
    Join Date
    Apr 2010
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    Default

    GarethC, have you worked on the EA?

  7. #7

    Default

    GarethC, have you worked on the EA
    I made tests in picture it seems interesting

  8. #8

    Default

    Hi guys,
    Just thought I would bump this topic as I can't seem to find any pivot point EAs out there and some kind of automated pivot trading strategy could be quite viable.
    I used to trade futures and would use pivot points almost exclusively and they prove to be very helpful. The parametres provided by f1trader seem good, and I would also add a provision whereby the EA will not trade the 2nd or 3rd run at a single resistance or support as they will often break through by this stage. Will limit the amount of trades, but one or two high probability trades a day is still pretty good.
    Also, I don't know if its helpful, but here is a pivot indicator I found on forex factory. There might be better ones out there...

    C
    Attached Files Attached Files

  9. #9
    Junior Member
    Join Date
    Aug 2010
    Posts
    1

    Default Can u help with charts please

    Hi F1Trader,

    I am a forex newbie. So, can you please help me understand better the pivot strategy with charts.

    Thanks and regards,
    Prem

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