cam_L1_L5_Historical_v1
Download script
This script is designed for the MetaTrader platform to automatically calculate and display specific technical price levels known as Camarilla Pivots. These are used by traders to identify potential support and resistance zones based on the previous day's price action.
Core Functionality
The primary purpose of this tool is to take the high, low, and closing prices from a completed trading day and project five distinct price levels (labeled L1 through L5) onto your current chart. These levels help traders visualize where the market might react or reverse during the current session.
How the Logic Works
The script follows a systematic process to ensure the data is accurate and visually organized:
- Data Collection: The tool scans historical data to identify the "High," "Low," and "Close" prices of the previous trading day. It is specifically programmed to handle transitions between days correctly, including handling the unique timing of weekend market gaps (Sunday/Monday).
- Mathematical Calculation: Once it has the previous day's data, it applies specific mathematical formulas to generate the five Camarilla levels:
- L1 through L4: These are calculated based on the range between the previous day's high and low, adjusted by specific percentage weights.
- L5: This is calculated using a slightly different formula involving the relationship between the previous close and the high/low range, typically used to identify deeper structural levels.
- Real-Time Visualization: As new price data comes in during the current day, the script tracks the "running" high and low of the day. It then draws these five levels as continuous lines on your chart so you can see them clearly in real-time.
- Dynamic Labeling: To make the chart easier to read, the script automatically places text labels (L1, L2, L3, L4, and L5) next to the lines. These labels move dynamically with the price to ensure they remain visible and correctly identified.
User Constraints & Requirements
To ensure the logic functions as intended, the script includes a built-in safety check:
- Timeframe Limitation: The script is designed for intraday analysis. If you try to load it on a chart timeframe higher than 4 hours (such as a Daily or Weekly chart), it will trigger an alert and stop, as the Camarilla logic requires smaller price movements to remain relevant.
- GMT Offset: It includes a setting to adjust for your specific time zone, ensuring that "daily" levels are calculated based on the correct market open and close times.
Price Data Components
Miscellaneous
8
Views
0
Downloads
0
Favorites
cam_L1_L5_Historical_v1
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| cam_L1_L5_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 Red
#property indicator_color2 Red
#property indicator_color3 Red
#property indicator_color4 Red
#property indicator_color5 Red
#property indicator_width1 2
#property indicator_width2 2
#property indicator_width3 2
#property indicator_width4 2
#property indicator_width5 2
//---- input parameters
extern int GMTshift=0;
extern color LColor = Red;
extern int fontsize=10;
extern int LabelShift=20;
double L1Buffer[];
double L2Buffer[];
double L3Buffer[];
double L4Buffer[];
double L5Buffer[];
double L1, L2, L3, L4, L5;
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,Red);
SetIndexBuffer(0,L1Buffer);
SetIndexStyle(1,DRAW_LINE, 0,2,Red);
SetIndexBuffer(1,L2Buffer);
SetIndexStyle(2,DRAW_LINE, 0,2,Red);
SetIndexBuffer(2,L3Buffer);
SetIndexStyle(3,DRAW_LINE, 0,2,Red);
SetIndexBuffer(3,L4Buffer);
SetIndexStyle(4,DRAW_LINE, 0, 2, Red);
SetIndexBuffer(4,L5Buffer);
SetIndexLabel(0,"L1");
SetIndexLabel(1,"L2");
SetIndexLabel(2,"L3");
SetIndexLabel(3,"L4");
SetIndexLabel(4,"L5");
//----
// IndicatorShortName("Cam Pivots");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//---- TODO: add your code here
ObjectDelete("SupL1");
ObjectDelete("SupL2");
ObjectDelete("SupL3");
ObjectDelete("SupL4");
ObjectDelete("SupL5");
//----
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];
L1 = prev_close - ((prev_high - prev_low)*(D1));
L2 = prev_close - ((prev_high - prev_low)*(D2));
L3 = prev_close - ((prev_high - prev_low)*(D3));
L4 = prev_close - ((prev_high - prev_low)*(D4));
L5 = prev_close - ((prev_high/prev_low)*prev_close - 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
L1Buffer[cnt]=L1;
L2Buffer[cnt]=L2;
L3Buffer[cnt]=L3;
L4Buffer[cnt]=L4;
L5Buffer[cnt]=L5;
}
if (cur_day == TimeDay(CurTime())) DisplayLabels();
//----
return(0);
}
void DisplayLabels()
{
datetime LabelShiftTime;
LabelShiftTime = Time[LabelShift];
if(ObjectFind("SupL1") != 0)
{
ObjectCreate("SupL1", OBJ_TEXT, 0, 0, 0);
ObjectSetText("SupL1", " L 1",fontsize,"Arial",LColor);
}
else
{
ObjectMove("SupL1", 0, LabelShiftTime,L1);
}
if(ObjectFind("SupL2") != 0)
{
ObjectCreate("SupL2", OBJ_TEXT, 0, 0, 0);
ObjectSetText("SupL2", " L 2",fontsize,"Arial",LColor);
}
else
{
ObjectMove("SupL2", 0, LabelShiftTime,L2);
}
if(ObjectFind("SupL3") != 0)
{
ObjectCreate("SupL3", OBJ_TEXT, 0, 0, 0);
ObjectSetText("SupL3", " L 3",fontsize,"Arial",LColor);
}
else
{
ObjectMove("SupL3", 0, LabelShiftTime,L3);
}
if(ObjectFind("SupL4") != 0)
{
ObjectCreate("SupL4", OBJ_TEXT, 0, 0, 0);
ObjectSetText("SupL4", " L 4",fontsize,"Arial",LColor);
}
else
{
ObjectMove("SupL4", 0, LabelShiftTime,L4);
}
if(ObjectFind("SupL5") != 0)
{
ObjectCreate("SupL5", OBJ_TEXT, 0, 0, 0);
ObjectSetText("SupL5", " L 5",fontsize,"Arial",LColor);
}
else
{
ObjectMove("SupL5", 0, LabelShiftTime,L5);
}
}
//+------------------------------------------------------------------+
Comments