Pivot Point Lines from StockCharts
Author: seand01
Creation Date: 12/26/2013 5:14 PM
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seand01

#1
Hi All,
I recently started using Wealthlab and really enjoy it. I have a question. I can't seem to create pivot lines or Support and resistance lines. Similar to what you would find in a default chart on stockcharts.com.

http://stockcharts.com/h-sc/ui?s=SPY&p=D&yr=1&mn=0&dy=0&id=p26369347195

Any ideas?

Sean
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Cone

#2
I haven't seen pivots used for calendar months before. What's the logic behind that? (Real question.)

Anyway, try using the convenient "Strategy Download" feature (found in Wealth-Lab's Open Strategy dialog, Ctrl+O).

After performing the operation, search for "Floor Trader Pivots".
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seand01

#3
Hi Cone,
TASC 2013-03 | Camarilla Points (Bobrowski) would be the closest thing in wealth lab however not intra day.

http://www2.wealth-lab.com/wl5wiki/TASCMar2013.ashx

The only thing I could find would be Support and Resistance Zones. A good example would be BAC. I can quickly get an idea of overhead resistance on shartcharts.com 16.58 and 17.37. Using Support and Resistance Zones in wealth-lab I have to go back a few years to 2010 to get an idea. It's just one small convienence feature I noticed lacking from wealthlab. I figured it would be probably pretty simple and maybe I was just not finding it. After searching the Google and the forums I could not find anything other then the link above.

Thanks again for you response.
Sean


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Cone

#4
Just like in StockCharts, someone has to program the "study", which is essentially a strategy for display analysis only. A study could be used for the basis of a trading strategy for backtesting.

My question is what is the logic behind calendar month pivots? "Why is 15.19 selected as the current pivot point for BAC"? "How are R1, R2, etc. calculated?"

It's a simple matter to create a study like this. What's missing is the logic behind it.

Edit: I found this link - http://www.aaii.com/computerized-investing/article/pivot-points.mobile
I can probably whip this up later today.
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Cone

#5
Actually, it was practically a copy of the Floor Trader Pivot code. This will create daily, weekly, or monthly pivots based on the data scale. Open a new Strategy Window (Ctrl+Shift+S), paste the code, click the Compile button, and Save it as "Pivot Point Study", for example.

CODE:
Please log in to see this code.


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seand01

#6
Cone awesome stuff thanks!