DailyPivot_Shift

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Author: Copyright � 2006, MetaQuotes Software Corp.
DailyPivot_Shift

This script is designed to automatically calculate and display key price levels on a trading chart based on historical price data. These levels, commonly known as "Pivot Points," act as significant markers that traders use to identify potential areas of support and resistance.

Core Functionality

The primary purpose of this tool is to take the high, low, and closing prices from a previous trading day and use them to project a series of horizontal lines onto the current chart. These lines help visualize where the market might react or turn.

Key Features and Logic:

  • Time Adjustment (Shift Time): The script includes a "Shift" feature. This allows users to adjust the starting point of the day's calculation by a specific number of hours. This is particularly useful for traders who operate in different time zones or want to align the data with specific market sessions.

  • Dynamic Formula Selection: The tool provides different ways to calculate the primary levels based on user preference:

    • Standard Pivot: Calculates a central balance point.
    • Alternative Formulas: Provides three distinct mathematical variations to determine Resistance (upper price boundaries) and Support (lower price boundaries).

  • Automatic Level Generation: Once the main Pivot Point is calculated, the script automatically generates a comprehensive grid of secondary levels. These are organized into:

    • Resistance Levels (R): Identifying areas where upward momentum might face selling pressure (e.g., R0.5, R1.0, R1.5, R2.0, R2.5, and R3.0).
    • Support Levels (S): Identifying areas where downward momentum might find a "floor" or buying interest (e.g., S0.5, S1.0, S1.5, S2.0, S2.5, and S3.0).

  • Visual Representation: To make the chart easy to read, the script handles all the visual heavy lifting:

    • It draws horizontal lines across the screen for every calculated level.
    • Each line is assigned a specific color and style (such as solid or dotted) to differentiate between major and minor levels.
    • It automatically labels each line with its price value, ensuring that traders can see exactly what price point they are approaching in real-time.

  • Automatic Cleanup: To keep the trading platform organized, the script includes a "Delete" function. This ensures that when the indicator is removed or updated, all the drawn lines are cleaned off the chart automatically, preventing clutter.

Miscellaneous
Implements a curve of type %1
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DailyPivot_Shift 
//+------------------------------------------------------------------+
//|                                             DailyPivot_Shift.mq4 |
//|                      Copyright © 2006, MetaQuotes Software Corp. |
//|                                        http://www.metaquotes.net |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2006, MetaQuotes Software Corp."
#property link      "http://www.metaquotes.net"

#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 Blue
#property indicator_color2 Red

//---- input parameters
extern int       ShiftTime = 1;
extern int       ExtFormula= 0;
//---- buffers
double ExtMapBuffer1[];
double ExtMapBuffer2[];

//+------------------------------------------------------------------+
//| Deleting lines function                                          |
//+------------------------------------------------------------------+
void DeleteLines()
  {
   ObjectDelete("Pivot_Line");
   ObjectDelete("R0.5_Line");
   ObjectDelete("R1.0_Line");
   ObjectDelete("R1.5_Line");
   ObjectDelete("R2.0_Line");
   ObjectDelete("R2.5_Line");
   ObjectDelete("R3.0_Line");
   ObjectDelete("S0.5_Line");
   ObjectDelete("S1.0_Line");
   ObjectDelete("S1.5_Line");
   ObjectDelete("S2.0_Line");
   ObjectDelete("S2.5_Line");
   ObjectDelete("S3.0_Line");
   ObjectsRedraw();
  }
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
   if(MathAbs(ShiftTime)>23) ShiftTime=0;
   Comment("Shift Hours = ", ShiftTime);
   if(ShiftTime<0) ShiftTime+=24;
   ShiftTime*=3600;
//---- indicators
   SetIndexStyle(0,DRAW_LINE);
   SetIndexBuffer(0,ExtMapBuffer1);
   SetIndexEmptyValue(0,0.0);
   SetIndexStyle(1,DRAW_LINE);
   SetIndexBuffer(1,ExtMapBuffer2);
   SetIndexEmptyValue(1,0.0);
//---- clear buffers when reinitializing
   if(ArraySize(ExtMapBuffer1)>0) ArrayInitialize(ExtMapBuffer1,0.0);
   if(ArraySize(ExtMapBuffer2)>0) ArrayInitialize(ExtMapBuffer2,0.0);
//---- set labels for DataWindow
   if(ExtFormula==0)
     {
      SetIndexLabel(0,"Pivot");
      SetIndexLabel(1,NULL);
     }
    else
     {
      SetIndexLabel(0,"Resistance");
      SetIndexLabel(1,"Support");
     }
//----
   DeleteLines();
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
   DeleteLines();
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
   int    counted_bars=IndicatorCounted();
   int    begin_bar, cnt;
   double hi=0, lo=0, cl;
   double yesterday_high, yesterday_low, yesterday_close, today_open;
   double P, S, R, S05, R05, S10, R10, S15, R15, S20, R20, S25, R25, S30, R30;
//---- test parameters
   if(ExtFormula<0 || ExtFormula>3) return(-1);
   if(Period()>=PERIOD_D1)          return(-1);
   if(counted_bars==Bars-1)         return(-1);
//---- set check beginning
   begin_bar=Bars-counted_bars;
//----
   int    new_day=TimeDayOfWeek(Time[begin_bar]-ShiftTime);
   for(cnt=MathMax(begin_bar,1440/Period()); cnt>=0; cnt--)
     {
      if(TimeDayOfWeek(Time[cnt]-ShiftTime)==new_day)
        {
         if(High[cnt]>hi) hi=High[cnt];
         if((Low[cnt]<lo)||(lo==0)) lo=Low[cnt];
         cl=Close[cnt];
        }
      else 
        {
         new_day=TimeDayOfWeek(Time[cnt]-ShiftTime);
         if(new_day>0 && new_day<6)
           {
            yesterday_close=cl;
            yesterday_high=hi;
            yesterday_low=lo;
            hi=0;lo=0;
            P = (yesterday_high + yesterday_low + yesterday_close) / 3;
           } 
         switch(ExtFormula)
           {
            case 1 :
               R = P + P - yesterday_low;
               S = P + P - yesterday_high;
               break;
            case 2 :
               R = P + yesterday_high - yesterday_low;
               S = P - yesterday_high + yesterday_low;
               break;
            case 3 :
               R = P + P - yesterday_low - yesterday_low + yesterday_high;
               S = P + P - yesterday_high - yesterday_high + yesterday_low;		
           }
        }  
       if(ExtFormula==0) ExtMapBuffer1[cnt]=P;
       else
         {
          ExtMapBuffer1[cnt]=R;
          ExtMapBuffer2[cnt]=S;
         }
     }
   P = NormalizeDouble((yesterday_high + yesterday_low + yesterday_close)/3,Digits);

   R10 = NormalizeDouble((2*P)-yesterday_low,Digits);
   S10 = NormalizeDouble((2*P)-yesterday_high,Digits);

   R05 = NormalizeDouble((P+R10)/2,Digits);
   S05 = NormalizeDouble((P+S10)/2,Digits);

   R20 = NormalizeDouble(P+(yesterday_high-yesterday_low),Digits);
   S20 = NormalizeDouble(P-(yesterday_high-yesterday_low),Digits);

   R15 = NormalizeDouble((R10+R20)/2,Digits);
   S15 = NormalizeDouble((S10+S20)/2,Digits);

   R30 = NormalizeDouble(2*P+(yesterday_high-2*yesterday_low),Digits);
   S30 = NormalizeDouble(2*P-(2*yesterday_high-yesterday_low),Digits);		

   R25 = NormalizeDouble((R20+R30)/2,Digits);
   S25 = NormalizeDouble((S20+S30)/2,Digits);

   ObjectCreate("Pivot_Line", OBJ_HLINE, 0, 0, P);
   ObjectSet("Pivot_Line", OBJPROP_COLOR, Orange);
   ObjectSet("Pivot_Line", OBJPROP_STYLE, STYLE_SOLID);
   ObjectSetText("Pivot_Line","Pivot "+DoubleToStr(P,Digits));

   ObjectCreate("R0.5_Line", OBJ_HLINE, 0, 0, R05);
   ObjectSet("R0.5_Line", OBJPROP_COLOR, Teal);
   ObjectSet("R0.5_Line", OBJPROP_STYLE, STYLE_DOT);
   ObjectSetText("R0.5_Line","R0.5 "+DoubleToStr(R05,Digits));

   ObjectCreate("R1.0_Line", OBJ_HLINE, 0, 0, R10);
   ObjectSet("R1.0_Line", OBJPROP_COLOR, DarkSlateGray);
   ObjectSet("R1.0_Line", OBJPROP_STYLE, STYLE_DOT);
   ObjectSetText("R1.0_Line","R1.0 "+DoubleToStr(R10,Digits));

   ObjectCreate("R1.5_Line", OBJ_HLINE, 0, 0, R15);
   ObjectSet("R1.5_Line", OBJPROP_COLOR, Teal);
   ObjectSet("R1.5_Line", OBJPROP_STYLE, STYLE_DOT);
   ObjectSetText("R1.5_Line","R1.5 "+DoubleToStr(R15,Digits));

   ObjectCreate("R2.0_Line", OBJ_HLINE, 0, 0, R20);
   ObjectSet("R2.0_Line", OBJPROP_COLOR, Teal);
   ObjectSet("R2.0_Line", OBJPROP_STYLE, STYLE_DOT);
   ObjectSetText("R2.0_Line","R2.0 "+DoubleToStr(R20,Digits));

   ObjectCreate("R2.5_Line", OBJ_HLINE, 0, 0, R25);
   ObjectSet("R2.5_Line", OBJPROP_COLOR, Teal);
   ObjectSet("R2.5_Line", OBJPROP_STYLE, STYLE_DOT);
   ObjectSetText("R2.5_Line","R2.5 "+DoubleToStr(R25,Digits));

   ObjectCreate("R3.0_Line", OBJ_HLINE, 0, 0, R30);
   ObjectSet("R3.0_Line", OBJPROP_COLOR, Teal);
   ObjectSet("R3.0_Line", OBJPROP_STYLE, STYLE_DOT);
   ObjectSetText("R3.0_Line","R3.0 "+DoubleToStr(R30,Digits));

   ObjectCreate("S0.5_Line", OBJ_HLINE, 0, 0, S05);
   ObjectSet("S0.5_Line", OBJPROP_COLOR, Peru);
   ObjectSet("S0.5_Line", OBJPROP_STYLE, STYLE_DOT);
   ObjectSetText("S0.5_Line","S0.5 "+DoubleToStr(S05,Digits));

   ObjectCreate("S1.0_Line", OBJ_HLINE, 0, 0, S10);
   ObjectSet("S1.0_Line", OBJPROP_COLOR, Brown);
   ObjectSet("S1.0_Line", OBJPROP_STYLE, STYLE_DOT);
   ObjectSetText("S1.0_Line","S1.0 "+DoubleToStr(S10,Digits));

   ObjectCreate("S1.5_Line", OBJ_HLINE, 0, 0, S15);
   ObjectSet("S1.5_Line", OBJPROP_COLOR, Peru);
   ObjectSet("S1.5_Line", OBJPROP_STYLE, STYLE_DOT);
   ObjectSetText("S1.5_Line","S1.5 "+DoubleToStr(S15,Digits));

   ObjectCreate("S2.0_Line", OBJ_HLINE, 0, 0, S20);
   ObjectSet("S2.0_Line", OBJPROP_COLOR, Peru);
   ObjectSet("S2.0_Line", OBJPROP_STYLE, STYLE_DOT);
   ObjectSetText("S2.0_Line","S2.0 "+DoubleToStr(S20,Digits));

   ObjectCreate("S2.5_Line", OBJ_HLINE, 0, 0, S25);
   ObjectSet("S2.5_Line", OBJPROP_COLOR, Peru);
   ObjectSet("S2.5_Line", OBJPROP_STYLE, STYLE_DOT);
   ObjectSetText("S2.5_Line","S2.5 "+DoubleToStr(S25,Digits));

   ObjectCreate("S3.0_Line", OBJ_HLINE, 0, 0, S30);
   ObjectSet("S3.0_Line", OBJPROP_COLOR, Peru);
   ObjectSet("S3.0_Line", OBJPROP_STYLE, STYLE_DOT);
   ObjectSetText("S3.0_Line","S3.0 "+DoubleToStr(S30,Digits));
//---- force objects drawing
   ObjectsRedraw();
//----
   return(0);
  }
//+------------------------------------------------------------------+

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