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Dialy Pivot - What time begin a day?

Discussion in 'General Forex Talk' started by Laszlo Dobiasz, Sep 6, 2010.

  1. Laszlo Dobiasz

    Laszlo Dobiasz Private, 1st Class

    Aug 17, 2010
    Likes Received:
    I've coded a Pivot point indicator for MT4, but I wonder how to use it correctly.

    What do you think what time begin a day when calculating dialy pivot point?
    Is there a conventional begining hour?
  2. Pharaoh

    Pharaoh Colonel

    Oct 3, 2007
    Likes Received:
    That's a subject of much debate. Daily Pivots were designed for markets with a daily open and a daily close.

    I've heard of people using midnight GMT, the London close, and the New York close. I'm willing to be there are more.

    Since pivots of this sort can become self-fulfilling prophecies, lack of a common reference point for calculating them can reduce their effectiveness.

    Try weekly pivots. At least there's not nearly as much debate about the weekly open and close.

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