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Person’s Pivots (NT)
- Categories: Indicator, NinjaTrader
- Tags: Pivots
- Type: Free
Person's Pivots for NinjaTrader build upon the traditional pivot point concept by incorporating additional levels providing a more nuanced view of the market.
Note: This download requires NinjaTrader 8 release 8.1.3 or newer.
Understanding Person's Pivots: A Guide for Traders
Pivot points are essential tools used by traders to anticipate support and resistance levels in financial markets. Among the various pivot point calculations, Person's Pivots offer a unique approach that combines traditional pivot calculations with additional insights to help traders make informed decisions.
What Are Pivot Points?
Pivot points are calculated using the high, low, and closing prices of a previous trading session. They serve as reference points to predict potential support and resistance levels in the upcoming session. Traders use these levels to identify possible entry and exit points for their trades, set stop-loss orders, and determine profit targets.
- Bullish Signal: If the market opens above the pivot point, it is considered a bullish sign.
- Bearish Signal: If the market opens below the pivot point, it is viewed as bearish.
Introducing Person's Pivots
Person's Pivots build upon the traditional pivot point concept by incorporating additional levels and calculations to provide a more nuanced view of the market. Developed by John Person, a veteran trader and author, this method focuses on identifying key support and resistance levels that may not be evident with standard pivot points.
How Person's Pivots Are Calculated
While traditional pivot points use the average of the high, low, and close prices, Person's Pivots incorporate additional calculations to determine more precise support and resistance levels. The formula adjusts the weight given to the high, low, and close prices, offering levels that might better capture market sentiment.
Using Person's Pivots in Trading
- Trend Identification: By observing whether the price is trading above or below the pivot point, traders can gauge the overall market trend.
- Setting Entry and Exit Points: Support and resistance levels provided by Person's Pivots help in determining optimal points to enter or exit trades.
- Risk Management: Placing stop-loss orders near pivot levels can help in managing potential losses.
Features of the Person's Pivots Indicator
The Person's Pivots indicator enhances the trading experience by providing visual cues and customizable options. Here's how the indicator can benefit traders:
1. Custom Close Time
- Flexibility: Traders can set a custom close time to calculate pivot points based on their preferred market hours.
- Adaptability: Useful for markets that operate outside standard trading hours or for traders who focus on specific trading sessions.
2. Display Options
- Show or Hide Specific Levels: Traders can choose which support and resistance levels to display (R3, R2, R1, PP, S1, S2, S3).
- Historical Pivots: Option to display or hide pivot points from previous sessions, helping traders focus on current market conditions.
3. Visual Customization
- Line Styles and Opacity: Customize the appearance of pivot lines with different styles and transparency levels to suit personal preferences.
- Color Coding: Different colors for resistance and support levels make it easy to distinguish between them at a glance.
4. Labeling
- Pivot Labels: Enable or disable labels for each pivot level to keep the chart clean or provide additional context.
- Font and Size Options: Adjust the font family, size, and boldness of the labels to enhance readability.
- Text Positioning: Set pixel displacement to fine-tune the position of labels relative to the pivot lines.
Review the screenshots for setup options.
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