Daily Pivot Indicator for NinjaTrader
The daily pivot indicator is a new variation of John Ehlers pivotal trading techniques. I’ve adapted this one to include support/resistance lines for the day before, so you can see where todays trades need to be, at a glance.
This variation of the pivot indicator is for NinjaTrader, and provides a single black pivot bar, with four resistance and support lines for reference.
Usage:
Use the daily pivot indicator as you would any other pivot indicator. If you are new to pivot indicators, rest assured that there is no right or wrong way to use them, and are dozens (hundreds?) of ways to use them. The principle idea is that the pivot line (central main black bar and line) is where all shifting data uses as a reference point. There are four additional lines in this indicator, the upper two are your first resistance line and your second resistance line. The two lower lines are your first support line and second support line.
Wikipedia has a great overview article on Pivot Points and how to trade them. Pivot points have been used by floor traders for decades to see real-time movements, versus lagging indications like moving averages.
This is my first indicator since reviving TazaTek. The indicator is fairly simple in nature, and was chosen as a warm up exercise for me to refresh my memory on how to do this again. If you have any feedback on this indicator, the new site, the write up of the article, or have more indicator suggestions, please leave a comment below.
Very cool indicator.
I tried it on several daily charts and seems to offer an effective alert.
(Seems to post pivots intra-day also).
Just posted your link on BPT blog to spread the word
I’m glad to hear that it works well for you.
Thank you for sharing the good word with the crew over at BreakPointTrades.com – I think they will make good use of it as well.