Compact mode
Pivot Points vs Elder-Ray Index vs Price Channel
Table of content
General Information Comparison
Indicator Type 📊
The category or classification of the trading indicator based on its primary function and analysis method.Pivot PointsElder-Ray IndexPrice Channel- TrendPrice Channel is a Trend type indicator. Indicators that help identify and confirm market trends
Asset Class 💰
Specifies the financial instruments for which the indicator is most commonly usedFor all*- StocksIndicators optimized for analyzing and predicting stock price movements in equity markets.
- CommoditiesTrading indicators optimized for commodity markets like oil, gold, and agricultural products.
Pivot Points- ForexThe asset classes Pivot Points is typically used for are Forex. Indicators optimized for currency pair trading in the foreign exchange market. Click to see all.
- FuturesThe asset classes Pivot Points is typically used for are Futures. Indicators designed for trading futures contracts across various asset classes. Click to see all.
Elder-Ray IndexPrice ChannelKnown for 💭
The unique selling point or distinguishing feature of the trading indicatorPivot Points- Identifying Potential Reversal PointsPivot Points is known for Identifying Potential Reversal Points.
Elder-Ray Index- Combining Trend And MomentumElder-Ray Index is known for Combining Trend And Momentum.
Price Channel- Range-Bound TradingPrice Channel is known for Range-Bound Trading.
Made In 🌍
The country or origin of the trading indicatorPivot Points- UnknownPivot Points was developed in Unknown. Indicators with undisclosed country of origin, focusing on performance
Elder-Ray Index- United StatesElder-Ray Index was developed in United States. Indicators developed in the USA, reflecting American trading principles
Price Channel- United StatesPrice Channel was developed in United States. Indicators developed in the USA, reflecting American trading principles
Characteristics Comparison
Lagging or Leading 🏁
Indicates whether the trading indicator is a lagging or leading type, reflecting its predictive nature.Pivot PointsElder-Ray IndexPrice Channel- LaggingPrice Channel is a Lagging indicator. Indicators that confirm trends after they have started
Complexity Level 🧑
Indicates the level of expertise required to effectively use the indicatorPivot PointsElder-Ray IndexPrice ChannelPopularity 🏆
Indicates how widely used and recognized the indicator is in the trading communityPivot Points- HighThe popularity of Pivot Points among traders is considered High. Widely used and trusted indicators in the trading community
Elder-Ray Index- MediumThe popularity of Elder-Ray Index among traders is considered Medium. Indicators with balanced adoption and potential effectiveness
Price Channel- MediumThe popularity of Price Channel among traders is considered Medium. Indicators with balanced adoption and potential effectiveness
Facts Comparison
Interesting Fact 💡
An intriguing or lesser-known fact about the trading indicatorPivot Points- Originally used by floor traders in equity and commodity exchanges
Elder-Ray Index- Created by Dr. Alexander Elder
Price Channel- Originally popularized by Richard Donchian in the 1950s
Sarcastic Fact 😉
A humorous or ironic observation about the trading indicatorPivot Points- Often jokingly referred to as the 'lazy trader's crystal ball'
Elder-Ray Index- It's like a doctor's checkup for market health
Price Channel- Sometimes called the "rich man's Bollinger Bands" due to its simplicity
Application Comparison
Timeframe 🕑
The time intervals or periods for which the trading indicator is most effective or commonly used.For all*- DailyIndicators optimized for daily chart analysis, suitable for swing and position traders.
- WeeklyIndicators optimized for weekly chart analysis, balancing short-term noise and long-term trends.
Pivot Points- MonthlyPivot Points is most effective for Monthly timeframes. Indicators for long-term trend analysis on monthly charts, suited for position traders.
Elder-Ray Index- AnyElder-Ray Index is most effective for Any timeframes. Flexible indicators adaptable to various trading timeframes, offering versatility in analysis.
Technical Details Comparison
Calculation Method 🧮
The mathematical or analytical approach used to compute the trading indicator's values.For all*Elder-Ray Index- OscillatorsElder-Ray Index uses the Oscillators calculation method. Indicators that oscillate between fixed values to show overbought or oversold conditions. Click to see all.
- Moving AveragesElder-Ray Index uses the Moving Averages calculation method. Indicators combining different moving averages for comprehensive trend analysis. Click to see all.
Signal Generation 📊
Describes the methods by which the indicator produces trading signalsPivot Points- BreakoutsPivot Points generates trading signals through Breakouts. Indicators that identify when price breaks key levels, signaling potential trends
Elder-Ray Index- DivergencesElder-Ray Index generates trading signals through Divergences. Indicators that show discrepancies between price and indicator movements, suggesting potential reversals
- ThresholdsElder-Ray Index generates trading signals through Thresholds. Indicators that generate signals when certain predefined levels or conditions are met
Price Channel- BreakoutsPrice Channel generates trading signals through Breakouts. Indicators that identify when price breaks key levels, signaling potential trends
Customization Options 🔧
Lists the parameters that can be adjusted to fine-tune the indicatorPivot Points- TimeframePivot Points offers customization options for Timeframe. Adjustable timeframe for versatile analysis Click to see all.
- Calculation MethodPivot Points offers customization options for Calculation Method. Refers to indicators that offer different methods for computing their values. Click to see all.
Elder-Ray Index- PeriodElder-Ray Index offers customization options for Period. Enables customization of analysis timeframe Click to see all.
- EMA LengthElder-Ray Index offers customization options for EMA Length. Allows customization of Exponential Moving Average calculation period Click to see all.
- MA TypeElder-Ray Index offers customization options for MA Type. Allows choice between different moving average calculations Click to see all.
- EMA PeriodElder-Ray Index offers customization options for EMA Period. Enables adjustment of Exponential Moving Average time frame Click to see all.
- Lookback PeriodElder-Ray Index offers customization options for Lookback Period. Enables adjustment of historical data analysis timeframe Click to see all.
Price Channel
Usage Comparison
For whom 👥
The target audience or user group for the trading indicatorPivot Points- Day TradersPivot Points is designed for Day Traders. Tools optimized for short-term intraday trading decisions Click to see all.
- Swing TradersPivot Points is designed for Swing Traders. Identifies medium-term trends and potential reversal points, ideal for multi-day positions Click to see all.
Elder-Ray Index- Experienced TradersElder-Ray Index is designed for Experienced Traders. Sophisticated tools for seasoned traders to gain deeper market insights Click to see all.
- Day TradersElder-Ray Index is designed for Day Traders. Tools optimized for short-term intraday trading decisions Click to see all.
- Swing TradersElder-Ray Index is designed for Swing Traders. Identifies medium-term trends and potential reversal points, ideal for multi-day positions Click to see all.
- Market AnalystsElder-Ray Index is designed for Market Analysts. Provides comprehensive market insights, useful for in-depth analysis and forecasting Click to see all.
Price ChannelPurpose 📈
The primary purpose or application of the trading indicatorPivot PointsElder-Ray Index- Market Strength AnalysisElder-Ray Index is primarily used for Market Strength Analysis.
- Trend StrengthElder-Ray Index is primarily used for Trend Strength. Tools that assess the power and momentum behind a market trend Click to see all.
- Entry/Exit PointsElder-Ray Index is primarily used for Entry/Exit Points. Indicators for optimal trade entry and exit Click to see all.
- Overbought/Oversold ConditionsElder-Ray Index is primarily used for Overbought/Oversold Conditions. Indicators that identify extreme market conditions Click to see all.
Price Channel- Trend Strength AssessmentPrice Channel is primarily used for Trend Strength Assessment.
Evaluation Comparison
Pros 👍
Advantages of using the trading indicatorPivot Points- Easy To CalculateIndicators with straightforward calculation methods for easy implementation
- Widely Used Across Different Markets
Elder-Ray Index- Provides Clear Buy/Sell SignalsOffers straightforward entry and exit points, simplifying trading decisions
- Helps Identify Trend Strength
- Combines Trend And Momentum Analysis
- Helps Identify Potential Reversals
- Separates Buying And Selling Pressure
- Good For Identifying Potential Reversals
- Combines Trend And Momentum
- Identifies Market Strength/Weakness
- Useful For Multiple Timeframes
Price Channel- Easy To Interpret VisuallyIndicators with clear visual representations for quick market analysis
- Useful For Identifying Breakouts
Cons 👎
Disadvantages or limitations of the trading indicatorPivot Points- Effectiveness Can Vary In Trending MarketsIndicators that may lose effectiveness in strong trends, requiring caution in such market conditions. Click to see all.
- Multiple Calculation Methods Can Lead To Confusion
Elder-Ray Index- Complex CalculationIndicators with straightforward calculations and easy-to-understand outputs for efficient analysis Click to see all.
- Requires Understanding Of Multiple Concepts
- Can Be Complex For BeginnersEasy-to-understand indicators suitable for traders new to technical analysis. Click to see all.
- Requires Understanding Of Multiple ComponentsIndicates that some indicators involve several elements that need to be understood for effective use. Click to see all.
- Can Be Less Effective In Strongly Trending MarketsIndicators that maintain effectiveness during strong trends, providing reliable signals Click to see all.
- Requires Understanding Of Moving AveragesRefers to indicators that need a solid grasp of moving average concepts for effective use. Click to see all.
- Complex For BeginnersIndicators that are easy to understand and use for novice traders, facilitating learning and strategy development Click to see all.
- Requires Additional Confirmation
- Can Produce False Signals
Price Channel- Can Be Slow To React To Trend Changes
- May Generate False Signals In Choppy Markets
Performance Metrics Comparison
Ease of Use Score 💻
A score representing how user-friendly and intuitive the trading indicator isPivot PointsElder-Ray IndexPrice ChannelVersatility Score 🔀
A score indicating the adaptability of the trading indicator across different markets and timeframesPivot PointsElder-Ray IndexPrice ChannelCustomization Score 🔧
A score representing the degree of customization available for the trading indicatorPivot Points- 6.5The customization score for Pivot Points is 6.5 out of 10.
Elder-Ray Index- 7.5The customization score for Elder-Ray Index is 7.5 out of 10.
Price Channel- 5.5The customization score for Price Channel is 5.5 out of 10.
Score ⭐
The overall score of the trading indicator based on various performance metricsPivot PointsElder-Ray IndexPrice Channel
Alternatives to Pivot Points
Fibonacci Retracement
Known for Golden Ratio In Trading
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is more customizable than Pivot Points
Relative Strength Index (RSI)
Known for Momentum Measurement
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is more reliable than Pivot Points
Elder Triple Screen
Known for Trend-Momentum Alignment
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is more reliable than Pivot Points
🔀
is more versatile than Pivot Points
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is more customizable than Pivot Points
Supertrend Indicator
Known for Simplifying Trend Following
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is more reliable than Pivot Points