Chad-Thackray
The video explains the Pivot Point indicator, which helps traders identify potential points of support and resistance using data from a previous bar on a larger time frame. The video demonstrates how to calculate Pivot Points, resistance points, and support points for each individual week, using Bitcoin data from Yahoo Finance. The instructor explains the need to shift columns up by one and then appends columns with Pivot Point data onto the hourly table. The Pivot Point indicator is added to the plot using a scatter graph and markers mode. The Y values used are the Pivot Point column, and the resistance lines are added to the plot. The values are then compared to Trading View to check for accuracy. Overall, the video provides an informative guide on how to add the Pivot Point indicator to a Candlestick chart using Python.
In this section, the video explains the Pivot Point indicator, which helps traders calculate potential points of resistance and support using data from a previous bar on a larger time frame, such as weekly resistance points. Different formulas like traditional, Fibonacci, Woody, classic DM, and camarilla can be used to calculate these pivot points, but the video implements the traditional logic. Using Bitcoin data from Yahoo Finance, the video illustrates how to calculate pivot points, resistance points, and support points for each individual week, which allows for easier plotting of hourly bars and avoids numerous horizontal line segments in Plotly. The resistance points can also be verified against those provided by trading view to confirm accuracy.
In this section of the video, the instructor explains the need to shift the columns up by one since the current dataset contains look-ahead bias. The Pivot Point values need to be calculated based on the previous week's values, but the current dataset is using the close value at the beginning of the week to calculate an indicator that will be used during the week. To fix this, the columns are shifted up by one using the pandas shift function, and then the extra columns with Pivot Point data are appended onto the hourly table, making it easier to graph and backtest the indicator. The instructor performs an asof join, and then plots the final product using plotly to verify that there are no errors in the code.
In this section, the Pivot Point indicator is added to the plot. A scatter graph is used with markers mode so that none of the points get connected, creating a nice effect to draw the pivot points and lines. The Y values used are the Pivot Point column, and for color-coding purposes, it is made orange. This same plot is repeated for every resistance line to add them to the plot. The values are compared to Trading View to check if everything is okay. Overall, the video demonstrates how to add a Pivot Point indicator to a Candlestick chart using Python.
No videos found.
No related videos found.
No music found.