General – getting started
The Dynamic Price Pivots indicator has been designed and developed to help you take advantage of leading price action in several different ways. We call it dynamic because that’s what it is, dynamically signalling changes in sentiment at the live edge of the market using a three candle pattern. If the centre candle has lower highs and lower lows than the candles on either side, then a pivot low is triggered, and conversely, if the centre candle has higher highs and higher lows, then a pivot high is formed. The indicator is triggered on the close of the candle.
The Dynamic Price Pivots indicator, can be used in several different ways, which is why we refer to it as the ‘Swiss Army Knife’ of trading indicators – a simple yet powerful indicator.
First, the indicator can be used to identify changes in market sentiment, as the market ebbs and flows from bullish to bearish and back again. Second, the indicator can be used to identify support and resistance regions as they build in realtime. The pivot highs and the pivot lows define the floor and ceiling of support and resistance dynamically. Finally, the pivots can also be used to define the upper and lower regions of trends, again, as they build dynamically.
The Dynamic Price Pivots indicator is not an entry or exit signal indicator, but one that is used with a variety of others, including volume, to help define the market state in realtime. Are you in a congestion phase which is building, or a trend which is developing. The Dynamic Price Pivots indicator will help to frame the market conditions, which you can then confirm with all your other trading indicators. The Quantum Dynamic Price Pivots indicator works in all timeframes from seconds to months and also on tick charts.
Open your NinjaTrader platform and select a chart
- Right click
This will open the following window:
- Left click > Indicators
This will open the following window: (you can also open this window in another way by clicking on the Indicators icon in the NinjaTrader toolbar)
Scroll down to the QuantumDynamicPricePivots indicator:
- Left click > This will highlight the indicator in blue
- Left click > ‘New’ button as shown above
This will add the QuantumDynamicPricePivots indicator in the box below as shown here:
Before clicking the OK or Apply button to complete, the indicator has one or two options which can be configured. You can click the Apply button at any time, and this will apply any changes you have made to the indicator, without closing the window. This will allow you to see the changes you have made, and to modify again before closing with the OK button, or the Close button.
All of the user configuration is done on the right hand side of the above screen, which is shown enlarged below. These are the default settings when you first install the indicator to a chart.
These are the Parameters inputs:
Offset – this adjusts the vertical distance of the pivot from the candle or bar. The default is 10 but you can change this to suit your own personal preference. A higher number will move it further way, whilst a lower number will move it closer. To change the offset value:
- Left click on the Offset label, and then left click in the value field. Use the back space to remove or edit the setting, and enter a new number to move the pivots closer or further away. The base unit is 10, so a value of 20 will double the current distance approximately, and 40 will move it 4 times the default distance.
EnableAlerts – When ticked, the indicator lets you know when a pivot up or pivot down signal is detected and displays it in the NinjaTrader Alerts window.
These are the Data inputs:
Calculate on bar close – please DO NOT change this setting and leave as the default of True
Input series – this shows the timeframe for the indicator and will be displayed according to the chart time. In this case the indicator was attached to a 15 minute chart for the $EURUSD
Maximum bars look back – this is the maximum number of bars in the look back for the indicator. We suggest you leave this as the default of TwoHundredFiftySix as it is memory friendly
These are the Visual inputs:
Auto Scale – DO NOT change this setting and leave this as the default of True
Displacement – DO NOT change this setting and leave this at the default of 0
Display in Data Box – we suggest you leave this at the default of True
Label – this is the label which will display on the chart once the indicator is attached. You can remove this if you wish as follows:
- Place your mouse on the Label label, and left click. This will highlight Label in blue. Left click in the value field alongside and your cursor will appear. Delete the text using the back button and when you apply the indicator, the text will no longer be displayed
Panel – this specifies the panel number where the indicator will appear. We suggest you leave this as the default of ‘Same as input series’
Price Marker(s) – please DO NOT alter this setting and leave as the default of True
Scale Justification – please DO NOT alter this setting and leave as the default of Right
Once you have made any changes to the settings for the Dynamic Price Pivots indicator, left click the OK button to complete and update the indicator.
This is where you can change the color and style of the pivot. Both the IsolatedHigh and the IsolatedLow are changed in exactly the same way. For simplicity we have only shown one example here, as the other is identical. Please NOTE – An IsolatedHigh refers to the pivot created to the top of the candle, and an IsolatedLow to the pivot created to the bottom of a candle.
IsolatedHigh – to access the settings for this pivot, left click on the IsolatedHigh label which will then turn blue. Left click on the + icon and the following options will then be displayed:
As you can see here, the default setting is a yellow TriangleDown, Solid and 5px as shown alongside the label field. These can be changed as follows:
Color – to change the color left click on the Color label which will turn blue. A drop down arrow will appear in the value field. Left click the drop down arrow and the color options will then be displayed. Use the scroller on the right to select your preferred color which will then appear in the value field alongside.
Dash style – this has NO effect with this indicator
Plot style – to change the style of the pivot indicator, left click on the Value label which will turn blue. A drop down arrow will appear in the value field. Left click the drop down arrow and the plot style options will then be displayed. Use the scroller on the right to select your preferred style which will then appear in the value field alongside
Width – to change the size of the pivot, left click on the Width label which will turn blue. Left click the value field alongside and use the back space key to delete the existing value, and replace with a new value. The default is 5px, and any number higher than this will then increase the size of the pivot, whilst a lower number will decrease the size of the pivot. You do not need to enter ‘px’ after the number. Simply enter a whole number to change the size of the pivot to your preferred appearance
Once you have made all the changes to the settings for the Quantum Dynamic Pivots indicator left click the OK button to complete and update the indicator.
Removing an indicator
These are the steps to remove the Ninjatrader indicator from a chart:
Right click on the chart and then left click on Indicators from the pop up menu. Scroll down to the indicator you wish to remove and left click which will turn the indicator blue. This will then display the indicator window with its settings as shown below:
Simply left click on the Remove button as shown above, and the indicator will disappear from the list of indicators on the chart. To confirm left click the OK button to confirm and close the window.