cam_H2_H5_Historical_001
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This script is designed to automate the calculation and visual representation of Camarilla Pivot Points on a trading chart. These are specific price levels used by traders to identify potential support and resistance zones based on the price action of the previous trading day.
Core Logic and Functionality
The tool operates by analyzing historical daily data—specifically the high, low, and closing prices from the previous session—to project key price targets for the current period. Here is a breakdown of how it processes this information:
1. Data Collection and Time Management The script scans through historical price bars to identify when one day ends and another begins. It automatically accounts for different time zones (via a GMT shift) to ensure that "daily" boundaries are correctly identified, even across different market sessions. It specifically tracks the highest price, lowest price, and closing price of each preceding day.
2. Pivot Point Calculations Once the script identifies a new day, it uses the data from the previous day to calculate five distinct price levels:
- The Main Pivot: A baseline price calculated by averaging the previous day's high, low, and close.
- Resistance Levels (H2, H3, H4, H5): These are calculated using specific multipliers applied to the range of the previous day. Each level represents a different degree of "strength":
- H2 & H3: Generally represent closer proximity to the current price and are often used to identify immediate resistance or reversal zones.
- H4 & H5: Represent deeper extension levels, often used to identify major breakout points or significant trend boundaries.
3. Visual Rendering Instead of just providing raw numbers, the script draws these calculated values directly onto your chart as continuous lines:
- Resistance Lines: The H2 through H5 levels are plotted as solid lines (colored Lime by default) so you can see where price might struggle to move higher.
- Pivot Line: The central pivot is displayed as a dashed yellow line, serving as the "equilibrium" point for the day.
- Dynamic Labeling: To ensure clarity, the script places text labels (e.g., "H2", "Pivot") near the current price action, making it easy to identify which line is which at a glance.
4. User Constraints and Compatibility To ensure accuracy, the script includes a built-in check for the chart timeframe. It is optimized for intraday trading; therefore, it will alert the user if they attempt to apply it to a timeframe larger than 4 hours, as the daily pivot logic would lose its intended precision on weekly or monthly scales.
Summary for the Trader
In simple terms, this tool removes the manual math required to plot Camarilla levels. It looks at what happened yesterday and automatically draws "ceiling" lines on your chart today, helping you visualize where the market might encounter resistance based on historical volatility.
//+------------------------------------------------------------------+
//| cam_H2_H5_Historical_V4.mq4 |
//| Copyright © 2005, MetaQuotes Software Corp. |
//| http://www.metaquotes.net |
//| Modified to chart historical camarilla pivots by MrPip |
//| 3/28/06 Fixed problem of Sunday/Monday pivots |
//| and added some ideas from goodtiding5 (Kenneth Z.) |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005, MetaQuotes Software Corp."
#property link "http://www.metaquotes.net"
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_color1 Lime
#property indicator_color2 Lime
#property indicator_color3 Lime
#property indicator_color4 Lime
#property indicator_color5 Yellow
#property indicator_width1 2
#property indicator_width2 2
#property indicator_width3 2
#property indicator_width4 2
#property indicator_width5 1
//---- input parameters
extern int GMTshift=0;
extern color HColor = Lime;
extern int fontsize=12;
extern int LabelShift=20;
double H5Buffer[];
double H4Buffer[];
double H3Buffer[];
double H2Buffer[];
double PivotBuffer[];
double P, H2, H3, H4, H5;
double D1=0.091667;
double D2=0.183333;
double D3=0.2750;
double D4=0.55;
double prev_high=0;
double prev_low=0;
double prev_close=0;
double cur_day=0;
double prev_day=0;
double day_high=0;
double day_low=0;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
IndicatorBuffers(5);
//---- indicators
SetIndexStyle(0,DRAW_LINE, 0,2,Lime);
SetIndexBuffer(0,H5Buffer);
SetIndexStyle(1,DRAW_LINE, 0,2,Lime);
SetIndexBuffer(1,H4Buffer);
SetIndexStyle(2,DRAW_LINE, 0,2,Lime);
SetIndexBuffer(2,H3Buffer);
SetIndexStyle(3,DRAW_LINE, 0,2,Lime);
SetIndexBuffer(3,H2Buffer);
SetIndexStyle(4,DRAW_LINE, STYLE_DASH, 1, Yellow);
SetIndexBuffer(4,PivotBuffer);
SetIndexLabel(0,"H5");
SetIndexLabel(1,"H4");
SetIndexLabel(2,"H3 SHORT");
SetIndexLabel(3,"H2");
SetIndexLabel(4,"Pivot");
//----
// IndicatorShortName("Cam H Pivots");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//---- TODO: add your code here
ObjectDelete("CamPivot");
ObjectDelete("ResH2");
ObjectDelete("ResH3");
ObjectDelete("ResH4");
ObjectDelete("ResH5");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
int cnt, limit;
//---- exit if period is greater than 4 hr charts
if(Period() > 240)
{
Alert("Error - Chart period is greater than 4 Hr.");
return(-1); // then exit
}
if(counted_bars<0) return(-1);
//---- last counted bar will be recounted
// if(counted_bars>0) counted_bars--;
// limit=(Bars-counted_bars)-1;
limit=counted_bars;
//---- Get new daily prices & calculate pivots
for (cnt=limit;cnt >=0;cnt--)
{
if (TimeDayOfWeek(Time[cnt]) == 0)
{
cur_day = prev_day;
}
else
{
cur_day = TimeDay(Time[cnt]- (GMTshift*3600));
}
if (prev_day != cur_day)
{
prev_close = Close[cnt+1];
prev_high = day_high;
prev_low = day_low;
day_high = High[cnt];
day_low = Low[cnt];
P = (prev_high + prev_low + prev_close)/3;//Pivot
//---- To display all 8 Camarilla pivots remove comment symbols below and
// add the appropriate object functions below
H5 = (prev_high/prev_low)*prev_close;
H4 = ((prev_high - prev_low)* D4) + prev_close;
H3 = ((prev_high - prev_low)* D3) + prev_close;
H2 = ((prev_high - prev_low) * D2) + prev_close;
//H1 = ((prev_high - prev_low) * D1) + prev_close;
prev_day = cur_day;
}
if (High[cnt]>day_high)
{
day_high = High[cnt];
}
if (Low[cnt]<day_low)
{
day_low = Low[cnt];
}
// day_low=Open[cnt]; day_high=Open[cnt];
//--- Draw Pivot lines on chart
PivotBuffer[cnt]=P;
H5Buffer[cnt]=H5;
H4Buffer[cnt]=H4;
H3Buffer[cnt]=H3;
H2Buffer[cnt]=H2;
}
if (cur_day == TimeDay(CurTime())) DisplayLabels();
//----
return(0);
}
void DisplayLabels()
{
if(ObjectFind("CamPivot") != 0)
{
ObjectCreate("CamPivot", OBJ_TEXT, 0, 0,0);
ObjectSetText("CamPivot", " Pivot",fontsize,"Arial",Yellow);
}
else
{
ObjectMove("CamPivot", 0, Time[20],P);
}
if(ObjectFind("ResH2") != 0)
{
ObjectCreate("ResH2", OBJ_TEXT, 0, 0, 0);
ObjectSetText("ResH2", " H 2",fontsize,"Arial",HColor);
}
else
{
ObjectMove("ResH2", 0, Time[20],H2);
}
if(ObjectFind("ResH3") != 0)
{
ObjectCreate("ResH3", OBJ_TEXT, 0, 0, 0);
ObjectSetText("ResH3", " H 3",fontsize,"Arial",HColor);
}
else
{
ObjectMove("ResH3", 0, Time[20],H3);
}
if(ObjectFind("ResH4") != 0)
{
ObjectCreate("ResH4", OBJ_TEXT, 0, 0, 0);
ObjectSetText("ResH4", " H 4",fontsize,"Arial",HColor);
}
else
{
ObjectMove("ResH4", 0, Time[20],H4);
}
if(ObjectFind("ResH5") != 0)
{
ObjectCreate("ResH5", OBJ_TEXT, 0, 0, 0);
ObjectSetText("ResH5", " H 5",fontsize,"Arial",HColor);
}
else
{
ObjectMove("ResH5", 0, Time[20],H5);
}
}
//+------------------------------------------------------------------+
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