Pivot Range - Fisher's Methodology(1D & 3D & W & M) Version 2.00 Created by TWA_TradeWithAmir(TWA_PriceActionTips) Updated 10/29/2020 Based On Mark B. Fisher's ACD Methodology
* 1D Pivot Range, 3D Pivot Range, Weekly Pivot Range & Monthly Pivot Range
Thanks for sharing this indicator. I have noted a little glimpse compared to the original method by Mark B. Fisher though. The figures are correct on the current bar and should be extended for the full period. Instead, on my screen, the pivot ranges are shifted by 1 period (1 day shift for 1D, 1 week shift for W,...) e.g. pivot displayed for today is actually the pivot for yesterday (and the one display for yesterday for the day before, etc...). I hope this will help.
Lij_MC
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@Oli_F, I noticed this too I think this is because the script behaves differently in version 3 vs version 4 pine
Meru
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I think 3 day pivot range is showing incorrectly. It should be 3 x 24 x60hrs i.e. 3 trading days and not calendar days including weekend.
Oli_F
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@Meru, @twa. I also think the display is incorrect. My understanding of Mark B. Fisher approach is that the daily 3D pivot range is a separate calculation for each day, using the high & low & close of the prior 3 day rolling period. The 3D pivot range should be a different range everyday instead of extending for 3 days.
Oli_F
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Hi @TWA_TradeWithAmir Another comment to highlight the above by doing the following:
- choosing specific product a short time frame such 1m
- the pivot range PR on current bar is different to the previous bars of the same day - values on the current price (last) bar are correct
- wait for few minutes: the pivot ranges PR expand to newly created bars - what was initially one dot on current price bar now extends and forms lines on bars created since graph opened
- change to another product, and come back to initial product: pivot range PR only appear on last bar again
Pivot range is different for the bars created while the graph is opened, the same bars have different value in new graph. The figures are shifted by one day e.g. when opening the graph, the last bar is correct, for other bars of the same day the figures are the pivot range of the previous day (all days prior last bar are shifted by 1 day).
just trying to help. I loved your template and had the same done in MT4. Cheers.