AllPivots_v1_v1
Download script
This script is designed for MetaTrader 4 to automatically calculate and display various types of "Pivot Points" on your trading chart. Pivot points are essential technical analysis tools used by traders to determine theっち potential support and resistance levels for a specific period (in this case, daily).
Instead of you having to manually calculate these complex price levels, the script looks at the price action of previous days and draws horizontal lines directly on your screen to help you visualize where the market might react or reverse.
Key Features and Logic:
Historical Data Tracking The script is configured to look back at a specific number of previous days (set by the user). For each of those days, it gathers three primary pieces of information: the High price, the Low price, and the Closing price. It uses these figures as the foundation for all its calculations.
Core Pivot Calculations The logic identifies several different types of price levels based on that historical data:
- Standard Pivots: It calculates a central "Pivot Point" (P), which is the average of the previous day's high, low, and close. From this center point, it derives three Resistance levels (R1, R2, R3) and three Support levels (S1, S2, S3).
- Middle Points: The script can also calculate six "Middle" lines (M0 through M5), which act as intermediate transition zones between the main support and resistance levels.
- Camarilla Levels: For traders who prefer the Camarilla charting technique, the script can also project H1-H4 and L1-L4 levels. These are calculated using a specific ratio of the daily range, providing more granular targets for breakout trading.
Visual Management To keep your chart clean and organized, the script includes several automated management features:
- Automatic Drawing: It creates distinct lines for each level, assigning different colors (such as Red for resistance, Yellow/Magenta for support, and various blues and oranges for others) so you can differentiate them at a glance.
- Clean Updates: Every time the chart updates, the script clears out the old lines and redraws them. This ensures that your screen isn't cluttered with "ghost" lines from previous calculations.
- Customizable Visibility: You have full control over what appears on your screen. You can choose to turn off specific sets of lines (like the Camarilla or Middle levels) depending on which trading strategy you are currently using.
Summary for the Trader Essentially, this tool transforms raw historical price data into a visual roadmap. By looking at where these lines appear, you can identify "ceilings" where the price might struggle to go higher and "floors" where the price might find enough buying interest to bounce back up.
//+------------------------------------------------------------------+
//| AllPivots_v1.mq4 |
//| Copyright © 2006, Forex-TSD.com |
//| Written by IgorAD,igorad2003@yahoo.co.uk |
//| http://finance.groups.yahoo.com/group/TrendLaboratory |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2006, Forex-TSD.com "
#property link "http://www.forex-tsd.com/"
#property indicator_chart_window
extern int CountDays=10;
extern bool Plot_pivots=true;
extern bool Plot_middle=false;
extern bool Plot_camarilla=false;
datetime time1;
datetime time2;
double open,close,high,low;
double P,R1,R2,R3,S1,S2,S3,M0,M1,M2,M3,M4,M5;
double H1,H2,H3,H4,L1,L2,L3,L4,Range;
double pstyle, mstyle,cstyle;
int shift, num;
void ObjDel()
{
for (;num<=CountDays;num++)
{
ObjectDelete("PP["+num+"]");
ObjectDelete("R1["+num+"]");
ObjectDelete("R2["+num+"]");
ObjectDelete("R3["+num+"]");
ObjectDelete("S1["+num+"]");
ObjectDelete("S2["+num+"]");
ObjectDelete("S3["+num+"]");
ObjectDelete("M0["+num+"]");
ObjectDelete("M1["+num+"]");
ObjectDelete("M2["+num+"]");
ObjectDelete("M3["+num+"]");
ObjectDelete("M4["+num+"]");
ObjectDelete("M5["+num+"]");
ObjectDelete("H1["+num+"]");
ObjectDelete("H2["+num+"]");
ObjectDelete("H3["+num+"]");
ObjectDelete("H4["+num+"]");
ObjectDelete("L1["+num+"]");
ObjectDelete("L2["+num+"]");
ObjectDelete("L3["+num+"]");
ObjectDelete("L4["+num+"]");
}
}
void PlotLine(string name,double value,double line_color,double style)
{
ObjectCreate(name,OBJ_TREND,0,time1,value,time2,value);
ObjectSet(name, OBJPROP_WIDTH, 1);
ObjectSet(name, OBJPROP_STYLE, style);
ObjectSet(name, OBJPROP_RAY, false);
ObjectSet(name, OBJPROP_BACK, true);
ObjectSet(name, OBJPROP_COLOR, line_color);
}
int init()
{
return(0);
}
int deinit()
{
ObjDel();
Comment("");
return(0);
}
int start()
{
int i;
ObjDel();
num=0;
for (shift=CountDays-1;shift>=0;shift--)
{
time1=iTime(NULL,PERIOD_D1,shift);
i=shift-1;
if (i<0)
time2=Time[0];
else
time2=iTime(NULL,PERIOD_D1,i)-Period()*60;
high = iHigh(NULL,PERIOD_D1,shift+1);
low = iLow(NULL,PERIOD_D1,shift+1);
open = iOpen(NULL,PERIOD_D1,shift+1);
close = iClose(NULL,PERIOD_D1,shift+1);
P = (high+low+close)/3.0;
R1 = 2*P-low;
R2 = P+(high - low);
R3 = (2*P)+(high-(2*low));
S1 = 2*P-high;
S2 = P-(high - low);
S3 = (2*P)-((2*high)-low);
M0=0.5*(S2+S3);
M1=0.5*(S1+S2);
M2=0.5*(P+S1);
M3=0.5*(P+R1);
M4=0.5*(R1+R2);
M5=0.5*(R2+R3);
Range = high - low;
H4 = close + (Range * 1.1/2.0);
H3 = close + (Range * 1.1/4.0);
H2 = close + (Range * 1.1/6.0);
H1 = close + (Range * 1.1/12.0);
L1 = close - (Range * 1.1/12.0);
L2 = close - (Range * 1.1/6.0);
L3 = close - (Range * 1.1/4.0);
L4 = close - (Range * 1.1/2.0);
time2=time1+PERIOD_D1*60;
pstyle=0;
mstyle=3;
cstyle=1;
num=shift;
PlotLine("PP["+num+"]",P,DarkBlue,pstyle);
if(Plot_pivots)
{
PlotLine("R1["+num+"]",R1,Red,pstyle);
PlotLine("R2["+num+"]",R2,Orange,pstyle);
PlotLine("R3["+num+"]",R3,Gold,pstyle);
PlotLine("S1["+num+"]",S1,Yellow,pstyle);
PlotLine("S2["+num+"]",S2,Magenta,pstyle);
PlotLine("S3["+num+"]",S3,HotPink,pstyle);
}
if(Plot_middle)
{
PlotLine("M0["+num+"]",M0,LightBlue,mstyle);
PlotLine("M1["+num+"]",M1,DeepSkyBlue,mstyle);
PlotLine("M2["+num+"]",M2,MediumSlateBlue,mstyle);
PlotLine("M3["+num+"]",M3,Tomato,mstyle);
PlotLine("M4["+num+"]",M4,Chocolate,mstyle);
PlotLine("M5["+num+"]",M5,Pink,mstyle);
}
if(Plot_camarilla)
{
PlotLine("H4["+num+"]",H4,LightBlue,cstyle);
PlotLine("H3["+num+"]",H3,DeepSkyBlue,cstyle);
PlotLine("H2["+num+"]",H2,MediumSlateBlue,cstyle);
PlotLine("H1["+num+"]",H1,RoyalBlue,cstyle);
PlotLine("L1["+num+"]",L1,Chocolate,cstyle);
PlotLine("L2["+num+"]",L2,Orange,cstyle);
PlotLine("L3["+num+"]",L3,Goldenrod,cstyle);
PlotLine("L4["+num+"]",L4,Yellow,cstyle);
}
}
return(0);
}
//+------------------------------------------------------------------+
Comments