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Jim Dean

Posts: 2921

Joined: 9/21/2006
Location: L'ville, GA

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Subject : RE: Pivot Points (7) Indicator
Posted : 1/18/2014 4:05 PM
Post #30663 - In reply to #30662

I mentioned "hindsight" in my original post. Another less-PC way of saying it is that the Pivot drawing routine "cheats" ... it uses FUTURE bars to discover that a given bar is a pivot, and draws the line there after it knows.

You can see this "hindsight" in action if you watch the HRE (Hard Right Edge) of the screen as bars develop ... the final-leg of a Pivot sawtooth does not appear until a few bars have passed.

This is also true for the ZigZag lines in the WaveTrader plugin.

It also is used for the "Market Reversal" exit options.

Many warnings are given in the forums, and in the Help, NOT to use Market Reversal exits for real trading, OR as a yardstick for real-life strategy performance, since the exits are based on pivots. MR exits are intended for System development purposes, or for pure discretionary traders.
Deleting message 30663 : RE: Pivot Points (7) Indicator

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