Pivots Scanner V1
Well the good news is that I finished the Pivots Scanner product I talked about in my last blog entry. This tool is really cool! One of my customers bought it a few days ago and said "this is my version of the holy grail" - it doesn't get much better than that!
The scanner works as an EA (Metatrader Expert Advisor) and is capable of scanning upto 23 currency pairs for chart levels where there is a confluence (tight grouping) of pivot levels. these pivot levels can be daily, weekly or monthly pivots and the system can also be configured to screen out intermediate 'M' level pivots.
I designed as much granularity into the system as possibly so that traders can define the exact behaviour of the system. Now here's the really cool bit...... I've integrated a TTS (Text to Speech) synthesis algorithm into the code so that when price action is within the defined proximity of a pivot confluence - rather than the system making a load of dinging noises - a synthesised voice tells the trader which currency pair the alert is for and also which pivot levels are around the confluence level.
The system can be set up to scan for twin pivot confluences and/or triple pivot confluences.
Twin pivot confluence levels could be Daily PP (central pivot) and Weekly S1 pivot being within 10 pips of each other. A triple pivot confluence could be Daily S1, Weekly M1 and Monthly S2 being within 10 pips of each other. The chances of price reaction around levels where there is a lot of technical support or resistance is greatly increased by using this approach.
One of the beauties of using a multi timeframe pivots approach is you are automatically keying into a whole load of different trading psychologies - the daily pivots are day traders staple diet and the weekly and monthlies are more interesting for the longer term traders. There's no reason why a trader couldn't augment the pivot scanner with Fibonacci retracement levels too or historical PA (price action) derived support and resistance - trendlines etc etc. The more technical levels which are lined up in close proximity the higher the probability of a price reaction when price gets close.
For the more advanced traders the pivots scanner seems to tick quite a few requirement boxes. I guess over the course of time traders gradually move into more complex multi timeframe based analysis. I remember when I started I hadn't got a clue what a pivot was and even support and resistance (SR) was confusing. It's funny over time how SR is so vital on the longer timeframes. These days I don't really look at charts under hourlies - I think everything you need is from H1 upwards - if any of you guys ever looked at Soultrader's blog I remember he always talked about only looking at daily charts and above. I think the higher the timeframe the closer you get to where the big boys are placing their focus. Anyway - take a look at the pivots scanner if you're interested in using multi-timeframe pivot confluences in your trading - it will save you a lot of chart eyeballing that's for sure!
The scanner works as an EA (Metatrader Expert Advisor) and is capable of scanning upto 23 currency pairs for chart levels where there is a confluence (tight grouping) of pivot levels. these pivot levels can be daily, weekly or monthly pivots and the system can also be configured to screen out intermediate 'M' level pivots.
I designed as much granularity into the system as possibly so that traders can define the exact behaviour of the system. Now here's the really cool bit...... I've integrated a TTS (Text to Speech) synthesis algorithm into the code so that when price action is within the defined proximity of a pivot confluence - rather than the system making a load of dinging noises - a synthesised voice tells the trader which currency pair the alert is for and also which pivot levels are around the confluence level.
The system can be set up to scan for twin pivot confluences and/or triple pivot confluences.
Twin pivot confluence levels could be Daily PP (central pivot) and Weekly S1 pivot being within 10 pips of each other. A triple pivot confluence could be Daily S1, Weekly M1 and Monthly S2 being within 10 pips of each other. The chances of price reaction around levels where there is a lot of technical support or resistance is greatly increased by using this approach.
One of the beauties of using a multi timeframe pivots approach is you are automatically keying into a whole load of different trading psychologies - the daily pivots are day traders staple diet and the weekly and monthlies are more interesting for the longer term traders. There's no reason why a trader couldn't augment the pivot scanner with Fibonacci retracement levels too or historical PA (price action) derived support and resistance - trendlines etc etc. The more technical levels which are lined up in close proximity the higher the probability of a price reaction when price gets close.
For the more advanced traders the pivots scanner seems to tick quite a few requirement boxes. I guess over the course of time traders gradually move into more complex multi timeframe based analysis. I remember when I started I hadn't got a clue what a pivot was and even support and resistance (SR) was confusing. It's funny over time how SR is so vital on the longer timeframes. These days I don't really look at charts under hourlies - I think everything you need is from H1 upwards - if any of you guys ever looked at Soultrader's blog I remember he always talked about only looking at daily charts and above. I think the higher the timeframe the closer you get to where the big boys are placing their focus. Anyway - take a look at the pivots scanner if you're interested in using multi-timeframe pivot confluences in your trading - it will save you a lot of chart eyeballing that's for sure!
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