AO_YestHiLo2Lot
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This script is designed to provide traders with a visual framework based on the "DeMark" trading theory. It automatically identifies and plots several key price levels—specifically resistance and support zones—directly onto your trading chart. By analyzing historical data, it helps define the boundaries of market movement for the current day.
How the Logic Works
The script functions by looking back at the previous day's trading activity to calculate the "Pivot" points for the following session. It specifically gathers three pieces of information from the previous day: the highest price reached (High), the lowest price hit (Low), and the final closing price (Close).
Once it has these three figures, the script performs the following calculations for every new day on your chart:
- Primary Boundaries: It identifies the Resistance 1 (R1) as the previous day's high and Support 1 (S1) as the previous day's low. These serve as the outer "walls" of the market.
- The Gap Analysis: The script calculates the total distance (the "gap") between the daily high and the daily low. This measurement is essential for determining the inner zones.
- Target Zones (Long Positions): For traders looking to go "Long" (betting on a price increase), the script generates three specific levels based on the high point:
- A 50% extension zone above the high.
- A 50% retracement level below the high.
- A 100% extension level (doubling the gap).
- Target Zones (Short Positions): For traders looking to go "Short" (betting on a price decrease), it creates three levels based on the low point:
- A 50% extension zone below the low.
- A 50% retracement level above the low.
- A 100% extension level (doubling the gap).
Visual Presentation
The script organizes these levels into seven distinct visual lines on your chart, using different colors and line styles (solid vs. dotted). This allows you to immediately see where major price ceilings and floors are located, as well as potential profit-taking or stop-loss areas based on the previous day's volatility. Every time a new day begins, the script refreshes these calculations automatically to keep your technical map up to date.
//+------------------------------------------------------------------+
//| DeMarker Pivots.mq4 |
//| These are the main pivots used by Thomas DeMark |
//| Written by: Ice |
//+------------------------------------------------------------------+
#property copyright "2005 Free software for trader"
#property indicator_chart_window
#property indicator_buffers 7
#property indicator_color1 Blue
#property indicator_color2 Green
#property indicator_color3 Yellow
#property indicator_color4 LawnGreen
#property indicator_color5 Red
#property indicator_color6 Green
#property indicator_color7 LawnGreen
//----
datetime BT[];
double YesterdayHigh[50];
double YesterdayLow[50];
double YesterdayClose[50];
//---- buffers
double R1Array[];
double LongTP50[];
double LongSL50[];
double LongTP100[];
double S1Array[];
double ShortTP50[];
double ShortTP100[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
// Resistance 1
SetIndexStyle(0, DRAW_LINE);
SetIndexBuffer(0, R1Array);
SetIndexLabel(0, "R1");
// Support 1
SetIndexStyle(1, DRAW_LINE, STYLE_DOT);
SetIndexBuffer(1, LongTP50);
SetIndexLabel(1, "LongTP50");
// Resistance 2
SetIndexStyle(2, DRAW_LINE, STYLE_DOT);
SetIndexBuffer(2, LongSL50);
SetIndexLabel(2, "LongSL50");
// Support 2
SetIndexStyle(3, DRAW_LINE, STYLE_DOT);
SetIndexBuffer(3, LongTP100);
SetIndexLabel(3, "LongTP100");
SetIndexStyle(4, DRAW_LINE);
SetIndexBuffer(4, S1Array);
SetIndexLabel(4, "S1");
SetIndexStyle(5, DRAW_LINE, STYLE_DOT);
SetIndexBuffer(5, ShortTP50);
SetIndexLabel(5, "ShortTP50");
SetIndexStyle(6, DRAW_LINE, STYLE_DOT);
SetIndexBuffer(6, ShortTP100);
SetIndexLabel(6, "ShortTP100");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars = IndicatorCounted();
ArrayResize(BT, Bars);
Print("Bars = " + Bars);
// Fill BT with bar open TIME
ArrayCopySeries(BT, MODE_TIME);
// Fill temp arrays with High, Low and Close prices per day
ArrayCopySeries(YesterdayHigh, MODE_HIGH, Symbol(), PERIOD_D1);
ArrayCopySeries(YesterdayLow, MODE_LOW, Symbol(), PERIOD_D1);
ArrayCopySeries(YesterdayClose, MODE_CLOSE, Symbol(), PERIOD_D1);
//----
int od = 0;
int dd = 0;
//----
double Pivot;
double R1;
double LTP50;
double LSL50;
double LTP100;
double S1;
double STP50;
double STP100;
double gap;
//Cycle through all the bars and fill the indicator bars with the Pivot point values
for(int i = 0; i <= Bars; i++)
{
if(TimeDay(BT[i]) != od)
{
dd++;
Pivot = (YesterdayHigh[dd] + YesterdayLow[dd] + YesterdayClose[dd]) / 3;
R1 = YesterdayHigh[dd];
S1 = YesterdayLow[dd];
gap = R1-S1;
LTP50 = R1+(gap/2);
LSL50 = R1-(gap/2);
LTP100 = R1+gap;
STP50 = S1-(gap/2);
STP100 = S1-gap;
od = TimeDay(BT[i]);
}
//----
//PivotArray[i] = Pivot;
R1Array[i]=R1;
S1Array[i]=S1;
LongTP50[i]=LTP50;
LongSL50[i]=LSL50;
LongTP100[i]=LTP100;
ShortTP50[i] = STP50;
ShortTP100[i] = STP100;
}
//----
return(0);
}
//+------------------------------------------------------------------+
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