Monday, April 6, 2009

April 6, 2009 FXCM Trading Station II(TM) Pivots Indicator

Disclaimer: Use at your own risk, I make no warranties on effectiveness and assume no responsibilities on any damages or trading losses resulting from use of this indicator.

Here is the pivot point drawing indicator I made for FXCM Micro Trading Station II(TM):
BTStandardPivots.zip

Instructions:
1. Download and unzip the .zip file to a folder, which you should verify contains BTStandardPivots.lua and BTStandardPivots.lua.rc (the source code and language description resource file respectively).

2. From within FXCM Micro Trading Station II(TM), navigate to the Chart menu and choose "Manage Custom Indicators".

3. Click the "Load" button and navigate to the BTStandardPivots.lua file to import the indicator. The indicator should produce no error messages. If there is an error message make sure first that the BTStandardPivots.lua and BTStandardPivots.lua.rc files are both in the same place.

4. Add the indicator to your chart and set the High, Low and Close parameters according to the previous day's High, Low, Close (or week's data if you want weekly pivots).
Hint: Click on the "Chart Elements" button at the rightmost side of the tool bar to navigate to the pivots indicator, because the default values 1, 1, 1 might cause the indicator to appear far off your chart area. I circled the Chart Elements toolbar button in the following screenshot:


The pivot point formula matches will produce the same standard pivots as shown on the following site:
Pivot Points Site

What I do each day is key in the High, Low and Close from the Daily Pivot Point area of the above site for my currency pairs in to the BTStandardPivots indicator which I have on the 5 minute charts for each currency pair I watch.

If you need to tweak the formulas to your tastes, you can modify the BTStandardPivots.lua indicator source code file to change the local variables R3,R2,R1,PP,S1,S2,S3 as needed and then re-import the indicator per the instructions steps 2,3 above.

The following Web site has a pivot points calculator you can check your modifications against:
Pivot Point Calculator

Disclaimer: Use at your own risk, I make no warranties on effectiveness and assume no responsibilities on any damages or trading losses resulting from use of this indicator.

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