Topic: New Pivot Point Indicator
My pivot point indicator finds:
If R1 and Previous Day High are the same by +/- %5 of the R1 - S1 range (Resistance 1 - Support 1)
Then a long order is placed 2 pips above whichever level is higher (R1 or Last Days High)
The opposite goes for a short position
The target is 70% of range R1 - S1 and stoploss is %40 of the R1-S1 range.
I have had alittle bit of success with this but want to back test it
Im not sure if its possible however to program in individual TP and SLosses for each trade
So I was hoping someone could help me with this I have only programed this in Visual Basic 6
I find that when using this indicator when a long order is placed there is almost always a short order placed at the same time. SO ambigous bars are expected
Here is what the code looks like as an app for Visual Basic:
'Calculate Pivot Points
pivot.Text = (Val(highbox.Text) + Val(lowbox.Text) + Val(closebox.Text)) / 3
rone.Text = 2 * Val(pivot.Text) - Val(lowbox.Text)
sone.Text = 2 * Val(pivot.Text) - Val(highbox.Text)
rtwo.Text = Val(pivot.Text) + (Val(rone.Text) - Val(sone.Text))
stwo.Text = Val(pivot.Text) - (Val(rone.Text) - Val(sone.Text))
'Check For Buy Signal
If Val(highbox.Text) > (Val(rone.Text) - ((Val(rone.Text) - Val(sone.Text)) * 0.1)) And Val(highbox.Text) < (Val(rone.Text) + ((Val(rone.Text) - Val(sone.Text)) * 0.1)) Or Val(rone.Text) = Val(highbox.Text) Then
'Buy Signal good then
If Val(highbox.Text) > Val(rone.Text) Or Val(highbox.Text) = Val(rone.Text) Then
buyat.Text = Val(highbox.Text) + ((Val(rone.Text) - Val(sone.Text)) * 0.05)
End If
If Val(highbox.Text) < Val(rone.Text) Then
buyat.Text = Val(rone.Text) + ((Val(rone.Text) - Val(sone.Text)) * 0.05)
End If
exitbuy.Text = Val(buyat.Text) - ((Val(rone.Text) - Val(sone.Text)) * 0.4)
targetbuy.Text = Val(buyat.Text) + ((Val(rone.Text) - Val(sone.Text)) * 0.7)
Else
buyat.Text = "No Buy"
exitbuy.Text = "0"
targetbuy.Text = "0"
End If
'Check For Sell Signal
If Val(lowbox.Text) > (Val(sone.Text) - ((Val(rone.Text) - Val(sone.Text)) * 0.1)) And Val(lowbox.Text) < (Val(sone.Text) + ((Val(rone.Text) - Val(sone.Text)) * 0.1)) Or Val(sone.Text) = Val(lowbox.Text) Then
'Sell Signal good then
If Val(lowbox.Text) > Val(sone.Text) Or Val(lowbox.Text) = Val(sone.Text) Then
sellat.Text = Val(sone.Text) - ((Val(rone.Text) - Val(sone.Text)) * 0.05)
End If
If Val(lowbox.Text) < Val(sone.Text) Then
sellat.Text = Val(lowbox.Text) - ((Val(rone.Text) - Val(sone.Text)) * 0.05)
End If
exitsell.Text = Val(sellat.Text) + ((Val(rone.Text) - Val(sone.Text)) * 0.4)
targetsell.Text = Val(sellat.Text) - ((Val(rone.Text) - Val(sone.Text)) * 0.7)
Else
sellat.Text = "No Sell"
exitsell.Text = "0"
targetsell.Text = "0"
End If
'Display BUY and SELL signal Targets and Stop Losses in Pips
pipsbuyexit.Text = Val(buyat.Text) - Val(exitbuy.Text)
pipsbuytarget.Text = Val(targetbuy.Text) - Val(buyat.Text)
pipssellexit.Text = Val(exitsell.Text) - Val(sellat.Text)
pipsselltarget.Text = Val(sellat.Text) - Val(targetsell.Text)