The rolling daily pivot was suggested as a trend filter by Mark B. Fisher in his book The Logical Trader. One may also create rolling weekly pivot levels by taking the highest high, lowest low of the past N-weeks and the close/settlement of the current week in order to create rolling weekly pivot levels.
Indicator Description
If the market trades above the Rolling Pivots Weekly, we can assume we’re in an uptrend, whereas if it’s below, it will be in a downtrend. The ideal trade entry will be in the direction of the major trend when the market retraces towards the value area as represented by the rolling weekly pivot range, namely the Directional Pivot (DP), Central Pivot (CP) and the Main Pivot (PP).
The Rolling Pivot Weekly indicator can be combined with a trend bias indicator and Volume / Range Analysis. You may determine a trend bias using the Donchian Channel, Heikin Ashi Candles or the standard Regression Channel / Daily Regression Channel. Other trend filters include the Coral Filter and the Rainbow Filter. For Volume / Range Analysis you may have a look at the Force Index, Relative Volume or Relative Ranges. The Donchian Channel, Heikin Ashi, Regression Channel, Relative Volume and the Relative Ranges were reviewed in our Indicator Spotlight.
Furthermore, our advanced oscillators category features the Laguerre RSI. The standard momentum oscillator category furthermore has a new an improved version of the standard Relative Strength Index, the Connors RSI Slow RSI and the Traders Dynamic Index (TDI). Additional info on the TDI indicator, which applies the RSI to three timeframes, was also discussed our Indicator Spotlight. Finally, you may manage positions by using the Wilder Volatility Stop or the ATR stop indicator from our Trailing Stops category. For more information you may review our Indicator Spotlight issue on the ATR trailing Stop.
Other Library indicators
Other rolling Pivot indicators available from the Session Tools category include the Rolling Pivots Daily and Rolling Pivots Monthly. The LizardTrader blog has further information on the use of rolling pivots for trend detection.
This category also features Hourly Pivots, Pivots Daily, Pivots Weekly, Pivots Montly and the Pivots N-Monthly indicators. Finally the library contains Camarilla Daily Pivots, Camarilla Weekly Pivots, Camarilla Monthly Pivots and the Camarilla N-Monthly Pivots. Our Indicator Spotlight also outlined Mark Fisher’s application of the Pivot Point indicator in relation to the Opening Range. A premium Session Pivots Package is also available.
The Indicator Library also has a category with Fibonacci indicators, including the Prior Day Fibonacci Levels, Current Week Fibonacci Levels / Prior Week Fibonacci Levels, the Current Month Fibonacci Levels / Prior Month Fibonacci Levels and the Current N Month Fibonacci Levels / Prior N Month Fibonacci Levels. Our Indicator Spotlight also discussed Fibonacci Retracement Levels specifically. Additionally, this category also contains the Fibonacci Bands indicator.
The indicator is available for NinjaTrader 8 and is compatible with our LizardRenko bars.
