Dialy Pivot - What time begin a day?

Laszlo Dobiasz

Private, 1st Class
Messages
29
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?
 

Pharaoh

Colonel
Messages
19,691
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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