i_DCG_Camarilla

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Author: Copyright � 2005, Fermin Da Costa Gomez
i_DCG_Camarilla

This technical indicator is designed to provide traders with visual horizontal support and resistance levels on a trading chart, specifically utilizing the Camarilla Pivot Point theory. It helps identify potential price turning points and zones of interest based on the previous day's price action.

Core Functionality

The script automatically calculates seven distinct price levels for each trading day. These levels are derived from three primary components: the highest price reached during the previous session, the lowest price reached during that same session, and the closing price. By analyzing these extremes, the indicator projects specific "breakout" or "reversal" zones.

How the Logic Works

The script operates by monitoring the transition between different trading days. Every time a new day begins, the logic performs the following steps:

  1. Data Collection: It identifies the highest and lowest price points from the completed preceding period.
  2. Pivot Point Calculation: It calculates a central "Pivot" price, which acts as the baseline for the day's price movement.
  3. Resistance and Support Mapping: Using specific mathematical multipliers (D2, D3, and D4), the script generates three sets of levels:
    • H2/L2 Levels: These represent immediate volatility boundaries.
    • H3/L3 Levels: These are used to identify deeper price fluctuations.
    • H4/L4 Levels: These represent extreme price boundaries, often used by traders to identify overextended markets or significant breakout zones.
  4. Dynamic Visualization: As the market moves, the script draws and updates these levels on your chart in real-time. It labels each level (e.g., L3, H4) so you can clearly distinguish between different types of support and resistance at a glance.

Practical Application for Users

Instead of guessing where the price might stall or reverse, this tool provides a structured "map" of the day's trading territory. Traders use these lines to:

  • Identify potential areas where the price might face "ceiling" (resistance) or "floor" (support).
  • Gauge market sentiment by seeing how aggressively the price reacts when approaching these specific Camarilla levels.
  • Simplify chart analysis by having key mathematical boundaries automatically plotted as soon as a new day begins.
Miscellaneous
Implements a curve of type %1
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i_DCG_Camarilla 
/*+------------------------------------------------------------------+
 | FileName: i_DCG_Camarilla.mq4
 | Author: Copyright © 2005, Fermin Da Costa Gomez
 | Version : 01 (Inital code)
 | 
 +------------------------------------------------------------------+*/
#property copyright "Copyright © 2005, Fermin Da Costa Gomez"
#property link      "http://forex.viahetweb.nl"

#property indicator_chart_window
#property indicator_buffers 7
#property indicator_color1 Aqua
#property indicator_color2 Yellow
#property indicator_color3 Yellow
#property indicator_color4 OrangeRed
#property indicator_color5 OrangeRed
#property indicator_color6 LawnGreen
#property indicator_color7 LawnGreen

//---- input parameters

//---- buffers
double PBuffer[];
double H4Buffer[];
double H3Buffer[];
double H2Buffer[];
double L2Buffer[];
double L3Buffer[];
double L4Buffer[];
string Pivot="Pivot",sL2="L2", sH2="H2";
string sL3="L3", sH3="H3", sL4="L4", sH4="H4";
int fontsize=10;
double P, L2, L3, L4, H2, H3, H4;
double LastHigh,LastLow,x;

double D1=0.091667;
double D2=0.183333;
double D3=0.2750;
double D4=0.55;

//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//---- TODO: add your code here

   ObjectDelete("Pivot");
   ObjectDelete("L2");
   ObjectDelete("H2");
   ObjectDelete("L3");
   ObjectDelete("H3");
   ObjectDelete("L4");
   ObjectDelete("H4");   

//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
   string short_name;


//---- indicator line
   SetIndexStyle(0,DRAW_LINE, 0, 2);
   SetIndexStyle(1,DRAW_LINE);
   SetIndexStyle(2,DRAW_LINE);
   SetIndexStyle(3,DRAW_LINE);
   SetIndexStyle(4,DRAW_LINE);
   SetIndexStyle(5,DRAW_LINE);
   SetIndexStyle(6,DRAW_LINE);
   SetIndexBuffer(0, PBuffer);
   SetIndexBuffer(1, L2Buffer);
   SetIndexBuffer(2, H2Buffer);
   SetIndexBuffer(3, L3Buffer);
   SetIndexBuffer(4, H3Buffer);
   SetIndexBuffer(5, L4Buffer);
   SetIndexBuffer(6, H4Buffer);


//---- name for DataWindow and indicator subwindow label
   short_name="Camarilla levels";
   IndicatorShortName(short_name);
   SetIndexLabel(0, short_name);

//----
   SetIndexDrawBegin(0,1);
//----
 

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

//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()

  {
   int    counted_bars=IndicatorCounted();

   int limit, i;
//---- indicator calculation
if (counted_bars==0)
{
   x=Period();
   if (x>240) return(-1);
   ObjectCreate("L2", OBJ_TEXT, 0, 0, 0);
   ObjectSetText("L2", "        L-2",fontsize,"Arial", White);
   ObjectCreate("H2", OBJ_TEXT, 0, 0, 0);
   ObjectSetText("H2", "        H-2",fontsize,"Arial", White);
   ObjectCreate("L3", OBJ_TEXT, 0, 0, 0);
   ObjectSetText("L3", "            L-3",fontsize,"Arial", White);
   ObjectCreate("H3", OBJ_TEXT, 0, 0, 0);
   ObjectSetText("H3", "            H-3",fontsize,"Arial", White);
   ObjectCreate("L4", OBJ_TEXT, 0, 0, 0);
   ObjectSetText("L4", "                L-4",fontsize,"Arial", White);
   ObjectCreate("H4", OBJ_TEXT, 0, 0, 0);
   ObjectSetText("H4", "                H-4",fontsize,"Arial", White);
}
   if(counted_bars<0) return(-1);
//---- last counted bar will be recounted
//   if(counted_bars>0) counted_bars--;
   limit=(Bars-counted_bars)-1;



for (i=limit; i>=0;i--)
{ 

if (High[i+1]>LastHigh) LastHigh=High[i+1];
if (Low[i+1]<LastLow) LastLow=Low[i+1];

if (TimeDay(Time[i])!=TimeDay(Time[i+1]))
   { 
   P=(LastHigh+LastLow+Close[i+1])/3;
   H2 = (LastHigh - LastLow)*D2 +Close[i+1];
   L2 = Close[i+1] - (LastHigh - LastLow)*D2;
   H3 = (LastHigh - LastLow)*D3 +Close[i+1];
   L3 = Close[i+1] - (LastHigh - LastLow)*D3;
   H4 = (LastHigh-LastLow)*D4 + Close[i+1];
   L4 = Close[i+1] - (LastHigh-LastLow)*D4; 

   LastLow=Open[i];
   LastHigh=Open[i];

   ObjectMove("Pivot", 0, Time[i],P);
   ObjectMove("L2", 0, Time[i], L2);
   ObjectMove("H2", 0, Time[i], H2);
   ObjectMove("L3", 0, Time[i], L3);
   ObjectMove("H3", 0, Time[i], H3);
   ObjectMove("L4", 0, Time[i], L4);
   ObjectMove("H4", 0, Time[i], H4);

   }
   
    PBuffer[i]=P;
    L2Buffer[i]=L2;
    L3Buffer[i]=L3;
    L4Buffer[i]=L4;
    H2Buffer[i]=H2;
    H3Buffer[i]=H3;
    H4Buffer[i]=H4;

}

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

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