Description:
This function allows to explore the resistance and support pivot zones in an easy and quick fashion for all securities in the archive.
Let's quickly remember their meaning and use.
There are 6 points of support and resistance (to be precise, 3 support points and 3 resistance points) plus the pivot point itself which is between the support and resistance points.
They are calculated on the current period data, for the subsequent period. To make an analogy, it is a bit like asking a crystal maze which are the points for the next period (often the following day), which will encounter some difficulties to increase (resistance) or for which it will encounter resistance to decrease (support).
They are very useful for intraday because they allow the most export operators to buy before the support indicator or to sell just after the indicated resistance.
A small example will make things clearer.
Let's suppose to have a security on its last period (foe example a day) have values for open, max, min and close. Using the typical Pivots formulae, calculate the support and resistance point for the next period:
R3 = P - S2 + R2
R2 = P - S1 + R1
R1 = 2 * P - Low
P = (Close + High + Low) / 3
S1 = 2 * P - High
S2 = P - (R1 - S1)
S3 = P - (R2 - S2)
Let's suppose that in the next period, the security will open between the Pivot point and the resistance R1, taking an upward direction, toward R1. In theory, an operator could decide to insert a Short order on the R1 resistance point, or just before it, with a stop loss just above the R1 Resistance point itself.
Let's suppose, at this point, that the security, once the R1 has been reached, and after having stopped in it proximity for some time, it will acquire the necessary time to go over it, continuing to increase toward R2. The operator will close automatically the short and wait for the R2 resistance point to insert the next order (always a short with a stop loss included) The quotation reaches R2 and the starts to decrease. The short has been executed. The cover point could be now R1, considering that ones it has be reached and exceeded it has transformed itself into a support.
Of course this is a fictitious example. The reality is not so precise and predictable as described here. If this tool is used correctly it can be a valuable aid for the professional trader.
For more information on this subject you could do an Internet search.
Use:
To access this function select the menu entry "Pivots Explorer", from the menu "Analysis" in the main program window, or press the button  on the main toolbar.
Table "Pivots"
In this table it is possible to calculate the Pivots for a given period, insert personal comments, print a details pivots report of the securities selected.
For Pivot Calculation, is will be sufficient to select the options of the correct workgroup, date and time of the period to analyse and set to "False" the property "Analyse last period" if you wish to calculate Pivots for all periods. Note that when the form opens up, the default selected workgroup will be the active one.
Is necessary to select the securities for which the Pivots have to be calculated.
NB The quickest way to do that is to use the button "All" and "None" from the vertical menu on the left.
At this point it is sufficient to press the button "Pivots" from the vertical menu on the left and wait for the program to finish calculation.
Once this step has been completed, it is possible to view the Pivots just calculated for each selected security. Position the cursor on the list displayed on the section "Securities"
There are four types of comments that can be written. They will be printed with the report:
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Primary Comment
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This comment is the most important. In the report it will be well positioned and visible.
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Resistances
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To use to highlight particular resistance values
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Supports
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To use to highlight particular support values
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Comments
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Any other added comment.
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Functional buttons for the vertical menu:
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Pivots
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Pivot calculation based on the options set and selected securities.
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Print
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Print Pivot report and comments of the selected securities.
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Selected Check All
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Toggle the display of all or selected securities.
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Check All
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Select all securities.
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Uncheck all
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Unselect all securities.
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Clear
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Clear all personal comments from all securities.
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Save
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Confirm and apply all modifications done so far. Until this key is not pressed, the modification will not be effective.
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Exit
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Exit from the window.
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Table "User Formulas"
There are some variations to the pivots calculation formulas. This application has been programmed with some standard formulas but they can be customized by the user. This operation can be done from the table "User Formulas":
To activate the "User Formulas" mode, and tell the program to use this customized formulas instead of the standard one, select the checkbox on the top left of the form "Use user formulas".
On the left there is the list of all pivots. For each one of then a different formula can be inserted. To do that just position the mouse on the desired resistance, pivot, or support and write the formula in the box on the right. If you want to use the Code Editor, it is sufficient to double click on the frame containing the formula.
It is also possible to choose which formulas to edit and use, simply selecting them from the list on the left.
Table "Options"
On the table "Options" it is possible to enable or disable some of the function simply selecting them:
The options available so fare are :
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Calculate pivots when come into the form
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When the form "Pivots Management" opens, the pivots for the selected securities in the active workgroup will be immediately calculated.
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Draw pivots in primary chart
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Enable to draw pivots on the main chart of each security for the last loaded period. This function can be enable also selecting the menu entry "Pivots (Draw on chart)" on the menu "Analysis" on the main program window.
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Pivots can be easily checked also directly on the security main chart. Just position the mouse on the chosen period to make appear a typical tool tip. The tool tip shows also the Pivots for that period. This function is very useful and quick to consult more periods of the same security.
The image below shows this in more details:
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