How to Calculate Pivot Points in Forex
I was wondering what the market convention is for calculating the daily open, high, low and close.
as the market is open 24 hours, what should I use as the cutoff for the day?
It seems the majority of fx websites use 5pm EST to calculate their pivot points but the use midnight EST for the cutoff on their daily charts, I am just a little confused what I should use.
From my successful trading experience I use the full day (mid to midnight Eastern time). Sometimes calculations are pretty similar when market stops trading past 5pm, but it is not rare to see price continuing trending after 5pm, then daily pivots and 5 pm based pivots will differ a lot. Again, I was never disappointed with my way of calculation, it is dead right every time. Try it.
When a pivot point has been calculated for a 1 day chart, does it remain the same on all time frames or does a recalculation have to be done for each time frame?
It remains the same for all time frames for the entire day of trading. No need to do any further calculations, you trade with the same daily pivot points on all time frames be it 1 day, 1 hour, 5 min or 1min chart.
Pls what's the formula for calculating forex mid points?
Pivot = (High + Low + Close) / 3
R1 = 2 * Pivot — Low
R2 = Pivot + (High — Low)
Midpoint between R1 and R2 = R1 + (R2 — R1) / 2
Midpoint between Pivot Point and R1 = Pivot + (R1 — Pivot) / 2
where "Pivot" - Pivot point
R1 - first resistance
R2 - second resistance
Hi! Given that the NY closing time is 5.00pm EST, could you please tell me the ACTUAL time to use to calculate an accurate Pivot Point in France? Thanks.
Time offset for France is +6 hours.
Thus, if you base your calculations on 5pm EST NY close, then you would use 11pm to 11pm your local time.
However, bear in mind that for every Forex broker you will have a different trading platform server time, e.g. some platforms may use EST, some GMT, some GMT+2 and so forth. You want to calculate the Pivot points in accordance to actual server time of your trading platform. Even if you have an option to change platform time zone settings, the server still will be feeding data according to its internal time.
Ask your Forex broker about Platform's server time, they should be able to give you the answer. Then, whatever you get, convert it to EST and calculate accurate Pivot points based on Forex trading platform server time of your Forex broker.
Pivot points: Are they calculated at midnight if I live in US EST or at 8pm which would be 00:00 GMT?
For US EST time you should Calculate Pivot points at midnight EST.
How does one calculate the pivot points for a Monday? Does one use the open, high and low of previous Friday? What about the few hours of Sunday?
For Monday Pivot points use time from midnight EST on Friday to midnight EST on Sunday.
hi, is there a pivotpoint calculator that draws daily new lines and include the midpoints
Do you mean custom indicator for Metatrader that would draw lines for you daily?
Here is Pivot Point indicator with midpoints:
I am in Nigeria. pls what is the best time for pivot calculation?
what time frame works best for pivotpoints?
Most popular time frames for pivot points calculation are 1 day (daily pivots), 1 week (weekly pivots) and 1 month (monthly pivots).
Daily pivots are ideal for trading short time frames: from scalping on 1 min or 5 min time frame to 15 min and hourly trading. Weekly pivots help to identify market support and resistance levels for hourly as well as 4 hour time frames. And finally weekly and especially monthly pivots are good for trading daily charts.
The best time for calculating pivot points is known to be midnight to midnight Eastern time. However you may also use 5:00pm to 5:00pm EST to calculate pivot points.
Do you know any free online Pivot point calculator for Forex?
Hello, You are doing good job here. Am Little confused about which day's open and close I should fill and recond with when calculating daily,weekly and monthly pivot point. Please help me out on this.
When we calculate daily pivots points we take previous day high, low and close.
For example, today is March 6th, in order to find out daily pivots for today's trading we go back to March 5th (you can use daily charts) and take its high, low and close values, which we put into the Pivot calculator.
When we want to find out weekly pivots, we take into consideration the previous week. Again, for today's trading (Friday March 6th), we would go 1 week down to the last week of February. We take the range from Monday to Friday and again look for the high, low and close.
When we want to trade with monthly pivots, then we use previous month's high, low and close. Today is March 6th, so we would use the data from February. To be specific, we take the range form February 1st, to February 28th, and within this range we identify the High, the Low and the Close.
in every case (daily, weekly, monthly or hourly) Pivots the formula remains the same.
Hi, am a new trader please how can i determine my high, low and close position to calculate pivot
Switch over to daily charts and mouse over the previous day candlestick, your trading software will show you something like:
O 0.5555 (means candle open at 0.5555)
H 0.7777 (means candle's highest values was 0.7777) and so on
L - Low
C - Close
Alternatively, pull up hourly charts.
In candlestick range from midnight to midnight previous day, find the
lowest price value - that's your low (L)
highest value - that's your high (H)
close - the value with which the day (the last hourly candlestick in
the range) has closed.