Fibo_Pivot_Lines_GMT_v1

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Author: Copyright � 2005, MetaQuotes Software Corp.
Fibo_Pivot_Lines_GMT_v1

This script is designed to automate the calculation and visualization of specific technical analysis levels known as Pivot Points and Fibonacci retracement levels on a trading chart. It helps traders identify potential support and resistance zones based on historical price action from the previous trading day.

Core Functionality

Data Gathering & Time Synchronization The tool begins by analyzing historical price data to identify the high, low, and closing prices of the preceding trading session. It includes a "GMT Shift" feature, which allows users to adjust the calculation to account for specific time zone differences, ensuring that the "previous day" is accurately identified regardless of where the user is located.

Automated Calculations Once the previous day's data is captured, the script performs several mathematical operations to project levels for the current day:

  • The Pivot Point (P): This is the central equilibrium price, calculated by averaging the previous day's high, low, and closing prices.
  • Resistance Levels (R1, R2, R3): These represent potential "ceilings" where price may face selling pressure. The script calculates these by adding specific percentages of the previous day's price range to the central Pivot Point.
  • Support Levels (S1, S2, S3): These represent potential "floors" where price may find buying interest. These are calculated by subtracting those same percentages from the central Pivot Point.

Visual Representation Instead of requiring the trader to calculate these numbers manually, the script automatically draws them onto the chart:

  • Dynamic Lines: It renders horizontal lines across the screen to mark each level. Each type of line has a distinct visual style (e.g., dotted or dash-dot) and unique colors (Red for Support/Pivot, Lime Green for Resistance, and Magenta for the main Pivot) to allow for quick identification at a glance.
  • Automatic Labeling: The script places text labels next to these lines so that the trader can immediately distinguish between the different levels without confusion.

Key User Features

  • Chart Compatibility: The script includes a built-in safety check. If a user attempts to view the data on a timeframe larger than one day (such as a weekly or monthly chart), the script will notify the user, as its logic is specifically tailored for daily price cycles.
  • Real-Time Updates: As new price data arrives, the script identifies when a new day has started and updates all horizontal levels automatically to reflect the most recent market history.
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Fibo_Pivot_Lines_GMT_v1 
//+-------------------------------------------------------------------+
//|                                         Fibo Pivot Lines GMT.mq4  |
//|                      Copyright © 2004, MetaQuotes Software Corp.  |
//|                                        http://www.metaquotes.net  |
//|                                       Modified by Hossein Paydar  |
//|                                           You are free to use it  |
//+-------------------------------------------------------------------+
#property copyright "Copyright © 2005, MetaQuotes Software Corp."
#property link      "http://www.metaquotes.net"

#property indicator_chart_window
//---- input parameters
extern int GMTshift = 3;
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
//----
    return(0);
  }
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//----
    return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
    int counted_bars = IndicatorCounted();
    double day_high = 0;
    double day_low = 0;
    double yesterday_high = 0;
    double yesterday_open = 0;
    double yesterday_low = 0;
    double yesterday_close = 0;
    double today_open = 0;
    double P = 0, S = 0, R = 0, S1 = 0, R1 = 0, S2 = 0, R2 = 0, S3 = 0, R3 = 0;
    //double D1 = 0.083333;
    //double D2 = 0.166666;
    //double D3 = 0.25;
    //double D4 = 0.5;
    int cnt = 720;
    double cur_day = 0;
    double prev_day = 0;
    double rates_d1[2][6];
    //---- exit if period is greater than daily charts
    if(Period() > 1440)
      {
        Print("Error - Chart period is greater than 1 day.");
        return(-1); // then exit
      }
    //---- Get new daily prices & calculate pivots
    while(cnt != 0)
      {
	       cur_day = TimeDay(Time[cnt] - (GMTshift*3600));
	       if(prev_day != cur_day)
	         {
		           yesterday_close = Close[cnt+1];
		           today_open = Open[cnt];
		           yesterday_high = day_high;
		           yesterday_low = day_low;
		           day_high = High[cnt];
		           day_low  = Low[cnt];
		           prev_day = cur_day;
		           Comment ( yesterday_high + " " + yesterday_low + " " + yesterday_close );
	         }   
        if(High[cnt] > day_high)
          {
            day_high = High[cnt];
          }
        if(Low[cnt] < day_low)
          {
            day_low = Low[cnt];
          }
        //	SetIndexValue(cnt, 0);
	       cnt--;

      }
    //------ Pivot Points ------
    R = (yesterday_high - yesterday_low);
    P = (yesterday_high + yesterday_low + yesterday_close)/3; //Pivot
    R1 = P + (R * 0.38);
    R2 = P + (R * 0.62);
    R3 = P + (R * 0.99);
    S1 = P - (R * 0.38);
    S2 = P - (R * 0.62);
    S3 = P - (R * 0.99);
    //---- Set line labels on chart window
    if(ObjectFind("P label") != 0)
      {
        ObjectCreate("P label", OBJ_TEXT, 0, Time[20], P);
        ObjectSetText("P label", " Pivot", 8, "Arial", Red);
      }
    else
      {
        ObjectMove("P label", 0, Time[20], P);
      }
//----
    if(ObjectFind("FR1 label") != 0)
      {
        ObjectCreate("FR1 label", OBJ_TEXT, 0, Time[20], R1);
        ObjectSetText("FR1 label", " FR1", 8, "Arial", LimeGreen);
      }
    else
      {
        ObjectMove("FR1 label", 0, Time[20], R1);
      }
//----
    if(ObjectFind("FR2 label") != 0)
      {
        ObjectCreate("FR2 label", OBJ_TEXT, 0, Time[20], R2);
        ObjectSetText("FR2 label", " FR2", 8, "Arial", LimeGreen);
      }
    else
      {
        ObjectMove("FR2 label", 0, Time[20], R2);
      }
//----
    if(ObjectFind("FR3 label") != 0)
      {
        ObjectCreate("FR3 label", OBJ_TEXT, 0, Time[20], R3);
        ObjectSetText("FR3 label", " FR3", 8, "Arial", LimeGreen);
      }
    else
      {
        ObjectMove("FR3 label", 0, Time[20], R3);
      }
//----
    if(ObjectFind("FS1 label") != 0)
      {
        ObjectCreate("FS1 label", OBJ_TEXT, 0, Time[20], S1);
        ObjectSetText("FS1 label", "FS1", 8, "Arial", Red);
      }
    else
      {
        ObjectMove("FS1 label", 0, Time[20], S1);
      }
    if(ObjectFind("FS2 label") != 0)
      {
        ObjectCreate("FS2 label", OBJ_TEXT, 0, Time[20], S2);
        ObjectSetText("FS2 label", "FS2", 8, "Arial", Red);
      }
    else
      {
        ObjectMove("FS2 label", 0, Time[20], S2);
      }
//----
    if(ObjectFind("FS3 label") != 0)
      {
        ObjectCreate("FS3 label", OBJ_TEXT, 0, Time[20], S3);
        ObjectSetText("FS3 label", "FS3", 8, "Arial", Red);
      }
    else
      {
        ObjectMove("FS3 label", 0, Time[20], S3);
      }
    //---- Set lines on chart window
    //----- PIVOT --------
    if(ObjectFind("P line") != 0)
      {
        ObjectCreate("P line", OBJ_HLINE, 0, Time[40], P);
        ObjectSet("P line", OBJPROP_STYLE, STYLE_DOT);
        ObjectSet("P line", OBJPROP_COLOR, Magenta);
      }
    else
      {
        ObjectMove("P line", 0, Time[40], P);
      }
    if(ObjectFind("FR1 line") != 0)
      {
        ObjectCreate("FR1 line", OBJ_HLINE, 0, Time[40], R1);
        ObjectSet("FR1 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
        ObjectSet("FR1 line", OBJPROP_COLOR, LimeGreen);
      }
    else
      {
        ObjectMove("FR1 line", 0, Time[40], R1);
      }
//----
    if(ObjectFind("FS1 line") != 0)
      {
        ObjectCreate("FS1 line", OBJ_HLINE, 0, Time[40], S1);
        ObjectSet("FS1 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
        ObjectSet("FS1 line", OBJPROP_COLOR, Red);
      }
    else
      {
        ObjectMove("FS1 line", 0, Time[40], S1);
      }
//----
    if(ObjectFind("FR2 line") != 0)
      {
        ObjectCreate("FR2 line", OBJ_HLINE, 0, Time[40], R2);
        ObjectSet("FR2 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
        ObjectSet("FR2 line", OBJPROP_COLOR, LimeGreen);
      }
    else
      {
        ObjectMove("FR2 line", 0, Time[40], R2);
      }
    if(ObjectFind("FS2 line") != 0)
      {
        ObjectCreate("FS2 line", OBJ_HLINE, 0, Time[40], S2);
        ObjectSet("FS2 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
        ObjectSet("FS2 line", OBJPROP_COLOR, Red);
      }
    else
      {
        ObjectMove("FS2 line", 0, Time[40], S2);
      }
//----
    if(ObjectFind("FR3 line") != 0)
      {
        ObjectCreate("FR3 line", OBJ_HLINE, 0, Time[40], R3);
        ObjectSet("FR3 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
        ObjectSet("FR3 line", OBJPROP_COLOR, LimeGreen);
      }
    else
      {
        ObjectMove("FR3 line", 0, Time[40], R3);
      }
    if(ObjectFind("FS3 line") != 0)
      {
        ObjectCreate("FS3 line", OBJ_HLINE, 0, Time[40], S3);
        ObjectSet("FS3 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
        ObjectSet("FS3 line", OBJPROP_COLOR, Red);
      }
    else
      {
        ObjectMove("FS3 line", 0, Time[40], S3);
      }
//----
    return(0);
  }
//+------------------------------------------------------------------+

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