Classic Pivot

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Classic Pivot

This script is designed for the MetaTrader platform to automatically calculate and display "Pivot Points" on your trading charts. Pivot points are technical analysis tools used by traders to identify potential support and resistance levels—essentially, price zones where the market might pause, reverse, or break out.

Core Functionality

The script analyzes historical price data to determine specific key levels for three different timeframes: Daily, Weekly, and Monthly. Depending on your settings, it will draw horizontal lines on your chart that represent these significant price boundaries.

How the Logic Works

The script follows a consistent mathematical process for each timeframe:

  1. Data Collection: It looks back at the preceding period (e.g., yesterday's price action to determine today's levels, or last week's action for this week). It specifically identifies three key values:

    • The High price reached.
    • The Low price reached.
    • The Closing price of that period.

  2. Pivot Point Calculation: It calculates the "Pivot" (the central balance point) by taking the average of the High, Low, and Close prices. This serves as the anchor for all other levels.

  3. Support and Resistance Levels: Using the Pivot point and the previous High/Low values, it calculates several additional lines:

    • Resistance (R1, R2, R3): These represent "ceilings." They are price targets where the market may face selling pressure or encounter difficulty moving higher.
    • Support (S1, S2, S3): These represent "floors." They are price targets where the market may find buying interest or struggle to drop further.

Visual Presentation

The script handles the heavy lifting of drawing these lines for you automatically:

  • Dynamic Updates: It refreshes these levels in real-time so your chart always reflects the current period's data.
  • Custom Styling: Each timeframe is assigned a unique color and line style (e.g., Magenta for Daily, Aqua for Weekly, Brown for Monthly) to ensure you can distinguish between them at a glance.
  • Labels: The script places text labels next to the lines (such as "Daily R1" or "Monthly S2"), making it easy to identify exactly what each line represents without having to guess.
  • Cleanup: When you remove the script from your chart, it is programmed to automatically delete all the lines and labels it created, leaving your workspace clean.

Summary of Timeframes

You can toggle these in the settings to see different layers of market structure:

  • Daily: Focuses on short-term fluctuations within a single trading day.
  • Weekly: Provides a broader view of the week's price boundaries.
  • Monthly: Identifies major, long-term structural levels for the current month.
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Classic Pivot 
//+------------------------------------------------------------------+
//|      Classic Pivot Points
//|                                                                  |
//+------------------------------------------------------------------+

#property indicator_chart_window

   extern bool Daily   = True;
   extern bool Weekly  = False;
   extern bool Monthly = False;

   double YesterdayHigh;
   double YesterdayLow;
   double YesterdayClose;
   double Day_Price[][6];
   double Pivot,S1,S2,S3,R1,R2,R3;
   
   double WeekHigh;
   double WeekLow;
   double WeekClose;
   double Weekly_Price[][6];
   double WeekPivot,WS1,WS2,WS3,WR1,WR2,WR3;
   
   double MonthHigh;
   double MonthLow;
   double MonthClose;
   double Month_Price[][6];
   double MonthPivot,MS1,MS2,MS3,MR1,MR2,MR3;

int init()
  {
   return(0);
  }
  
//-------------------------------------------------------- 
  
int deinit()
  {
ObjectDelete("PivotLine");

ObjectDelete("R1_Line");
ObjectDelete("R2_Line");
ObjectDelete("R3_Line");

ObjectDelete("S1_Line");
ObjectDelete("S2_Line");
ObjectDelete("S3_Line");  

//--------------------------------

ObjectDelete("PivotLabel");

ObjectDelete("R1_Label");
ObjectDelete("R2_Label");
ObjectDelete("R3_Label");

ObjectDelete("S1_Label");
ObjectDelete("S2_Label");
ObjectDelete("S3_Label"); 

//--------------------------------------------------------

ObjectDelete("WeekPivotLine");

ObjectDelete("WR1_Line");
ObjectDelete("WR2_Line");
ObjectDelete("WR3_Line");

ObjectDelete("WS1_Line");
ObjectDelete("WS2_Line");
ObjectDelete("WS3_Line");  

//--------------------------------

ObjectDelete("WeekPivotLabel");

ObjectDelete("WR1_Label");
ObjectDelete("WR2_Label");
ObjectDelete("WR3_Label");

ObjectDelete("WS1_Label");
ObjectDelete("WS2_Label");
ObjectDelete("WS3_Label");  

//--------------------------------------------------------

ObjectDelete("MonthPivotLine");

ObjectDelete("MR1_Line");
ObjectDelete("MR2_Line");
ObjectDelete("MR3_Line");

ObjectDelete("MS1_Line");
ObjectDelete("MS2_Line");
ObjectDelete("MS3_Line");  

//--------------------------------

ObjectDelete("MonthPivotLabel");

ObjectDelete("MR1_Label");
ObjectDelete("MR2_Label");
ObjectDelete("MR3_Label");

ObjectDelete("MS1_Label");
ObjectDelete("MS2_Label");
ObjectDelete("MS3_Label");

return(0);
}
//--------------------------------------------------------- 

int start()
{

ArrayInitialize(Day_Price,0);
ArrayCopyRates(Day_Price,(Symbol()), 1440);


YesterdayHigh  = Day_Price[1][3];
YesterdayLow   = Day_Price[1][2];
YesterdayClose = Day_Price[1][4];

Pivot = ((YesterdayHigh + YesterdayLow + YesterdayClose)/3);

   R1 = (2*Pivot)-YesterdayLow;
   S1 = (2*Pivot)-YesterdayHigh;

   R2 = Pivot+(R1-S1);
   S2 = Pivot-(R1-S1);

   S3 = (Pivot - (R2-S2));
   R3 = R2 + (Pivot-S2);

//--------------------------------------------------------
//--------------------------------------------------------

ArrayInitialize(Weekly_Price, 0);
ArrayCopyRates(Weekly_Price, Symbol(), 10080);

WeekHigh  = Weekly_Price[1][3];
WeekLow   = Weekly_Price[1][2];
WeekClose = Weekly_Price[1][4];

WeekPivot = ((WeekHigh + WeekLow + WeekClose)/3);

      WR1 = (2*WeekPivot)-WeekLow;
      WS1 = (2*WeekPivot)-WeekHigh;

      WR2 = WeekPivot+(WR1-WS1);
      WS2 = WeekPivot-(WR1-WS1);

      WS3 = (WeekPivot - (WR2-WS2));
      WR3 = (WR2 + (WeekPivot-WS2));

//--------------------------------------------------------
//--------------------------------------------------------

ArrayInitialize(Month_Price, 0);
ArrayCopyRates(Month_Price, Symbol(), 43200);

MonthHigh  = Month_Price[1][3];
MonthLow   = Month_Price[1][2];
MonthClose = Month_Price[1][4];

MonthPivot = ((MonthHigh + MonthLow + MonthClose)/3);

      MR1 = (2*MonthPivot)-MonthLow;
      MS1 = (2*MonthPivot)-MonthHigh;

      MR2 = MonthPivot+(MR1-MS1);
      MS2 = MonthPivot-(MR1-MS1);

      MS3 = (MonthPivot - (MR2-MS2));
      MR3 = (MR2 + (MonthPivot-MS2));

//--------------------------------------------------------

if (Daily==true)
{

ObjectCreate("PivotLine", OBJ_HLINE,0, CurTime(),Pivot);
ObjectSet("PivotLine", OBJPROP_COLOR, Magenta);
ObjectSet("PivotLine", OBJPROP_STYLE, STYLE_DASH);

if(ObjectFind("PivotLabel") != 0)
{
ObjectCreate("PivotLabel", OBJ_TEXT, 0, Time[20], Pivot);
ObjectSetText("PivotLabel", "Daily Pivot", 8, "Arial", Magenta);
}
else
{
ObjectMove("PivotLabel", 0, Time[20], Pivot);
}

//--------------------------------------------------------

ObjectCreate("R1_Line", OBJ_HLINE,0, CurTime(),R1);
ObjectSet("R1_Line", OBJPROP_COLOR, Red);
ObjectSet("R1_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("R1_Label") != 0)
{
ObjectCreate("R1_Label", OBJ_TEXT, 0, Time[20], R1);
ObjectSetText("R1_Label", "Daily R1", 8, "Arial", Red);
}
else
{
ObjectMove("R1_Label", 0, Time[20], R1);
}

//--------------------------------------------------------

ObjectCreate("R2_Line", OBJ_HLINE,0, CurTime(),R2);
ObjectSet("R2_Line", OBJPROP_COLOR, Red);
ObjectSet("R2_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("R2_Label") != 0)
{
ObjectCreate("R2_Label", OBJ_TEXT, 0, Time[20], R2);
ObjectSetText("R2_Label", "Daily R2", 8, "Arial", Red);
}
else
{
ObjectMove("R2_Label", 0, Time[20], R2);
}

//---------------------------------------------------------

ObjectCreate("R3_Line", OBJ_HLINE,0, CurTime(),R3);
ObjectSet("R3_Line", OBJPROP_COLOR, Red);
ObjectSet("R3_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("R3_Label") != 0)
{
ObjectCreate("R3_Label", OBJ_TEXT, 0, Time[20], R3);
ObjectSetText("R3_Label", "Daily R3", 8, "Arial", Red);
}
else
{
ObjectMove("R3_Label", 0, Time[20], R3);
}

//---------------------------------------------------------

ObjectCreate("S1_Line", OBJ_HLINE,0, CurTime(),S1);
ObjectSet("S1_Line", OBJPROP_COLOR, LimeGreen);
ObjectSet("S1_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("S1_Label") != 0)
{
ObjectCreate("S1_Label", OBJ_TEXT, 0, Time[20], S1);
ObjectSetText("S1_Label", "Daily S1", 8, "Arial", LimeGreen);
}
else
{
ObjectMove("S1_Label", 0, Time[20], S1);
}

//---------------------------------------------------------

ObjectCreate("S2_Line", OBJ_HLINE,0, CurTime(),S2);
ObjectSet("S2_Line", OBJPROP_COLOR, LimeGreen);
ObjectSet("S2_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("S2_Label") != 0)
{
ObjectCreate("S2_Label", OBJ_TEXT, 0, Time[20], S2);
ObjectSetText("S2_Label", "Daily S2", 8, "Arial", LimeGreen);
}
else
{
ObjectMove("S2_Label", 0, Time[20], S2);
}
//---------------------------------------------------------

ObjectCreate("S3_Line", OBJ_HLINE,0, CurTime(),S3);
ObjectSet("S3_Line", OBJPROP_COLOR, LimeGreen);
ObjectSet("S3_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("S3_Label") != 0)
{
ObjectCreate("S3_Label", OBJ_TEXT, 0, Time[20], S3);
ObjectSetText("S3_Label", "Daily S3", 8, "Arial", LimeGreen);
}
else
{
ObjectMove("S3_Label", 0, Time[20], S3);
}
}
ObjectsRedraw();

//---------------------------------------------------------
//---------------------------------------------------------
//---------------------------------------------------------

if (Weekly==true)
{
ObjectCreate("WeekPivotLine", OBJ_HLINE,0, CurTime(),WeekPivot);
ObjectSet("WeekPivotLine", OBJPROP_COLOR, Aqua);
ObjectSet("WeekPivotLine", OBJPROP_STYLE, STYLE_DASH);

if(ObjectFind("WeekPivotLabel") != 0)
{
ObjectCreate("WeekPivotLabel", OBJ_TEXT, 0, Time[30], WeekPivot);
ObjectSetText("WeekPivotLabel", "WeeklyPivot", 8, "Arial", Aqua);
}
else
{
ObjectMove("WeekPivotLabel", 0, Time[30], WeekPivot);
}

//--------------------------------------------------------

ObjectCreate("WR1_Line", OBJ_HLINE,0, CurTime(),WR1);
ObjectSet("WR1_Line", OBJPROP_COLOR, Yellow);
ObjectSet("WR1_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("WR1_Label") != 0)
{
ObjectCreate("WR1_Label", OBJ_TEXT, 0, Time[30], WR1);
ObjectSetText("WR1_Label", " Weekly R1", 8, "Arial", Yellow);
}
else
{
ObjectMove("WR1_Label", 0, Time[30], WR1);
}

//--------------------------------------------------------

ObjectCreate("WR2_Line", OBJ_HLINE,0, CurTime(),WR2);
ObjectSet("WR2_Line", OBJPROP_COLOR, Yellow);
ObjectSet("WR2_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("WR2_Label") != 0)
{
ObjectCreate("WR2_Label", OBJ_TEXT, 0, Time[30], WR2);
ObjectSetText("WR2_Label", " Weekly R2", 8, "Arial", Yellow);
}
else
{
ObjectMove("WR2_Label", 0, Time[30], WR2);
}

//---------------------------------------------------------

ObjectCreate("WR3_Line", OBJ_HLINE,0, CurTime(),WR3);
ObjectSet("WR3_Line", OBJPROP_COLOR, Yellow);
ObjectSet("WR3_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("WR3_Label") != 0)
{
ObjectCreate("WR3_Label", OBJ_TEXT, 0, Time[30], WR3);
ObjectSetText("WR3_Label", " Weekly R3", 8, "Arial", Yellow);
}
else
{
ObjectMove("WR3_Label", 0, Time[30], WR3);
}

//---------------------------------------------------------

ObjectCreate("WS1_Line", OBJ_HLINE,0, CurTime(),WS1);
ObjectSet("WS1_Line", OBJPROP_COLOR, SteelBlue);
ObjectSet("WS1_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("WS1_Label") != 0)
{
ObjectCreate("WS1_Label", OBJ_TEXT, 0, Time[30], WS1);
ObjectSetText("WS1_Label", "Weekly S1", 8, "Arial", SteelBlue);
}
else
{
ObjectMove("WS1_Label", 0, Time[30], WS1);
}

//---------------------------------------------------------

ObjectCreate("WS2_Line", OBJ_HLINE,0, CurTime(),WS2);
ObjectSet("WS2_Line", OBJPROP_COLOR, SteelBlue);
ObjectSet("WS2_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("WS2_Label") != 0)
{
ObjectCreate("WS2_Label", OBJ_TEXT, 0, Time[30], WS2);
ObjectSetText("WS2_Label", "Weekly S2", 8, "Arial", SteelBlue);
}
else
{
ObjectMove("WS2_Label", 0, Time[30], WS2);
}

//---------------------------------------------------------

ObjectCreate("WS3_Line", OBJ_HLINE,0, CurTime(),WS3);
ObjectSet("WS3_Line", OBJPROP_COLOR, SteelBlue);
ObjectSet("WS3_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("WS3_Label") != 0)
{
ObjectCreate("WS3_Label", OBJ_TEXT, 0, Time[30], WS3);
ObjectSetText("WS3_Label", "Weekly S3", 8, "Arial", SteelBlue);
}
else
{
ObjectMove("WS3_Label", 0, Time[30], WS3);
}
}
//---------------------------------------------------------
//---------------------------------------------------------
//---------------------------------------------------------

if (Monthly==true)
{
ObjectCreate("MonthPivotLine", OBJ_HLINE,0, CurTime(),MonthPivot);
ObjectSet("MonthPivotLine", OBJPROP_COLOR, Brown);
ObjectSet("MonthPivotLine", OBJPROP_STYLE, STYLE_DASH);

if(ObjectFind("MonthPivotLabel") != 0)
{
ObjectCreate("MonthPivotLabel", OBJ_TEXT, 0, Time[40], MonthPivot);
ObjectSetText("MonthPivotLabel", "MonthlyPivot", 8, "Arial", Brown);
}
else
{
ObjectMove("MonthPivotLabel", 0, Time[40], MonthPivot);
}

//--------------------------------------------------------

ObjectCreate("MR1_Line", OBJ_HLINE,0, CurTime(),MR1);
ObjectSet("MR1_Line", OBJPROP_COLOR, Blue);
ObjectSet("MR1_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("MR1_Label") != 0)
{
ObjectCreate("MR1_Label", OBJ_TEXT, 0, Time[40], MR1);
ObjectSetText("MR1_Label", " Monthly R1", 8, "Arial", Blue);
}
else
{
ObjectMove("MR1_Label", 0, Time[40], MR1);
}

//--------------------------------------------------------

ObjectCreate("MR2_Line", OBJ_HLINE,0, CurTime(),MR2);
ObjectSet("MR2_Line", OBJPROP_COLOR, Blue);
ObjectSet("MR2_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("MR2_Label") != 0)
{
ObjectCreate("MR2_Label", OBJ_TEXT, 0, Time[40], MR2);
ObjectSetText("MR2_Label", " Monthly R2", 8, "Arial", Blue);
}
else
{
ObjectMove("MR2_Label", 0, Time[40], MR2);
}

//---------------------------------------------------------

ObjectCreate("MR3_Line", OBJ_HLINE,0, CurTime(),MR3);
ObjectSet("MR3_Line", OBJPROP_COLOR, Blue);
ObjectSet("MR3_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("MR3_Label") != 0)
{
ObjectCreate("MR3_Label", OBJ_TEXT, 0, Time[40], MR3);
ObjectSetText("MR3_Label", " Monthly R3", 8, "Arial", Blue);
}
else
{
ObjectMove("MR3_Label", 0, Time[40], MR3);
}

//---------------------------------------------------------

ObjectCreate("MS1_Line", OBJ_HLINE,0, CurTime(),MS1);
ObjectSet("MS1_Line", OBJPROP_COLOR, Silver);
ObjectSet("MS1_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("MS1_Label") != 0)
{
ObjectCreate("MS1_Label", OBJ_TEXT, 0, Time[40], MS1);
ObjectSetText("MS1_Label", "Monthly S1", 8, "Arial", Silver);
}
else
{
ObjectMove("MS1_Label", 0, Time[40], MS1);
}

//---------------------------------------------------------

ObjectCreate("MS2_Line", OBJ_HLINE,0, CurTime(),MS2);
ObjectSet("MS2_Line", OBJPROP_COLOR, Silver);
ObjectSet("MS2_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("MS2_Label") != 0)
{
ObjectCreate("MS2_Label", OBJ_TEXT, 0, Time[40], MS2);
ObjectSetText("MS2_Label", "Monthly S2", 8, "Arial", Silver);
}
else
{
ObjectMove("MS2_Label", 0, Time[40], MS2);
}

//---------------------------------------------------------

ObjectCreate("MS3_Line", OBJ_HLINE,0, CurTime(),MS3);
ObjectSet("MS3_Line", OBJPROP_COLOR, Silver);
ObjectSet("MS3_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);

if(ObjectFind("MS3_Label") != 0)
{
ObjectCreate("MS3_Label", OBJ_TEXT, 0, Time[40], MS3);
ObjectSetText("MS3_Label", "Monthly S3", 8, "Arial", Silver);
}
else
{
ObjectMove("MS3_Label", 0, Time[40], MS3);
}
}
//---------------------------------------------------------

ObjectsRedraw();

   return(0);
}

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