Instructions for the Pivots Daily and Trade alerts program When you first load the program

and run it there will be no apparent difference between the normal Pivot Daily program and this version so you can run this in the same way with no noticeable difference. The only change is that you can switch between GMT and BST by setting the Global variable GMT flag to True or False respectively. To set the Global variables select Charts from the Metatrader menu bar, then Indicators List from the drop-down menu. The Indicators window will then appear, highlight Pivots Daily-V3gtv5_release from the list and select Edit. Another window will appear with Common, Inputs, Colors, and Visualisation tabs. Click on the Inputs Tab and you will see the List of variables which you can set by double clicking on the appropriate value field. Use the Reset button to restore the Global variables to their default settings The Global variable list contains the following variables:GMTflag (Default True) The GMT time flag set to True for GMT; False for BST Upper_Lower_Signal_flag:- If this is set then Upper and Lower signal processing is enabled (Default False) Set this to True if you want the Upper signal and Lower signal lines and the associated alerts Trade_line_flag:- Set this if you want to use the Trade line display facility (Default False) Set this flag if you want the trading buy and sell signals displayed Alert_flag (Default False) Voice_flag (Default False) Set these flags if you want to display the Alerts or use the Voice messages N.B. Dont set both these flags to true as the sound output files are not buffered which means that any 2 messages output at approximately the same time will interfere with each other use_theoretical_average_flag (Default True) Set this to True when you wish to use the tabulated theoretical daily range values. To use the calculated average daily range this flag should be set to False. Manual_pivot_point_value (Default 0) Set this to the required Pivot value Set this to the required Pivot Point value if you want to set your pivots manually Pivot flags set to True if required to be displayed pivots (Default True) camarilla (Default False) midpivots (Default False) no_of_pips_approach_limit (Default 2pips) Alert posted when bid price comes within this selected number of pips of a monitored level Variable declarations for average daily range calculations over the selected number of days (default 50) no_of_days :- This is the number of days over which the daily average is calculated Variable declarations for candle and indicator calculations (default 4) no_of_candles:- This is the number of candles over which the candle average is calculated Set the colour for the Upper signal, Lower signal, and Trade-now lines. You can manually choose these from the user interface. Upper_colour Set the colour of the Upper signal line (Default Blue) Lower_colour Set the colour of the Lower signal line (Default Red) Trade_colour Set the colour of the Trade signal line (Default Maroon) five_pip_beyond_colour Set the colour of the 5 pip beyond line (Default Lime)

Information at the top of the screen The most obvious change is the increase in information at the top of the screen where the settings for some Global flags are displayed so that you can see what options the current window/chart has set up, you may change these by editing the Global variables as described above. If in doubt just select the Reset option and that will set you back to square one. Average daily ranges have been calculated over a number of days, the first is a 3 year average calculated over 600 days to give a sense of the long term volatility. The second daily average is calculated over 200 days to give an intermediate view of volatility and the third is calculated over 50 days to show the more recent volatility and is used to calculate the performance factor which gives an idea of how the this daily average range varies from the theoretical Daily average range expressed as a percentage. e.g. for cable Performance Factor = (100* 50 day average daily range( = 124pips say)/ theoretical average range = 140)% =100* 124/140= 88% This value can be used to modify the Profit targets and Stake to take account of recent market volatility, so instead of 5, 10, 20 and 30 pips because the market is only performing at 88% of its normal volatility then the profit targets could be reduced to 4, 9, 17, 27 respectively to take account of the reduced average daily range. The Stake can accordingly be increased slightly to 1.1*Stake to take account of the reduced profit targets due to the lower market performance. N.B. To use the theoretical values set use_theoretical_average_flag to True. To use the calculated value and take account of current market performance set this flag to False. The theoretical values for the pip margins are based on the expected daily range for the currency pair. In the case of Cable the theoretical daily range is 140 pips from which the 5, 20 and 30 pip margins are derived. However, as in recent months, the average daily range has been much lower than 140 at around 110-120, this is where the performance factor comes in handy, when the market is below average. Using the calculated ranges averaged over the previous 50 days the 5, 20 and 30 pip margins would be modified to 4, 16, 24 pips if the calculated average daily range was only 112 pips instead of 140 (i.e. 80% of the expected value for Cable). The program automatically adjusts the margins and the Stake value to take account of the reduced volatility if the use_theoretical_average_flag is set to False. If it is set to True then the 5, 20 and 30 pip margins remain unaltered by the current market ranges. The number of days used for the medium term daily average is 4 times the time period used for the shorter term daily average( defaulted to 50) but you may set this to any value you wish by altering the Global variable no_of_days. There is also a line giving information about average candle range over the past hour which roughly indicates how energetic the market has been during that time. There is also a Movement indicator to show how far the bid price has moved, and in what direction (+ for up for down) over the past hour. You may select the number of candles to use in the calculation of the candle averages by setting the Global variable no_of_candles Using the Signal lines In order to use the enhanced functionality you will need to switch on the Upper and Lower signal lines by setting the Upper_Lower_Signal_flag to True. Two horizontal lines will appear set at the highest and lowest values for the current day labelled Upper Signal (Blue) and Lower Signal (Red). The colours of these lines can be changed by editing the Global variables :Upper_colour Set the colour of the Upper signal line (Default Blue) Lower_colour Set the colour of the Lower signal line (Default Red) You may now move these lines to levels you wish to monitor. Note you cannot move the Upper Signal below the Lower Signal. As the Bid price approaches Upper Signal line the line label changes to US Approached, US Breached as the Bid price approaches and moves above the Upper Signal level. The same is true in the opposite direction for the Lower Signal line If the Bid price moves 5pips (or equivalent proportionate to the daily range) beyond the Signal level an unlabelled dotted green line appears to indicate the equivalent of moving 5 pips beyond the level If the candle then closes above the Upper Signal line then the label changes to US Closed Above

N.B. The Upper and Lower signal flags are moveable horizontal lines whose levels are set by the user to monitor when the price movement approaches an area of interest. These lines are produced when the Upper_Lower_Signal_flag is set toTrue. The original default position of the lines being the highest and lowest price for the day for the Upper and Lower lines respectively. You will need to move these lines to your own required level as you judge the situation for each day. The Upper Signal line to indicate a potential buy level and the lower line a sell situation. ( You cannot move the Upper Signal line below the Lower as this would be clearly an error). For instance if you believe that when the price moves to a certain value a buy situation might develop then the Upper Signal line can be positioned at that price level. If the price then approaches this level then, if you have the Alert or Voice flag set, a screen Alert or a Voice alert will tell you that this level is being approached so you need to prepare for action. If the price moves beyond this level by 5pips (or equivalent) then a green dotted line will appear to let you know that this level has been reached. You may decide to trade at this level if you are waiting for a move beyond. Using Alerts and Voice alerts You can enhance this functionality by setting the Alert or Voice alert flag to True, I do not recommend using both at the same time as the sound output is not buffered and later messages often obliterate or scramble sound messages and Alerts so that you might lose information when several messages are being output at about the same time. This is particularly apparent when you are monitoring several currency pairs at once. So I recommend using either the Voice Alert or the Alert window Function but not both together. The Voice alerts are useful when you are busy with other things and the computer is monitoring in the background, a Voice alert can tell you when to break off and pay attention without the necessity of sitting there all day waiting for a bite! The Alert windows are text based and appear in a separate window when an alert is triggered, there is a default sound (beep) associated with an alert, this pre-set by the Metatrader program. If the Alert flag is false these messages do not appear. If the Voice flag is set to True then a voice message is issued, "Upper level reached", "Stop loss reached", "Profit level reached" or a Trumpet sound when a Buy or Sell action is recommended. I have reduced the number of times alerts are repeated for any given trigger so that you are not swamped by them. If you do not want this facility then set Alert and Voice flags to False. Using Trade lines Another function used in conjunction with the Upper and Lower Signal lines are the Trade lines, these are switched on by setting the Trade_line_flag to True. Now when a close above/below is detected the Trade now, Profit and Stop lines appear the proportionate distance from the closing candles High (for Upper Signal) or Low (for Lower Signal) so that you can see where the entry point is and the appropriate Profit and Stop levels are. This is useful so that you can see if there are any intervening blocks in the way of a successful trade. You may move the positions of the Trade lines to avoid any obstacles. You can clear these trade lines by simply moving either the Upper or Lower Signal line. If you have the Alert or Voice flag set to True then you will also get a visual or voice alert as trade levels are reached. N.B.The Trumpet sounds when the Trade now level has been reached. If you have the Trade_line_flag set to True then when the program detects that there has been a close above the Upper line for example then the Trade lines are displayed, a Buy now line, Stop line and Profit line based on the High of the closed candle and the equivalent pip margin (e.g. High + 5 for the Buy now line, Buy Now - 30 for the Stop level ,and Buy now + 20 for the Profit line)This allows you to see whether there are any intervening obstacles between the trade now value and the profit target. You may also move the Trade lines to suit the situation for example if there is a potential obstacle then you could move the Trade lines above or below this level as appropriate. It is important to realise that this program does not make decisions for you, you have to set the appropriate levels, the program will help you to identify when those levels have been reached, breached and broken. This program is useful for monitoring a number of currency pairs. However, it can become very confusing if you are actively monitoring several currencies at the same time. I monitor about 8 currencies in total but only set Signal lines with Trade lines and Alerts for two or three at most. I am only interested in the most promising currencies each day. i.e. Those which are showing clear levels and uncluttered patterns.