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Jesse Livermore’s Pivotal Point methodology

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  • anonymous_postor
    In the book titled Trade like Jesse Livermore By Richard Smitten, Livermore s Pivotal Point methodology divided Pivotal Points into two categories. The
    Message 1 of 10 , Jan 1, 2011
      In the book titled 'Trade like Jesse Livermore' By Richard Smitten, Livermore's Pivotal Point methodology divided Pivotal Points into two categories. The first, he called a Reversal Pivotal Point; the second he named the Continuation Pivotal Point. It is essential to understand that while the Reversal Pivotal Point marks a definite change in direction, the Continuation Pivotal Point confirms that the move is proceeding in the proper direction. Continuation Pivotal Points usually occur during a trending move as a natural reaction for a stock in a definite trend. A pattern is forming that demonstrates support or resistance lines. The trader must wait as this formation builds to determine if the pattern will develop into a support area. Or if the stock breaks out on the downside, this may be the area of resistance line in the next move upward. Does anyone know if these are similar to the Persons Pivot Points or the Pivot Points used by the Shadow Trader?
    • tradescripter
      Sounds interesting. I did a web search and found this: http://www.investopedia.com/university/greatest/jesselivermore.asp This looks interesting also:
      Message 2 of 10 , Jan 1, 2011
        Sounds interesting. I did a web search and found this:

        http://www.investopedia.com/university/greatest/jesselivermore.asp

        This looks interesting also:

        http://sarhancapital.com/best-trading-tips/lesson-3-jesse-livermores-trading-system-top-down-trading/

        Here is a quote from the website SFO Magazine.

        "Livermore defined pivotal points as days that contained heavy volume."

        http://www.sfomag.com/ArticlePrint.aspx?ID=1315

        Here is another quote from the website "www.sfomag.com"

        DIY: IDENTIFY PIVOTAL POINTS

        In order to identify pivotal points more precisely, identify the largest one-period (five-minute, 60-minute, daily, weekly, etc.) average true range (ATR) during X number of periods (24 hours, 21 days, 200 days, etc.).

        You can do this in Microsoft Excel with either a max() or percentrank() function. If the max() function returns the current period ATR, then you have a pivotal point. Similarly, if the current percentrank() reading is 100 percent, then you have a pivotal point.

        In TradeStation, use the paint bar function to identify with colored bars (I use red) the largest one-period ATR in X number of periods.

        In EasyLanguage:

        • input: Length(200);

        • var: atr(0);

        • atr = avgtruerange(1);

        • if atr = highest(atr, Length) then

        begin

        PlotPaintBar(High, Low, "PivotalPoint", Red);

        end;

        --- anonymous_postor wrote:
        >
        > In the book titled 'Trade like Jesse Livermore' By Richard Smitten, Livermore's Pivotal Point methodology divided Pivotal Points into two categories. The first, he called a Reversal Pivotal Point; the second he named the Continuation Pivotal Point. It is essential to understand that while the Reversal Pivotal Point marks a definite change in direction, the Continuation Pivotal Point confirms that the move is proceeding in the proper direction. Continuation Pivotal Points usually occur during a trending move as a natural reaction for a stock in a definite trend. A pattern is forming that demonstrates support or resistance lines. The trader must wait as this formation builds to determine if the pattern will develop into a support area. Or if the stock breaks out on the downside, this may be the area of resistance line in the next move upward. Does anyone know if these are similar to the Persons Pivot Points or the Pivot Points used by the Shadow Trader?
        >
      • anonymous_postor
        Good reply tradescripter. Does anyone know how to adapt the below EasyLanguage study to Thinkscript?
        Message 3 of 10 , Jan 1, 2011
          Good reply tradescripter.

          Does anyone know how to adapt the below EasyLanguage study to Thinkscript?

          --- In TOS_thinkscript@yahoogroups.com, "tradescripter" <tradescripter@...> wrote:
          >
          > Sounds interesting. I did a web search and found this:
          >
          > http://www.investopedia.com/university/greatest/jesselivermore.asp
          >
          > This looks interesting also:
          >
          > http://sarhancapital.com/best-trading-tips/lesson-3-jesse-livermores-trading-system-top-down-trading/
          >
          > Here is a quote from the website SFO Magazine.
          >
          > "Livermore defined pivotal points as days that contained heavy volume."
          >
          > http://www.sfomag.com/ArticlePrint.aspx?ID=1315
          >
          > Here is another quote from the website "www.sfomag.com"
          >
          > DIY: IDENTIFY PIVOTAL POINTS
          >
          > In order to identify pivotal points more precisely, identify the largest one-period (five-minute, 60-minute, daily, weekly, etc.) average true range (ATR) during X number of periods (24 hours, 21 days, 200 days, etc.).
          >
          > You can do this in Microsoft Excel with either a max() or percentrank() function. If the max() function returns the current period ATR, then you have a pivotal point. Similarly, if the current percentrank() reading is 100 percent, then you have a pivotal point.
          >
          > In TradeStation, use the paint bar function to identify with colored bars (I use red) the largest one-period ATR in X number of periods.
          >
          > In EasyLanguage:
          >
          > • input: Length(200);
          >
          > • var: atr(0);
          >
          > • atr = avgtruerange(1);
          >
          > • if atr = highest(atr, Length) then
          >
          > begin
          >
          > PlotPaintBar(High, Low, "PivotalPoint", Red);
          >
          > end;
          >
          > --- anonymous_postor wrote:
          > >
          > > In the book titled 'Trade like Jesse Livermore' By Richard Smitten, Livermore's Pivotal Point methodology divided Pivotal Points into two categories. The first, he called a Reversal Pivotal Point; the second he named the Continuation Pivotal Point. It is essential to understand that while the Reversal Pivotal Point marks a definite change in direction, the Continuation Pivotal Point confirms that the move is proceeding in the proper direction. Continuation Pivotal Points usually occur during a trending move as a natural reaction for a stock in a definite trend. A pattern is forming that demonstrates support or resistance lines. The trader must wait as this formation builds to determine if the pattern will develop into a support area. Or if the stock breaks out on the downside, this may be the area of resistance line in the next move upward. Does anyone know if these are similar to the Persons Pivot Points or the Pivot Points used by the Shadow Trader?
          > >
          >
        • Richard Houser
          I have Smitten s book somewhere still in a box from our move from IL to IA. I ll look for it tomorrow after the Bear s game. In the mean time here is the code
          Message 4 of 10 , Jan 1, 2011

            I have Smitten's book somewhere still in a box from our move from IL to IA. I'll look for it tomorrow after the Bear's game. In the mean time here is the code you referenced in thinkscript. It doesn't seem like it's very effective.

            declare upper;

            input length = 200;

            def atr = AvgTrueRange( high, close, low, 1 );
            def highestAtr = Highest( atr, length );

            AssignPriceColor( if atr == highestAtr then Color.MAGENTA else Color.CURRENT );
            AddVerticalLine( atr == highestAtr, "PivotalPoint", Color.MAGENTA );



            From: TOS_thinkscript@yahoogroups.com [mailto:TOS_thinkscript@yahoogroups.com] On Behalf Of anonymous_postor
            Sent: Saturday, January 01, 2011 2:29 PM
            To: TOS_thinkscript@yahoogroups.com
            Subject: [TOS_thinkscript] Re: Jesse Livermore’s Pivotal Point methodology

             

             

            Good reply tradescripter.

            Does anyone know how to adapt the below EasyLanguage study to Thinkscript?

            --- In TOS_thinkscript@yahoogroups.com, "tradescripter" <tradescripter@...> wrote:
            >
            > Sounds interesting. I did a web search and found this:
            >
            > http://www.investopedia.com/university/greatest/jesselivermore.asp
            >
            > This looks interesting also:
            >
            > http://sarhancapital.com/best-trading-tips/lesson-3-jesse-livermores-trading-system-top-down-trading/
            >
            > Here is a quote from the website SFO Magazine.
            >
            > "Livermore defined pivotal points as days that contained heavy volume."
            >
            > http://www.sfomag.com/ArticlePrint.aspx?ID=1315
            >
            > Here is another quote from the website "www.sfomag.com"
            >
            > DIY: IDENTIFY PIVOTAL POINTS
            >
            > In order to identify pivotal points more precisely, identify the largest one-period (five-minute, 60-minute, daily, weekly, etc.) average true range (ATR) during X number of periods (24 hours, 21 days, 200 days, etc.).
            >
            > You can do this in Microsoft Excel with either a max() or percentrank() function. If the max() function returns the current period ATR, then you have a pivotal point. Similarly, if the current percentrank() reading is 100 percent, then you have a pivotal point.
            >
            > In TradeStation, use the paint bar function to identify with colored bars (I use red) the largest one-period ATR in X number of periods.
            >
            > In EasyLanguage:
            >
            > • input: Length(200);
            >
            > • var: atr(0);
            >
            > • atr = avgtruerange(1);
            >
            > • if atr = highest(atr, Length) then
            >
            > begin
            >
            > PlotPaintBar(High, Low, "PivotalPoint", Red);
            >
            > end;
            >
            > --- anonymous_postor wrote:
            > >
            > > In the book titled 'Trade like Jesse Livermore' By Richard Smitten, Livermore's Pivotal Point methodology divided Pivotal Points into two categories. The first, he called a Reversal Pivotal Point; the second he named the Continuation Pivotal Point. It is essential to understand that while the Reversal Pivotal Point marks a definite change in direction, the Continuation Pivotal Point confirms that the move is proceeding in the proper direction. Continuation Pivotal Points usually occur during a trending move as a natural reaction for a stock in a definite trend. A pattern is forming that demonstrates support or resistance lines. The trader must wait as this formation builds to determine if the pattern will develop into a support area. Or if the stock breaks out on the downside, this may be the area of resistance line in the next move upward. Does anyone know if these are similar to the Persons Pivot Points or the Pivot Points used by the Shadow Trader?
            > >
            >

          • anonymous_postor
            I guess code below is an adaptation of the EasyLanguage study to Thinkscript. I will have to test today.
            Message 5 of 10 , Jan 2, 2011
              I guess code below is an adaptation of the EasyLanguage study to Thinkscript.

              I will have to test today.

              <I have Smitten's book somewhere still in a box from our move from IL to IA.>

              I am providing a link to 'Trade Like Jesse Livermore' online pdf file.

              http://www.stockvision.org/books/Richard_Smitten-Trade_Like_Jesse_Livermore-EN.pdf


              --- In TOS_thinkscript@yahoogroups.com, "Richard Houser" <rhouser@...> wrote:
              >
              > I have Smitten's book somewhere still in a box from our move from IL to IA.
              > I'll look for it tomorrow after the Bear's game. In the mean time here is
              > the code you referenced in thinkscript. It doesn't seem like it's very
              > effective.
              >
              > declare upper;
              >
              > input length = 200;
              >
              > def atr = AvgTrueRange( high, close, low, 1 );
              > def highestAtr = Highest( atr, length );
              >
              > AssignPriceColor( if atr == highestAtr then Color.MAGENTA else Color.CURRENT
              > );
              > AddVerticalLine( atr == highestAtr, "PivotalPoint", Color.MAGENTA );
              >
              >
              >
              >
              >
              > From: TOS_thinkscript@yahoogroups.com
              > [mailto:TOS_thinkscript@yahoogroups.com] On Behalf Of anonymous_postor
              > Sent: Saturday, January 01, 2011 2:29 PM
              > To: TOS_thinkscript@yahoogroups.com
              > Subject: [TOS_thinkscript] Re: Jesse Livermore's Pivotal Point methodology
              >
              >
              >
              >
              >
              > Good reply tradescripter.
              >
              > Does anyone know how to adapt the below EasyLanguage study to Thinkscript?
              >
              > --- In TOS_thinkscript@yahoogroups.com
              > <mailto:TOS_thinkscript%40yahoogroups.com> , "tradescripter"
              > <tradescripter@> wrote:
              > >
              > > Sounds interesting. I did a web search and found this:
              > >
              > > http://www.investopedia.com/university/greatest/jesselivermore.asp
              > >
              > > This looks interesting also:
              > >
              > >
              > http://sarhancapital.com/best-trading-tips/lesson-3-jesse-livermores-trading
              > -system-top-down-trading/
              > >
              > > Here is a quote from the website SFO Magazine.
              > >
              > > "Livermore defined pivotal points as days that contained heavy volume."
              > >
              > > http://www.sfomag.com/ArticlePrint.aspx?ID=1315
              > >
              > > Here is another quote from the website "www.sfomag.com"
              > >
              > > DIY: IDENTIFY PIVOTAL POINTS
              > >
              > > In order to identify pivotal points more precisely, identify the largest
              > one-period (five-minute, 60-minute, daily, weekly, etc.) average true range
              > (ATR) during X number of periods (24 hours, 21 days, 200 days, etc.).
              > >
              > > You can do this in Microsoft Excel with either a max() or percentrank()
              > function. If the max() function returns the current period ATR, then you
              > have a pivotal point. Similarly, if the current percentrank() reading is 100
              > percent, then you have a pivotal point.
              > >
              > > In TradeStation, use the paint bar function to identify with colored bars
              > (I use red) the largest one-period ATR in X number of periods.
              > >
              > > In EasyLanguage:
              > >
              > > . input: Length(200);
              > >
              > > . var: atr(0);
              > >
              > > . atr = avgtruerange(1);
              > >
              > > . if atr = highest(atr, Length) then
              > >
              > > begin
              > >
              > > PlotPaintBar(High, Low, "PivotalPoint", Red);
              > >
              > > end;
              > >
              > > --- anonymous_postor wrote:
              > > >
              > > > In the book titled 'Trade like Jesse Livermore' By Richard Smitten,
              > Livermore's Pivotal Point methodology divided Pivotal Points into two
              > categories. The first, he called a Reversal Pivotal Point; the second he
              > named the Continuation Pivotal Point. It is essential to understand that
              > while the Reversal Pivotal Point marks a definite change in direction, the
              > Continuation Pivotal Point confirms that the move is proceeding in the
              > proper direction. Continuation Pivotal Points usually occur during a
              > trending move as a natural reaction for a stock in a definite trend. A
              > pattern is forming that demonstrates support or resistance lines. The trader
              > must wait as this formation builds to determine if the pattern will develop
              > into a support area. Or if the stock breaks out on the downside, this may be
              > the area of resistance line in the next move upward. Does anyone know if
              > these are similar to the Persons Pivot Points or the Pivot Points used by
              > the Shadow Trader?
              > > >
              > >
              >
            • anonymous_postor
              Actually, what I am looking for is code to scan in a custom study in Stock Hacker and then view the matched in a TOS chart. I thried the following code in the
              Message 6 of 10 , Jan 2, 2011
                Actually, what I am looking for is code to scan in a custom study in Stock Hacker and then view the matched in a TOS chart.

                I thried the following code in the Stock Hacker editor

                input length = 200;

                def atr = AvgTrueRange( high, close, low, 1 );
                def highestAtr = Highest( atr, length );
                plot if atr == highestAtr;

                but plot if atr == highestAtr; is an invlaid statement


                --- In TOS_thinkscript@yahoogroups.com, "anonymous_postor" <vippub@...> wrote:
                >
                > I guess code below is an adaptation of the EasyLanguage study to Thinkscript.
                >
                > I will have to test today.
                >
                > <I have Smitten's book somewhere still in a box from our move from IL to IA.>
                >
                > I am providing a link to 'Trade Like Jesse Livermore' online pdf file.
                >
                > http://www.stockvision.org/books/Richard_Smitten-Trade_Like_Jesse_Livermore-EN.pdf
                >
                >
                > --- In TOS_thinkscript@yahoogroups.com, "Richard Houser" <rhouser@> wrote:
                > >
                > > I have Smitten's book somewhere still in a box from our move from IL to IA.
                > > I'll look for it tomorrow after the Bear's game. In the mean time here is
                > > the code you referenced in thinkscript. It doesn't seem like it's very
                > > effective.
                > >
                > > declare upper;
                > >
                > > input length = 200;
                > >
                > > def atr = AvgTrueRange( high, close, low, 1 );
                > > def highestAtr = Highest( atr, length );
                > >
                > > AssignPriceColor( if atr == highestAtr then Color.MAGENTA else Color.CURRENT
                > > );
                > > AddVerticalLine( atr == highestAtr, "PivotalPoint", Color.MAGENTA );
                > >
                > >
                > >
                > >
                > >
                > > From: TOS_thinkscript@yahoogroups.com
                > > [mailto:TOS_thinkscript@yahoogroups.com] On Behalf Of anonymous_postor
                > > Sent: Saturday, January 01, 2011 2:29 PM
                > > To: TOS_thinkscript@yahoogroups.com
                > > Subject: [TOS_thinkscript] Re: Jesse Livermore's Pivotal Point methodology
                > >
                > >
                > >
                > >
                > >
                > > Good reply tradescripter.
                > >
                > > Does anyone know how to adapt the below EasyLanguage study to Thinkscript?
                > >
                > > --- In TOS_thinkscript@yahoogroups.com
                > > <mailto:TOS_thinkscript%40yahoogroups.com> , "tradescripter"
                > > <tradescripter@> wrote:
                > > >
                > > > Sounds interesting. I did a web search and found this:
                > > >
                > > > http://www.investopedia.com/university/greatest/jesselivermore.asp
                > > >
                > > > This looks interesting also:
                > > >
                > > >
                > > http://sarhancapital.com/best-trading-tips/lesson-3-jesse-livermores-trading
                > > -system-top-down-trading/
                > > >
                > > > Here is a quote from the website SFO Magazine.
                > > >
                > > > "Livermore defined pivotal points as days that contained heavy volume."
                > > >
                > > > http://www.sfomag.com/ArticlePrint.aspx?ID=1315
                > > >
                > > > Here is another quote from the website "www.sfomag.com"
                > > >
                > > > DIY: IDENTIFY PIVOTAL POINTS
                > > >
                > > > In order to identify pivotal points more precisely, identify the largest
                > > one-period (five-minute, 60-minute, daily, weekly, etc.) average true range
                > > (ATR) during X number of periods (24 hours, 21 days, 200 days, etc.).
                > > >
                > > > You can do this in Microsoft Excel with either a max() or percentrank()
                > > function. If the max() function returns the current period ATR, then you
                > > have a pivotal point. Similarly, if the current percentrank() reading is 100
                > > percent, then you have a pivotal point.
                > > >
                > > > In TradeStation, use the paint bar function to identify with colored bars
                > > (I use red) the largest one-period ATR in X number of periods.
                > > >
                > > > In EasyLanguage:
                > > >
                > > > . input: Length(200);
                > > >
                > > > . var: atr(0);
                > > >
                > > > . atr = avgtruerange(1);
                > > >
                > > > . if atr = highest(atr, Length) then
                > > >
                > > > begin
                > > >
                > > > PlotPaintBar(High, Low, "PivotalPoint", Red);
                > > >
                > > > end;
                > > >
                > > > --- anonymous_postor wrote:
                > > > >
                > > > > In the book titled 'Trade like Jesse Livermore' By Richard Smitten,
                > > Livermore's Pivotal Point methodology divided Pivotal Points into two
                > > categories. The first, he called a Reversal Pivotal Point; the second he
                > > named the Continuation Pivotal Point. It is essential to understand that
                > > while the Reversal Pivotal Point marks a definite change in direction, the
                > > Continuation Pivotal Point confirms that the move is proceeding in the
                > > proper direction. Continuation Pivotal Points usually occur during a
                > > trending move as a natural reaction for a stock in a definite trend. A
                > > pattern is forming that demonstrates support or resistance lines. The trader
                > > must wait as this formation builds to determine if the pattern will develop
                > > into a support area. Or if the stock breaks out on the downside, this may be
                > > the area of resistance line in the next move upward. Does anyone know if
                > > these are similar to the Persons Pivot Points or the Pivot Points used by
                > > the Shadow Trader?
                > > > >
                > > >
                > >
                >
              • Richard Houser
                here s how you d do it directly in StockHacker: AvgTrueRange( high, close, low, 1 ) == Highest(AvgTrueRange( high, close, low, 1 ), 200) It runs slowly but
                Message 7 of 10 , Jan 2, 2011

                  here's how you'd do it directly in StockHacker:
                  AvgTrueRange( high, close, low, 1 ) == Highest(AvgTrueRange( high, close, low, 1 ), 200)
                  It runs slowly but eventually returns (today) 60 hits, most, if not all, stinkers.

                  Just a couple of observations:
                  1) an ATR of 1 bar isn't much of an average consider changing it to 10 or 15, or 50,
                  2) consider adding a fundamental filter like "last > 5.00" or "Volume > 1000000" or both,
                  3) change the equality test to between +/- 5% or something like that.

                  When applying someone else's rules, even a legendary trader like Livermore, consider the context of their trading versus your own. Livermore traded in a time when there was only 800 or so stocks, even so he primarily traded U.S. Steel, even at that he went bankrupt something like five times, and, oh yeah, he committed suicide. Lastly, you mention that Livermore's pivotal points reference volume, but there's no volume component in the ATR.




                  From: TOS_thinkscript@yahoogroups.com [mailto:TOS_thinkscript@yahoogroups.com] On Behalf Of anonymous_postor
                  Sent: Sunday, January 02, 2011 12:28 PM
                  To: TOS_thinkscript@yahoogroups.com
                  Subject: [TOS_thinkscript] Re: Jesse Livermore's Pivotal Point methodology

                   

                   

                  Actually, what I am looking for is code to scan in a custom study in Stock Hacker and then view the matched in a TOS chart.

                  I thried the following code in the Stock Hacker editor

                  input length = 200;

                  def atr = AvgTrueRange( high, close, low, 1 );
                  def highestAtr = Highest( atr, length );
                  plot if atr == highestAtr;

                  but plot if atr == highestAtr; is an invlaid statement

                  --- In TOS_thinkscript@yahoogroups.com, "anonymous_postor" <vippub@...> wrote:
                  >
                  > I guess code below is an adaptation of the EasyLanguage study to Thinkscript.
                  >
                  > I will have to test today.
                  >
                  > <I have Smitten's book somewhere still in a box from our move from IL to IA.>
                  >
                  > I am providing a link to 'Trade Like Jesse Livermore' online pdf file.
                  >
                  > http://www.stockvision.org/books/Richard_Smitten-Trade_Like_Jesse_Livermore-EN.pdf
                  >
                  >
                  > --- In TOS_thinkscript@yahoogroups.com, "Richard Houser" <rhouser@> wrote:
                  > >
                  > > I have Smitten's book somewhere still in a box from our move from IL to IA.
                  > > I'll look for it tomorrow after the Bear's game. In the mean time here is
                  > > the code you referenced in thinkscript. It doesn't seem like it's very
                  > > effective.
                  > >
                  > > declare upper;
                  > >
                  > > input length = 200;
                  > >
                  > > def atr = AvgTrueRange( high, close, low, 1 );
                  > > def highestAtr = Highest( atr, length );
                  > >
                  > > AssignPriceColor( if atr == highestAtr then Color.MAGENTA else Color.CURRENT
                  > > );
                  > > AddVerticalLine( atr == highestAtr, "PivotalPoint", Color.MAGENTA );
                  > >
                  > >
                  > >
                  > >
                  > >
                  > > From: TOS_thinkscript@yahoogroups.com
                  > > [mailto:TOS_thinkscript@yahoogroups.com] On Behalf Of anonymous_postor
                  > > Sent: Saturday, January 01, 2011 2:29 PM
                  > > To: TOS_thinkscript@yahoogroups.com
                  > > Subject: [TOS_thinkscript] Re: Jesse Livermore's Pivotal Point methodology
                  > >
                  > >
                  > >
                  > >
                  > >
                  > > Good reply tradescripter.
                  > >
                  > > Does anyone know how to adapt the below EasyLanguage study to Thinkscript?
                  > >
                  > > --- In TOS_thinkscript@yahoogroups.com
                  > > <mailto:TOS_thinkscript%40yahoogroups.com> , "tradescripter"
                  > > <tradescripter@> wrote:
                  > > >
                  > > > Sounds interesting. I did a web search and found this:
                  > > >
                  > > > http://www.investopedia.com/university/greatest/jesselivermore.asp
                  > > >
                  > > > This looks interesting also:
                  > > >
                  > > >
                  > > http://sarhancapital.com/best-trading-tips/lesson-3-jesse-livermores-trading
                  > > -system-top-down-trading/
                  > > >
                  > > > Here is a quote from the website SFO Magazine.
                  > > >
                  > > > "Livermore defined pivotal points as days that contained heavy volume."
                  > > >
                  > > > http://www.sfomag.com/ArticlePrint.aspx?ID=1315
                  > > >
                  > > > Here is another quote from the website "www.sfomag.com"
                  > > >
                  > > > DIY: IDENTIFY PIVOTAL POINTS
                  > > >
                  > > > In order to identify pivotal points more precisely, identify the largest
                  > > one-period (five-minute, 60-minute, daily, weekly, etc.) average true range
                  > > (ATR) during X number of periods (24 hours, 21 days, 200 days, etc.).
                  > > >
                  > > > You can do this in Microsoft Excel with either a max() or percentrank()
                  > > function. If the max() function returns the current period ATR, then you
                  > > have a pivotal point. Similarly, if the current percentrank() reading is 100
                  > > percent, then you have a pivotal point.
                  > > >
                  > > > In TradeStation, use the paint bar function to identify with colored bars
                  > > (I use red) the largest one-period ATR in X number of periods.
                  > > >
                  > > > In EasyLanguage:
                  > > >
                  > > > . input: Length(200);
                  > > >
                  > > > . var: atr(0);
                  > > >
                  > > > . atr = avgtruerange(1);
                  > > >
                  > > > . if atr = highest(atr, Length) then
                  > > >
                  > > > begin
                  > > >
                  > > > PlotPaintBar(High, Low, "PivotalPoint", Red);
                  > > >
                  > > > end;
                  > > >
                  > > > --- anonymous_postor wrote:
                  > > > >
                  > > > > In the book titled 'Trade like Jesse Livermore' By Richard Smitten,
                  > > Livermore's Pivotal Point methodology divided Pivotal Points into two
                  > > categories. The first, he called a Reversal Pivotal Point; the second he
                  > > named the Continuation Pivotal Point. It is essential to understand that
                  > > while the Reversal Pivotal Point marks a definite change in direction, the
                  > > Continuation Pivotal Point confirms that the move is proceeding in the
                  > > proper direction. Continuation Pivotal Points usually occur during a
                  > > trending move as a natural reaction for a stock in a definite trend. A
                  > > pattern is forming that demonstrates support or resistance lines. The trader
                  > > must wait as this formation builds to determine if the pattern will develop
                  > > into a support area. Or if the stock breaks out on the downside, this may be
                  > > the area of resistance line in the next move upward. Does anyone know if
                  > > these are similar to the Persons Pivot Points or the Pivot Points used by
                  > > the Shadow Trader?
                  > > > >
                  > > >
                  > >
                  >

                • anonymous_postor
                  I have set Scan in: All Optionable stocks I have the criteria of Last Price Min 5.00 Max blank Volume Min 500,000 Max blank Vol Index Min 12.00% Max blank
                  Message 8 of 10 , Jan 2, 2011
                    I have set Scan in: All Optionable stocks

                    I have the criteria of

                    Last Price Min 5.00 Max blank

                    Volume Min 500,000 Max blank

                    Vol Index Min 12.00% Max blank

                    ---

                    I have a set custom vol % change column with the code of

                    input length = 1;
                    def data = volume();
                    plot PctChg = round((data - data[length])/data[length])*100;

                    ---

                    This returns 4 stocks which are

                    UAM Vol % change of 3620%

                    IMAX Vol % change of 3529%

                    SQM Vol % change of 220%

                    FTK Vol % change of 18%

                    ----------

                    My criteria are more selective and the 4 stocks aren't stinks.

                    The 4 stocks are movers.

                    When I bring the 4 stock up in a TOS chart with the original code , I am not sure what to make of the chart pattern.

                    <Lastly, you mention that Livermore's pivotal points reference volume, but there's no volume component in the ATR.>

                    I have a separate Custom code which I add to screen for Volume > 10% from previous day which is below.

                    input length = 1;
                    def data = volume();
                    plot PctChg = round((data - data[length])/data[length])*100 > 10;

                    But with my other criteria it doesn't seem to be necessary.

                    Thank you for your code adaptation.



                    --- In TOS_thinkscript@yahoogroups.com, "Richard Houser" <rhouser@...> wrote:
                    >
                    > here's how you'd do it directly in StockHacker:
                    > AvgTrueRange( high, close, low, 1 ) == Highest(AvgTrueRange( high, close,
                    > low, 1 ), 200)
                    > It runs slowly but eventually returns (today) 60 hits, most, if not all,
                    > stinkers.
                    >
                    > Just a couple of observations:
                    > 1) an ATR of 1 bar isn't much of an average consider changing it to 10 or
                    > 15, or 50,
                    > 2) consider adding a fundamental filter like "last > 5.00" or "Volume >
                    > 1000000" or both,
                    > 3) change the equality test to between +/- 5% or something like that.
                    >
                    > When applying someone else's rules, even a legendary trader like Livermore,
                    > consider the context of their trading versus your own. Livermore traded in a
                    > time when there was only 800 or so stocks, even so he primarily traded U.S.
                    > Steel, even at that he went bankrupt something like five times, and, oh
                    > yeah, he committed suicide. Lastly, you mention that Livermore's pivotal
                    > points reference volume, but there's no volume component in the ATR.
                    >
                    >
                    >
                    >
                    >
                    >
                    > From: TOS_thinkscript@yahoogroups.com
                    > [mailto:TOS_thinkscript@yahoogroups.com] On Behalf Of anonymous_postor
                    > Sent: Sunday, January 02, 2011 12:28 PM
                    > To: TOS_thinkscript@yahoogroups.com
                    > Subject: [TOS_thinkscript] Re: Jesse Livermore's Pivotal Point methodology
                    >
                    >
                    >
                    >
                    >
                    > Actually, what I am looking for is code to scan in a custom study in Stock
                    > Hacker and then view the matched in a TOS chart.
                    >
                    > I thried the following code in the Stock Hacker editor
                    >
                    > input length = 200;
                    >
                    > def atr = AvgTrueRange( high, close, low, 1 );
                    > def highestAtr = Highest( atr, length );
                    > plot if atr == highestAtr;
                    >
                    > but plot if atr == highestAtr; is an invlaid statement
                    >
                    > --- In TOS_thinkscript@yahoogroups.com
                    > <mailto:TOS_thinkscript%40yahoogroups.com> , "anonymous_postor" <vippub@>
                    > wrote:
                    > >
                    > > I guess code below is an adaptation of the EasyLanguage study to
                    > Thinkscript.
                    > >
                    > > I will have to test today.
                    > >
                    > > <I have Smitten's book somewhere still in a box from our move from IL to
                    > IA.>
                    > >
                    > > I am providing a link to 'Trade Like Jesse Livermore' online pdf file.
                    > >
                    > >
                    > http://www.stockvision.org/books/Richard_Smitten-Trade_Like_Jesse_Livermore-
                    > EN.pdf
                    > >
                    > >
                    > > --- In TOS_thinkscript@yahoogroups.com
                    > <mailto:TOS_thinkscript%40yahoogroups.com> , "Richard Houser" <rhouser@>
                    > wrote:
                    > > >
                    > > > I have Smitten's book somewhere still in a box from our move from IL to
                    > IA.
                    > > > I'll look for it tomorrow after the Bear's game. In the mean time here
                    > is
                    > > > the code you referenced in thinkscript. It doesn't seem like it's very
                    > > > effective.
                    > > >
                    > > > declare upper;
                    > > >
                    > > > input length = 200;
                    > > >
                    > > > def atr = AvgTrueRange( high, close, low, 1 );
                    > > > def highestAtr = Highest( atr, length );
                    > > >
                    > > > AssignPriceColor( if atr == highestAtr then Color.MAGENTA else
                    > Color.CURRENT
                    > > > );
                    > > > AddVerticalLine( atr == highestAtr, "PivotalPoint", Color.MAGENTA );
                    > > >
                    > > >
                    > > >
                    > > >
                    > > >
                    > > > From: TOS_thinkscript@yahoogroups.com
                    > <mailto:TOS_thinkscript%40yahoogroups.com>
                    > > > [mailto:TOS_thinkscript@yahoogroups.com
                    > <mailto:TOS_thinkscript%40yahoogroups.com> ] On Behalf Of anonymous_postor
                    > > > Sent: Saturday, January 01, 2011 2:29 PM
                    > > > To: TOS_thinkscript@yahoogroups.com
                    > <mailto:TOS_thinkscript%40yahoogroups.com>
                    > > > Subject: [TOS_thinkscript] Re: Jesse Livermore's Pivotal Point
                    > methodology
                    > > >
                    > > >
                    > > >
                    > > >
                    > > >
                    > > > Good reply tradescripter.
                    > > >
                    > > > Does anyone know how to adapt the below EasyLanguage study to
                    > Thinkscript?
                    > > >
                    > > > --- In TOS_thinkscript@yahoogroups.com
                    > <mailto:TOS_thinkscript%40yahoogroups.com>
                    > > > <mailto:TOS_thinkscript%40yahoogroups.com> , "tradescripter"
                    > > > <tradescripter@> wrote:
                    > > > >
                    > > > > Sounds interesting. I did a web search and found this:
                    > > > >
                    > > > > http://www.investopedia.com/university/greatest/jesselivermore.asp
                    > > > >
                    > > > > This looks interesting also:
                    > > > >
                    > > > >
                    > > >
                    > http://sarhancapital.com/best-trading-tips/lesson-3-jesse-livermores-trading
                    > > > -system-top-down-trading/
                    > > > >
                    > > > > Here is a quote from the website SFO Magazine.
                    > > > >
                    > > > > "Livermore defined pivotal points as days that contained heavy
                    > volume."
                    > > > >
                    > > > > http://www.sfomag.com/ArticlePrint.aspx?ID=1315
                    > > > >
                    > > > > Here is another quote from the website "www.sfomag.com"
                    > > > >
                    > > > > DIY: IDENTIFY PIVOTAL POINTS
                    > > > >
                    > > > > In order to identify pivotal points more precisely, identify the
                    > largest
                    > > > one-period (five-minute, 60-minute, daily, weekly, etc.) average true
                    > range
                    > > > (ATR) during X number of periods (24 hours, 21 days, 200 days, etc.).
                    > > > >
                    > > > > You can do this in Microsoft Excel with either a max() or
                    > percentrank()
                    > > > function. If the max() function returns the current period ATR, then you
                    > > > have a pivotal point. Similarly, if the current percentrank() reading is
                    > 100
                    > > > percent, then you have a pivotal point.
                    > > > >
                    > > > > In TradeStation, use the paint bar function to identify with colored
                    > bars
                    > > > (I use red) the largest one-period ATR in X number of periods.
                    > > > >
                    > > > > In EasyLanguage:
                    > > > >
                    > > > > . input: Length(200);
                    > > > >
                    > > > > . var: atr(0);
                    > > > >
                    > > > > . atr = avgtruerange(1);
                    > > > >
                    > > > > . if atr = highest(atr, Length) then
                    > > > >
                    > > > > begin
                    > > > >
                    > > > > PlotPaintBar(High, Low, "PivotalPoint", Red);
                    > > > >
                    > > > > end;
                    > > > >
                    > > > > --- anonymous_postor wrote:
                    > > > > >
                    > > > > > In the book titled 'Trade like Jesse Livermore' By Richard Smitten,
                    > > > Livermore's Pivotal Point methodology divided Pivotal Points into two
                    > > > categories. The first, he called a Reversal Pivotal Point; the second he
                    > > > named the Continuation Pivotal Point. It is essential to understand that
                    > > > while the Reversal Pivotal Point marks a definite change in direction,
                    > the
                    > > > Continuation Pivotal Point confirms that the move is proceeding in the
                    > > > proper direction. Continuation Pivotal Points usually occur during a
                    > > > trending move as a natural reaction for a stock in a definite trend. A
                    > > > pattern is forming that demonstrates support or resistance lines. The
                    > trader
                    > > > must wait as this formation builds to determine if the pattern will
                    > develop
                    > > > into a support area. Or if the stock breaks out on the downside, this
                    > may be
                    > > > the area of resistance line in the next move upward. Does anyone know if
                    > > > these are similar to the Persons Pivot Points or the Pivot Points used
                    > by
                    > > > the Shadow Trader?
                    > > > > >
                    > > > >
                    > > >
                    > >
                    >
                  • Jay Thakkar
                    Anonymous, I guess this scan is for Longs. What would be similar one for shorts? Thanks - Jay
                    Message 9 of 10 , Jan 2, 2011
                      Anonymous,
                      I guess this scan is for Longs. What would be similar one for shorts?

                      Thanks - Jay

                      On Sun, Jan 2, 2011 at 5:15 PM, anonymous_postor <vippub@...> wrote:
                       

                      I have set Scan in: All Optionable stocks

                      I have the criteria of

                      Last Price Min 5.00 Max blank

                      Volume Min 500,000 Max blank

                      Vol Index Min 12.00% Max blank

                      ---

                      I have a set custom vol % change column with the code of

                      input length = 1;
                      def data = volume();
                      plot PctChg = round((data - data[length])/data[length])*100;

                      ---

                      This returns 4 stocks which are

                      UAM Vol % change of 3620%

                      IMAX Vol % change of 3529%

                      SQM Vol % change of 220%

                      FTK Vol % change of 18%

                      ----------

                      My criteria are more selective and the 4 stocks aren't stinks.

                      The 4 stocks are movers.

                      When I bring the 4 stock up in a TOS chart with the original code , I am not sure what to make of the chart pattern.



                      <Lastly, you mention that Livermore's pivotal points reference volume, but there's no volume component in the ATR.>

                      I have a separate Custom code which I add to screen for Volume > 10% from previous day which is below.

                      input length = 1;
                      def data = volume();
                      plot PctChg = round((data - data[length])/data[length])*100 > 10;

                      But with my other criteria it doesn't seem to be necessary.

                      Thank you for your code adaptation.


                      --- In TOS_thinkscript@yahoogroups.com, "Richard Houser" <rhouser@...> wrote:
                      >
                      > here's how you'd do it directly in StockHacker:
                      > AvgTrueRange( high, close, low, 1 ) == Highest(AvgTrueRange( high, close,
                      > low, 1 ), 200)
                      > It runs slowly but eventually returns (today) 60 hits, most, if not all,
                      > stinkers.
                      >
                      > Just a couple of observations:
                      > 1) an ATR of 1 bar isn't much of an average consider changing it to 10 or
                      > 15, or 50,
                      > 2) consider adding a fundamental filter like "last > 5.00" or "Volume >
                      > 1000000" or both,
                      > 3) change the equality test to between +/- 5% or something like that.
                      >
                      > When applying someone else's rules, even a legendary trader like Livermore,
                      > consider the context of their trading versus your own. Livermore traded in a
                      > time when there was only 800 or so stocks, even so he primarily traded U.S.
                      > Steel, even at that he went bankrupt something like five times, and, oh
                      > yeah, he committed suicide. Lastly, you mention that Livermore's pivotal
                      > points reference volume, but there's no volume component in the ATR.
                      >
                      >
                      >
                      >
                      >
                      >
                      > From: TOS_thinkscript@yahoogroups.com
                      > [mailto:TOS_thinkscript@yahoogroups.com] On Behalf Of anonymous_postor
                      > Sent: Sunday, January 02, 2011 12:28 PM
                      > To: TOS_thinkscript@yahoogroups.com
                      > Subject: [TOS_thinkscript] Re: Jesse Livermore's Pivotal Point methodology
                      >
                      >
                      >
                      >
                      >
                      > Actually, what I am looking for is code to scan in a custom study in Stock
                      > Hacker and then view the matched in a TOS chart.
                      >
                      > I thried the following code in the Stock Hacker editor
                      >
                      > input length = 200;
                      >
                      > def atr = AvgTrueRange( high, close, low, 1 );
                      > def highestAtr = Highest( atr, length );
                      > plot if atr == highestAtr;
                      >
                      > but plot if atr == highestAtr; is an invlaid statement
                      >
                      > --- In TOS_thinkscript@yahoogroups.com
                      > <mailto:TOS_thinkscript%40yahoogroups.com> , "anonymous_postor" <vippub@>

                      > wrote:
                      > >
                      > > I guess code below is an adaptation of the EasyLanguage study to
                      > Thinkscript.
                      > >
                      > > I will have to test today.
                      > >
                      > > <I have Smitten's book somewhere still in a box from our move from IL to
                      > IA.>
                      > >
                      > > I am providing a link to 'Trade Like Jesse Livermore' online pdf file.
                      > >
                      > >
                      > http://www.stockvision.org/books/Richard_Smitten-Trade_Like_Jesse_Livermore-
                      > EN.pdf
                      > >
                      > >
                      > > --- In TOS_thinkscript@yahoogroups.com
                      > <mailto:TOS_thinkscript%40yahoogroups.com> , "Richard Houser" <rhouser@>

                      > wrote:
                      > > >
                      > > > I have Smitten's book somewhere still in a box from our move from IL to
                      > IA.
                      > > > I'll look for it tomorrow after the Bear's game. In the mean time here
                      > is
                      > > > the code you referenced in thinkscript. It doesn't seem like it's very
                      > > > effective.
                      > > >
                      > > > declare upper;
                      > > >
                      > > > input length = 200;
                      > > >
                      > > > def atr = AvgTrueRange( high, close, low, 1 );
                      > > > def highestAtr = Highest( atr, length );
                      > > >
                      > > > AssignPriceColor( if atr == highestAtr then Color.MAGENTA else
                      > Color.CURRENT
                      > > > );
                      > > > AddVerticalLine( atr == highestAtr, "PivotalPoint", Color.MAGENTA );
                      > > >
                      > > >
                      > > >
                      > > >
                      > > >
                      > > > From: TOS_thinkscript@yahoogroups.com
                      > <mailto:TOS_thinkscript%40yahoogroups.com>
                      > <mailto:TOS_thinkscript%40yahoogroups.com> ] On Behalf Of anonymous_postor

                      > > > Sent: Saturday, January 01, 2011 2:29 PM
                      > > > To: TOS_thinkscript@yahoogroups.com
                      > <mailto:TOS_thinkscript%40yahoogroups.com>
                      > > > Subject: [TOS_thinkscript] Re: Jesse Livermore's Pivotal Point
                      > methodology
                      > > >
                      > > >
                      > > >
                      > > >
                      > > >
                      > > > Good reply tradescripter.
                      > > >
                      > > > Does anyone know how to adapt the below EasyLanguage study to
                      > Thinkscript?
                      > > >
                      > > > --- In TOS_thinkscript@yahoogroups.com
                      > <mailto:TOS_thinkscript%40yahoogroups.com>
                      > > > <mailto:TOS_thinkscript%40yahoogroups.com> , "tradescripter"
                      > > > <tradescripter@> wrote:
                      > > > >
                      > > > > Sounds interesting. I did a web search and found this:
                      > > > >
                      > > > > http://www.investopedia.com/university/greatest/jesselivermore.asp
                      > > > >
                      > > > > This looks interesting also:
                      > > > >
                      > > > >
                      > > >
                      > http://sarhancapital.com/best-trading-tips/lesson-3-jesse-livermores-trading
                      > > > -system-top-down-trading/
                      > > > >
                      > > > > Here is a quote from the website SFO Magazine.
                      > > > >
                      > > > > "Livermore defined pivotal points as days that contained heavy
                      > volume."
                      > > > >
                      > > > > http://www.sfomag.com/ArticlePrint.aspx?ID=1315
                      > > > >
                      > > > > Here is another quote from the website "www.sfomag.com"
                      > > > >
                      > > > > DIY: IDENTIFY PIVOTAL POINTS
                      > > > >
                      > > > > In order to identify pivotal points more precisely, identify the
                      > largest
                      > > > one-period (five-minute, 60-minute, daily, weekly, etc.) average true
                      > range
                      > > > (ATR) during X number of periods (24 hours, 21 days, 200 days, etc.).
                      > > > >
                      > > > > You can do this in Microsoft Excel with either a max() or
                      > percentrank()
                      > > > function. If the max() function returns the current period ATR, then you
                      > > > have a pivotal point. Similarly, if the current percentrank() reading is
                      > 100
                      > > > percent, then you have a pivotal point.
                      > > > >
                      > > > > In TradeStation, use the paint bar function to identify with colored
                      > bars
                      > > > (I use red) the largest one-period ATR in X number of periods.
                      > > > >
                      > > > > In EasyLanguage:
                      > > > >
                      > > > > . input: Length(200);
                      > > > >
                      > > > > . var: atr(0);
                      > > > >
                      > > > > . atr = avgtruerange(1);
                      > > > >
                      > > > > . if atr = highest(atr, Length) then
                      > > > >
                      > > > > begin
                      > > > >
                      > > > > PlotPaintBar(High, Low, "PivotalPoint", Red);
                      > > > >
                      > > > > end;
                      > > > >
                      > > > > --- anonymous_postor wrote:
                      > > > > >
                      > > > > > In the book titled 'Trade like Jesse Livermore' By Richard Smitten,
                      > > > Livermore's Pivotal Point methodology divided Pivotal Points into two
                      > > > categories. The first, he called a Reversal Pivotal Point; the second he
                      > > > named the Continuation Pivotal Point. It is essential to understand that
                      > > > while the Reversal Pivotal Point marks a definite change in direction,
                      > the
                      > > > Continuation Pivotal Point confirms that the move is proceeding in the
                      > > > proper direction. Continuation Pivotal Points usually occur during a
                      > > > trending move as a natural reaction for a stock in a definite trend. A
                      > > > pattern is forming that demonstrates support or resistance lines. The
                      > trader
                      > > > must wait as this formation builds to determine if the pattern will
                      > develop
                      > > > into a support area. Or if the stock breaks out on the downside, this
                      > may be
                      > > > the area of resistance line in the next move upward. Does anyone know if
                      > > > these are similar to the Persons Pivot Points or the Pivot Points used
                      > by
                      > > > the Shadow Trader?
                      > > > > >
                      > > > >
                      > > >
                      > >
                      >


                    • anonymous_postor
                      Hi Jay: I hadn t thought of it yet so I tested the following
                      Message 10 of 10 , Jan 3, 2011
                        Hi Jay:

                        <Anonymous,
                        I guess this scan is for Longs. What would be similar one for shorts?
                        Thanks - Jay>

                        I hadn't thought of it yet so I tested the following code.

                        AvgTrueRange( high, close, low, 1 ) == Lowest(AvgTrueRange( high, close, low, 1 ), 200)

                        It returns 7 stocks

                        The following code for a TOS chart would have to be altered to accept a setting of Highest or Lowest.

                        declare upper;

                        input length = 200;

                        def atr = AvgTrueRange( high, close, low, 1 );
                        def highestAtr = Highest( atr, length );

                        AssignPriceColor( if atr == highestAtr then Color.WHITE else Color.CURRENT );
                        AddVerticalLine( atr == highestAtr, "PivotalPoint", Color.WHITE );

                        At this time I am unsure if using Lowest returns a significant set of short stocks.

                        Though altering the TOS chart code might reveal soemthing.

                        --- In TOS_thinkscript@yahoogroups.com, Jay Thakkar <jraj.thakkar.23@...> wrote:
                        >
                        > Anonymous,
                        > I guess this scan is for Longs. What would be similar one for shorts?
                        >
                        > Thanks - Jay
                        >
                        > On Sun, Jan 2, 2011 at 5:15 PM, anonymous_postor <vippub@...> wrote:
                        >
                        > >
                        > >
                        > > I have set Scan in: All Optionable stocks
                        > >
                        > > I have the criteria of
                        > >
                        > > Last Price Min 5.00 Max blank
                        > >
                        > > Volume Min 500,000 Max blank
                        > >
                        > > Vol Index Min 12.00% Max blank
                        > >
                        > > ---
                        > >
                        > > I have a set custom vol % change column with the code of
                        > >
                        > > input length = 1;
                        > > def data = volume();
                        > > plot PctChg = round((data - data[length])/data[length])*100;
                        > >
                        > > ---
                        > >
                        > > This returns 4 stocks which are
                        > >
                        > > UAM Vol % change of 3620%
                        > >
                        > > IMAX Vol % change of 3529%
                        > >
                        > > SQM Vol % change of 220%
                        > >
                        > > FTK Vol % change of 18%
                        > >
                        > > ----------
                        > >
                        > > My criteria are more selective and the 4 stocks aren't stinks.
                        > >
                        > > The 4 stocks are movers.
                        > >
                        > > When I bring the 4 stock up in a TOS chart with the original code , I am
                        > > not sure what to make of the chart pattern.
                        > >
                        > >
                        > > <Lastly, you mention that Livermore's pivotal points reference volume, but
                        > > there's no volume component in the ATR.>
                        > >
                        > > I have a separate Custom code which I add to screen for Volume > 10% from
                        > > previous day which is below.
                        > >
                        > > input length = 1;
                        > > def data = volume();
                        > > plot PctChg = round((data - data[length])/data[length])*100 > 10;
                        > >
                        > > But with my other criteria it doesn't seem to be necessary.
                        > >
                        > > Thank you for your code adaptation.
                        > >
                        > >
                        > > --- In TOS_thinkscript@yahoogroups.com <TOS_thinkscript%40yahoogroups.com>,
                        > > "Richard Houser" <rhouser@> wrote:
                        > > >
                        > > > here's how you'd do it directly in StockHacker:
                        > > > AvgTrueRange( high, close, low, 1 ) == Highest(AvgTrueRange( high, close,
                        > > > low, 1 ), 200)
                        > > > It runs slowly but eventually returns (today) 60 hits, most, if not all,
                        > > > stinkers.
                        > > >
                        > > > Just a couple of observations:
                        > > > 1) an ATR of 1 bar isn't much of an average consider changing it to 10 or
                        > > > 15, or 50,
                        > > > 2) consider adding a fundamental filter like "last > 5.00" or "Volume >
                        > > > 1000000" or both,
                        > > > 3) change the equality test to between +/- 5% or something like that.
                        > > >
                        > > > When applying someone else's rules, even a legendary trader like
                        > > Livermore,
                        > > > consider the context of their trading versus your own. Livermore traded
                        > > in a
                        > > > time when there was only 800 or so stocks, even so he primarily traded
                        > > U.S.
                        > > > Steel, even at that he went bankrupt something like five times, and, oh
                        > > > yeah, he committed suicide. Lastly, you mention that Livermore's pivotal
                        > > > points reference volume, but there's no volume component in the ATR.
                        > > >
                        > > >
                        > > >
                        > > >
                        > > >
                        > > >
                        > > > From: TOS_thinkscript@yahoogroups.com<TOS_thinkscript%40yahoogroups.com>
                        > > > [mailto:TOS_thinkscript@yahoogroups.com<TOS_thinkscript%40yahoogroups.com>]
                        > > On Behalf Of anonymous_postor
                        > > > Sent: Sunday, January 02, 2011 12:28 PM
                        > > > To: TOS_thinkscript@yahoogroups.com <TOS_thinkscript%40yahoogroups.com>
                        > > > Subject: [TOS_thinkscript] Re: Jesse Livermore's Pivotal Point
                        > > methodology
                        > > >
                        > > >
                        > > >
                        > > >
                        > > >
                        > > > Actually, what I am looking for is code to scan in a custom study in
                        > > Stock
                        > > > Hacker and then view the matched in a TOS chart.
                        > > >
                        > > > I thried the following code in the Stock Hacker editor
                        > > >
                        > > > input length = 200;
                        > > >
                        > > > def atr = AvgTrueRange( high, close, low, 1 );
                        > > > def highestAtr = Highest( atr, length );
                        > > > plot if atr == highestAtr;
                        > > >
                        > > > but plot if atr == highestAtr; is an invlaid statement
                        > > >
                        > > > --- In TOS_thinkscript@yahoogroups.com<TOS_thinkscript%40yahoogroups.com>
                        > > > <mailto:TOS_thinkscript%40yahoogroups.com<TOS_thinkscript%2540yahoogroups.com>>
                        > > , "anonymous_postor" <vippub@>
                        > >
                        > > > wrote:
                        > > > >
                        > > > > I guess code below is an adaptation of the EasyLanguage study to
                        > > > Thinkscript.
                        > > > >
                        > > > > I will have to test today.
                        > > > >
                        > > > > <I have Smitten's book somewhere still in a box from our move from IL
                        > > to
                        > > > IA.>
                        > > > >
                        > > > > I am providing a link to 'Trade Like Jesse Livermore' online pdf file.
                        > > > >
                        > > > >
                        > > >
                        > > http://www.stockvision.org/books/Richard_Smitten-Trade_Like_Jesse_Livermore-
                        > > > EN.pdf
                        > > > >
                        > > > >
                        > > > > --- In TOS_thinkscript@yahoogroups.com<TOS_thinkscript%40yahoogroups.com>
                        > > > <mailto:TOS_thinkscript%40yahoogroups.com<TOS_thinkscript%2540yahoogroups.com>>
                        > > , "Richard Houser" <rhouser@>
                        > >
                        > > > wrote:
                        > > > > >
                        > > > > > I have Smitten's book somewhere still in a box from our move from IL
                        > > to
                        > > > IA.
                        > > > > > I'll look for it tomorrow after the Bear's game. In the mean time
                        > > here
                        > > > is
                        > > > > > the code you referenced in thinkscript. It doesn't seem like it's
                        > > very
                        > > > > > effective.
                        > > > > >
                        > > > > > declare upper;
                        > > > > >
                        > > > > > input length = 200;
                        > > > > >
                        > > > > > def atr = AvgTrueRange( high, close, low, 1 );
                        > > > > > def highestAtr = Highest( atr, length );
                        > > > > >
                        > > > > > AssignPriceColor( if atr == highestAtr then Color.MAGENTA else
                        > > > Color.CURRENT
                        > > > > > );
                        > > > > > AddVerticalLine( atr == highestAtr, "PivotalPoint", Color.MAGENTA );
                        > > > > >
                        > > > > >
                        > > > > >
                        > > > > >
                        > > > > >
                        > > > > > From: TOS_thinkscript@yahoogroups.com<TOS_thinkscript%40yahoogroups.com>
                        > > > <mailto:TOS_thinkscript%40yahoogroups.com<TOS_thinkscript%2540yahoogroups.com>>
                        > >
                        > > > > > [mailto:TOS_thinkscript@yahoogroups.com<TOS_thinkscript%40yahoogroups.com>
                        > > > <mailto:TOS_thinkscript%40yahoogroups.com<TOS_thinkscript%2540yahoogroups.com>>
                        > > ] On Behalf Of anonymous_postor
                        > >
                        > > > > > Sent: Saturday, January 01, 2011 2:29 PM
                        > > > > > To: TOS_thinkscript@yahoogroups.com<TOS_thinkscript%40yahoogroups.com>
                        > > > <mailto:TOS_thinkscript%40yahoogroups.com<TOS_thinkscript%2540yahoogroups.com>>
                        > >
                        > > > > > Subject: [TOS_thinkscript] Re: Jesse Livermore's Pivotal Point
                        > > > methodology
                        > > > > >
                        > > > > >
                        > > > > >
                        > > > > >
                        > > > > >
                        > > > > > Good reply tradescripter.
                        > > > > >
                        > > > > > Does anyone know how to adapt the below EasyLanguage study to
                        > > > Thinkscript?
                        > > > > >
                        > > > > > --- In TOS_thinkscript@yahoogroups.com<TOS_thinkscript%40yahoogroups.com>
                        > > > <mailto:TOS_thinkscript%40yahoogroups.com<TOS_thinkscript%2540yahoogroups.com>>
                        > >
                        > > > > > <mailto:TOS_thinkscript%40yahoogroups.com<TOS_thinkscript%2540yahoogroups.com>>
                        > > , "tradescripter"
                        > > > > > <tradescripter@> wrote:
                        > > > > > >
                        > > > > > > Sounds interesting. I did a web search and found this:
                        > > > > > >
                        > > > > > > http://www.investopedia.com/university/greatest/jesselivermore.asp
                        > > > > > >
                        > > > > > > This looks interesting also:
                        > > > > > >
                        > > > > > >
                        > > > > >
                        > > >
                        > > http://sarhancapital.com/best-trading-tips/lesson-3-jesse-livermores-trading
                        > > > > > -system-top-down-trading/
                        > > > > > >
                        > > > > > > Here is a quote from the website SFO Magazine.
                        > > > > > >
                        > > > > > > "Livermore defined pivotal points as days that contained heavy
                        > > > volume."
                        > > > > > >
                        > > > > > > http://www.sfomag.com/ArticlePrint.aspx?ID=1315
                        > > > > > >
                        > > > > > > Here is another quote from the website "www.sfomag.com"
                        > > > > > >
                        > > > > > > DIY: IDENTIFY PIVOTAL POINTS
                        > > > > > >
                        > > > > > > In order to identify pivotal points more precisely, identify the
                        > > > largest
                        > > > > > one-period (five-minute, 60-minute, daily, weekly, etc.) average true
                        > > > range
                        > > > > > (ATR) during X number of periods (24 hours, 21 days, 200 days, etc.).
                        > > > > > >
                        > > > > > > You can do this in Microsoft Excel with either a max() or
                        > > > percentrank()
                        > > > > > function. If the max() function returns the current period ATR, then
                        > > you
                        > > > > > have a pivotal point. Similarly, if the current percentrank() reading
                        > > is
                        > > > 100
                        > > > > > percent, then you have a pivotal point.
                        > > > > > >
                        > > > > > > In TradeStation, use the paint bar function to identify with
                        > > colored
                        > > > bars
                        > > > > > (I use red) the largest one-period ATR in X number of periods.
                        > > > > > >
                        > > > > > > In EasyLanguage:
                        > > > > > >
                        > > > > > > . input: Length(200);
                        > > > > > >
                        > > > > > > . var: atr(0);
                        > > > > > >
                        > > > > > > . atr = avgtruerange(1);
                        > > > > > >
                        > > > > > > . if atr = highest(atr, Length) then
                        > > > > > >
                        > > > > > > begin
                        > > > > > >
                        > > > > > > PlotPaintBar(High, Low, "PivotalPoint", Red);
                        > > > > > >
                        > > > > > > end;
                        > > > > > >
                        > > > > > > --- anonymous_postor wrote:
                        > > > > > > >
                        > > > > > > > In the book titled 'Trade like Jesse Livermore' By Richard
                        > > Smitten,
                        > > > > > Livermore's Pivotal Point methodology divided Pivotal Points into two
                        > > > > > categories. The first, he called a Reversal Pivotal Point; the second
                        > > he
                        > > > > > named the Continuation Pivotal Point. It is essential to understand
                        > > that
                        > > > > > while the Reversal Pivotal Point marks a definite change in
                        > > direction,
                        > > > the
                        > > > > > Continuation Pivotal Point confirms that the move is proceeding in
                        > > the
                        > > > > > proper direction. Continuation Pivotal Points usually occur during a
                        > > > > > trending move as a natural reaction for a stock in a definite trend.
                        > > A
                        > > > > > pattern is forming that demonstrates support or resistance lines. The
                        > > > trader
                        > > > > > must wait as this formation builds to determine if the pattern will
                        > > > develop
                        > > > > > into a support area. Or if the stock breaks out on the downside, this
                        > > > may be
                        > > > > > the area of resistance line in the next move upward. Does anyone know
                        > > if
                        > > > > > these are similar to the Persons Pivot Points or the Pivot Points
                        > > used
                        > > > by
                        > > > > > the Shadow Trader?
                        > > > > > > >
                        > > > > > >
                        > > > > >
                        > > > >
                        > > >
                        > >
                        > >
                        > >
                        >
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