I added the BOP to the charts just for fun. This gives a second indicator for compairson. Comments are always welcome. mss
WEEKLY PIVOTS-6/7 - 6/11
Started by
mss
, Jun 04 2004 07:00 PM
3 replies to this topic
#1
Posted 04 June 2004 - 07:00 PM
WOMEN & CATS WILL DO AS THEY PLEASE, AND MEN & DOGS SHOULD GET USED TO THE IDEA.
A DOG ALWAYS OFFERS UNCONDITIONAL LOVE. CATS HAVE TO THINK ABOUT IT!!
A DOG ALWAYS OFFERS UNCONDITIONAL LOVE. CATS HAVE TO THINK ABOUT IT!!
#2
Posted 05 June 2004 - 04:07 PM
can you explain this methodology briefly? thanks
#3
Posted 07 June 2004 - 10:17 AM
can you explain this methodology briefly? thanks
Pivot points are used primarily as support and resistance levels with the pivot point the best support resistance level.
Here is the formula used in pivot points (this is for each bar, regardless as to if it is a week, day, 10 min., 30 min., etc.):
* the Pivot Point is the average of high, low and close
* support level 1 is Pivot Point x 2 - High
* support level 2 is Pivot Point - High + Low
* resistance level 1 is Pivot Point x 2 - Low
* resistance level 2 is Pivot Point + High - Low
BOP =Balance of Power (a measure of money flow)
I USE THE FOLLOWING CALCULATIONS: (FOR EXCEL)
BULL-OPEN=(HIGH-OPEN)/(HIGH-LOW) BEAR-OPEN=(OPEN-LOW)/(HIGH-LOW)
BULL-CLOSE=(CLOSE-LOW)/(HIGH-LOW) BEAR-CLOSE=(HIGH-CLOSE)/(HIGH-LOW)
BULL-O/C=IF CLOSE>OPEN,(OPEN-CLOSE)/(HIGH-LOW),IF NOT,0
BEAR-O/C=IF OPEN>CLOSE,(OPEN-CLOSE)/(HIGH-LOE),IF NOT,0
RAW POWER=(BULL OPEN)+(BULL CLOSE)+(BULL O/C)/3 MINUS
(BEAR OPEN)+(BEAR CLOSE)+(BEAR O/C)/3
Use any moving average you think gives a good indication on the RAW POWER number. I find the most useful for me is the various fib. ratios, 3, 5, 8, 13, etc.
Hope this answers your question. The chart is daily plots of the close and BOP with weekly support and resistance pivot.
WOMEN & CATS WILL DO AS THEY PLEASE, AND MEN & DOGS SHOULD GET USED TO THE IDEA.
A DOG ALWAYS OFFERS UNCONDITIONAL LOVE. CATS HAVE TO THINK ABOUT IT!!
A DOG ALWAYS OFFERS UNCONDITIONAL LOVE. CATS HAVE TO THINK ABOUT IT!!
#4
Posted 07 June 2004 - 11:32 PM
thank you!