DailyPivotPoints_v1

Author: Copyright � 2005, MetaQuotes Software Corp.
DailyPivotPoints_v1

This script is designed for the MetaTrader 4 platform to automatically calculate and display "Pivot Points" on a trading chart. Pivot points are essential tools used by traders to identify potential support and resistance levels—price zones where the market might stall, reverse, or break through based on previous price action.

Core Functionality

The script analyzes historical daily price data to project specific price levels for the current trading day. It primarily looks at three key values from the previous day: the High, the Low, and the Close price. By using these figures, it calculates a "Pivot" (the central balance point) and then projects several additional levels above and below that center.

Key Features and Logic

1. Customizable Calculation Methods The script allows users to choose between different mathematical formulas to determine the core Pivot and its surrounding zones. Depending on the user's preference, the logic can shift how it weighs the previous day's range against the current day's opening price.

2. Dynamic Support and Resistance Mapping Beyond the basic central Pivot point, the script automatically generates a comprehensive grid of levels:

  • Resistance Levels (R): These represent "ceilings" where selling pressure may increase. The script calculates several tiers (such as R0.5, R1.0, R1.5, up to R3.0) to show progressively stronger overhead resistance.
  • Support Levels (S): These represent "floors" where buying interest may cluster. Similarly, it maps multiple tiers (S0.5 through S3.0) to show progressively deeper support zones.

3. Visual Presentation The script handles all the visual heavy lifting for the user:

  • Automatic Drawing: It identifies the correct timeframes and automatically draws horizontal lines on the chart corresponding to each calculated level.
  • Color Coding: To make the chart easy to read at a glance, it uses distinct colors (such as Yellow, Green, and Salmon) and line styles (solid vs. dotted) to differentiate between the main Pivot point and the various support/resistance layers.
  • Labels: Each line is tagged with its specific value (e.g., "R1.0" or "S2.5") so the trader knows exactly which level they are looking at without having to hover over the lines.

4. Historical Context The script is capable of looking back over a user-defined number of days. This allows traders to see how these levels have behaved historically or to focus only on the most recent data to keep the chart clean.

Summary for the User

In short, this tool automates the manual math required to identify "turning points" in the market. Instead of a trader having to calculate dozens of price levels by hand every morning, this script scans the previous day's performance and instantly paints a map of potential "danger zones" and "opportunity zones" on the current chart.

Price Data Components
Series array that contains close prices for each barSeries array that contains open prices of each barSeries array that contains the highest prices of each barSeries array that contains the lowest prices of each bar
Miscellaneous
Implements a curve of type %1
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DailyPivotPoints_v1 
//+------------------------------------------------------------------+
//|                                             DailyPivotPoints.mq4 |
//|                      Copyright © 2005, MetaQuotes Software Corp. |
//|                                        http://www.metaquotes.net |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005, 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       ExtFormula=0;
extern int       ExtHowManyDays=30;
extern bool      ExtDraw=true;
//---- buffers
double ExtMapBuffer1[];
double ExtMapBuffer2[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
//---- 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(ExtDraw)
     {
      if(ExtFormula==0)
        {
         SetIndexLabel(0,"Pivot");
         SetIndexLabel(1,NULL);
        }
       else
        {
         SetIndexLabel(0,"Resistance");
         SetIndexLabel(1,"Support");
        }
     }
    else
     {
      SetIndexLabel(0,NULL);
      SetIndexLabel(1,NULL);
     }
//---- force daily data load
   iBars(NULL,PERIOD_D1);
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//---- deleting our lines
   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");
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
   int    counted_bars=IndicatorCounted();
   int    begin_bar, first_bar, last_bar, cnt;
   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 daily data not loaded yet
   cnt=0;
   while(true)
     {
      if(iTime(NULL,PERIOD_D1,0)>=(Time[0]-PERIOD_D1*60)) break;
      cnt++;
      if(cnt>5) return(0);
      Sleep(1000);
     }
//---- set check beginning
   if(ExtHowManyDays<1) begin_bar=iBars(NULL,PERIOD_D1)-2;
   else                 begin_bar=ExtHowManyDays-1;
//---- case of recounting current pivot only
   if(ExtDraw==false || counted_bars>0) begin_bar=0;
//----
   for(cnt=begin_bar; cnt>=0; cnt--)
     {
      yesterday_close=iClose(NULL,PERIOD_D1,cnt+1);
      today_open=iOpen(NULL,PERIOD_D1,cnt);
      yesterday_high=iHigh(NULL,PERIOD_D1,cnt+1);
      yesterday_low=iLow(NULL,PERIOD_D1,cnt+1);
      P = (yesterday_high + yesterday_low + yesterday_close + today_open) / 4;
      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(ExtDraw==true)
        {
         first_bar=iBarShift(NULL,0,iTime(NULL,PERIOD_D1,cnt))-1;
         if(cnt>0) last_bar=iBarShift(NULL,0,iTime(NULL,PERIOD_D1,cnt-1))-1;
         else last_bar=0;
         while(first_bar>=last_bar)
           {
            if(first_bar==last_bar && last_bar>0) break;
            if(ExtFormula==0) ExtMapBuffer1[first_bar]=P;
            else
              {
               ExtMapBuffer1[first_bar]=R;
               ExtMapBuffer2[first_bar]=S;
              }
             first_bar--;
           }
        }
     }
   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, Yellow);
   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, GreenYellow);
   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, YellowGreen);
   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, GreenYellow);
   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, YellowGreen);
   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, GreenYellow);
   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, YellowGreen);
   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, Salmon);
   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, Salmon);
   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, Salmon);
   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, Salmon);
   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, Salmon);
   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, Salmon);
   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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