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John Carter Pivot Points
This script is based on John Carter Mastering The Trade book. Pivot calculation is based on the previous day high, low, and close.
What Are the Trading Rules for Pivot Buys on Trending Days?
Sells are reversed.
1. Each day I update the appropriate pivot levels on the charts to reflect the previous day’s action. On Mondays, I also
update the weekly pivots, and on the first trading day of a new month, I update the monthly pivots.
2. The first pivot play is done in conjunction with the gap, if there is one. If there is a gap down, then I buy a decline into
the closest pivot level. If there isn’t a playable gap (more than 10 YM points or 1 ES point), then I will wait until
9:45 a.m. eastern to initiate the first play.
3. If the volume on the five-minute ES chart is more than 25,000 contracts, then I’ll wait for the markets to penetrate a
pivot level and move up at least a quarter of the way to the next pivot level. Once this happens, I will then set up a
bid to buy the first retracement back to the violated pivot level.
4. I enter my trades with limit orders only. I place orders “just in front of” the pivot. For the YM, I use 3 points; for the
ES, 0.25 point; for the NQ, 0.50 point; for the TF, 0.20 point; and for individual stocks, 5 cents. For example, if I’m
trading the YM and the pivot level is 10,000, then I would buy a decline to 10,003 and short a rally to 9997
.Sometimes the pivot will be an odd number, such as 1117.38 on the ES. In this case, I always round in the direction of
the trade. So, if I’m bidding for a long, I will round 1117.38 to 1117.50, and my bid will be 1117.75. If I’m offering a
short, I will round 1117.38 down to 1117.25 and place my offer at 1117.00. My stops and targets, then, would be “just
in front of” these appropriate long and short levels.
5. Once filled, I place an order to close the first half at the next pivot level and the second half at the pivot level after
that, using the same “just in front of” parameters.
6. I place a stop at 20 points for the YM, 2 points for the ES, 4 points for the NQ, and 1.50 points for the Russell. For
stocks, I will use a stop based roughly on the price of the stock. If the stock is under $10 a share, I will use a stop of
20 cents. If it is between $10 and $20, I will use a stop of 30 cents; if it is between $20 and $30, I will use a stop of
40 cents, and so on, adding another 10 cents for each $10 increment in price. (A $75 stock would have an 80-cent
stop, for example.)
7. If the first target is hit, I will then move up the stop to my entry-level pivot, minus the “just in front of” fractions
discussed in rule 3. For example, if I get in a YM long at 10,003 and the pivot is at 10,000, then my new stop would
be 9997 once the first target is hit.
8. If I am in a trade at the market close and neither my stop nor my target has been hit, I will close out my position “at the
market” at 4:10 p.m. eastern for futures, and at 3:58 p.m. eastern for stocks.
9. I don’t initiate any new positions after 3:30 p.m. eastern, but I will manage existing positions into the close.
10. The markets rarely have a sustained move above R3 or below S3. If I trade to those levels, I will always fade the
move.
11. After two losers in a row, I’m done with pivots for the day.
What Are the Trading Rules for Pivot Buys on Choppy Days?
Once again, sells are the same, just reversed. The rules for choppy days are identical except for the targets. On choppy days, I
just focus on the YM and the ES. My first target is mechanical: 10 points for the YM and 1 point for the ES on half of my
position. Once this is hit, I will trail up my stop in the same way I would for a trending trade. The second target becomes the
“just in front of” level for the actual next pivot level Penunjuk

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Point and Figure Chart - LiveHello Traders,
This is "Point and Figure Chart (PnF)" script that run in separated window in real time. The separated PnF chart window is timeless, so no relation with the time on the chart. PnF chart consist of "X" and "O" columns. While "X" columns represents rising prices, "O" column represents a falling price. If you have no idea about what PnF charting is then you should search for "Point and Figure Charting" on the net and get some info before using this script.
Now lets talk about details. PnF Chart requires at least two variables to be set => Box size and Reversal. Box size represents the size of each X/O in PnF chart and the reversal is used to calculate new X/O or reversal. for example if currrent column is X column then for new "X", "box size * 1" move is needed and for new "O" column or reversal, "box size * revelsal" move is needed. in the script I use lines as X/O columns.
In the options you can set "Box Size Assingment Method". you have 3 options Traditional, ATR, Percentage . what are they?
Traditional: user-defined box size, means you can set the box size as you wish, using the option . if you use this option then you should set it accordingly.
ATR : that's dynamic box size scaling and on each columns it's calculated once, you can set length for ATR
Percentage: that's also dynamic box size scaling according to closing price when new column appeared. if you use this option then you should set it accordingly.
Reversal: The reversal is typically 3 but you can change it as you wish
"Change Bar Color by PnF Trend": if you enable this option then bar color changes by PnF columns, by default it's not enabled
"Change Column Color When Breakout Occurs": PnF color changes if Double Top/Bottom breakout accours. enabled by default and you can set the colors as you wish using the options
"Change Bar Color When Breakout Occurs": bar colors changed if Double Top/Bottom breakout accours. enabled by default and you can set the colors as you wish using the options
the script checks only Double Top/Bottom breakouts at the moment. there are many other breakouts such Triple/Quadruple, Ascending/Descending Triple Top/Bottom breakouts, Catapult etc.
Also the script shows new X/O level and reversal Levels in PnF window. An example:
If you enable "Change Bar Color by PnF Trend" option:
An example if you disable the option "Change Column Color When Breakout Occurs
You may want to see my another/older "Point and Point Chart" script as well. you can find it in my profile/published scripts and in the Public Library. I use same PnF calculation algorithm in both scripts.
Enjoy!
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