Posts: 21
Joined: 12/20/2004
Location: Orlando
User Profile Hopefully, this will be read by the programming staff of Nirvana. As I continue my long term (over ten years) study of perplexing markets and their equally perplexing charts I keep finding that regardless of all the indicators, MACD, Stochastics, RSI, Moving Averages, etc., there needs to be a time when one understands what the charts are showing.
Omnitrader draws pivot points, which are extremely helpfull in eliminating the noise of individual bars and in defining the overall trend of a stock/market. In addition, stocks either bounce as they approach support/resistance points and trend lines and even break through with increased volume.
The default profile allows one to tweak 59 systems and/or by adding a confirmation system or filter formulae or add pivot points to stops. For a user of OmniTrader 2006 with CPS Patterns w/o the Scans,how am I best able to tweak the Default Profile to show and vote on those stocks which are likely to form pivots at or near their support/resistance or trendlines and/or those which broke those points and vote on them.
I realize that a pivot point can't be identified by the last bar to the right of the chart and one must make a determination of the likely move the next day. The vote I'm looking for might be a directional signal (triangle) with a confirming triangle signal the following day.
Any suggestions or possibly some of your work can be posted on this matter of pivot points and their influence of price direction?
The points T1, T2, T3 represents the pivot points. The stock's price most likely will be reversed by reaching a Fibronachi (retranchment level), and ADR's allow one to provide mathematically the margin of error before a reversal or a continuation of the trend.
Posts: 6338
Joined: 1/19/2004
User Profile I appended your 2nd post onto this one. OmniTader does not have a Pivot Point system that will provide signals. There is the Pivot Point indicator, but as you know it does not produce signals. If you had OmniTrader Professional you could probably make one though. Some customers have already looked into this, but I don't know if any have succeeded. You can visit the Pro forum & do a search if you like for Pivot Point.
http://www.omnitrader.com/omnitrader/proforum/category-view.asp
Posts: 21
Joined: 12/20/2004
Location: Orlando
User Profile Barry, thanks for your reply.
I've been experimenting with various combinations of systems, confirmations, stops which include pivot points (BTY, adding the extra pivot point stops help the statistical results).
Thought that the staff might have also used this approach to improve the default system.
Thanks again.