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.
nice!!
ReplyDeleteany chance you can make RVI (relative vigor index) in .lua for fxcm trading station2. Thanks...
Thanks Frank, I would like to stay away from making custom indicators but if you want some hints/tips on what little I know about .lua indicators send me an email at bearishtrader@gmail.com. You can use the existing .lua and .rc files for the standard indicators (like RSI, moving average etc.) as templates and plug in your own formula(s) and rename variables etc. accordingly. The .rc file needs to be saved as unicode from notepad btw. Also, I would send a request to the FXCM forum admin for the Fx Programmer's forum a request for the indicator SDK. That might simplify the process, the admin will unlock your ability to download the file for it. I have not tried out the indicator SDK yet myself. The pivots indicator was done using notepad.
ReplyDeleteI found someone on the FXCM forums who made a blog also on .lua, fxlua.livejournal.com
ReplyDeleteI made a permalink to the blog site in my links section.
Hi Jason,
ReplyDeleteI am intersted with the Indicator SDK. How can i get that? I am using FXCM trade station too. Wanted to build my own indicator that not available in FXCM trade station.
Oh i visited, fxlua page, yup, nice page. thanks.
To get the indicator SDK go to this link:
ReplyDeletehttp://www.fxprogrammers.com/api_request.htm
What they will do is unlock your forum login id to be able to access the download link location from the same forums. Initially if you create an account for the forums no access to that area is given.
Thanks for this.
ReplyDeleteI added an update to this indicator that includes mid-pivots if you wanted those. The new version can be found here: Pivot Point Indicator with Mid-Pivots
ReplyDeleteThis looks like a great addition to my setup. Thanks!
ReplyDelete