^Pivot_AllLevels_001
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This script is a technical analysis tool designed for the MetaTrader 4 platform. It automatically calculates and displays key price levels—specifically Pivot Points, Resistance, and Support zones—based on the price action of the previous trading day.
Core Logic and Functionality
The primary purpose of this script is to identify "turning points" in the market by analyzing historical data from the preceding day to project potential boundaries for the current day. Here is how the logic flows:
1. Daily Reset Mechanism The script continuously monitors the timeline of the market. Every time a new trading day begins, it triggers a calculation sequence. For all other timeframes within the same day, it carries forward the values calculated at the start of that day to ensure the levels remain constant throughout the current session.
2. High and Low Identification To determine the boundaries for the day, the script looks back at the previous full day's price action. It specifically seeks out:
- The highest price reached (High).
- The lowest price reached (Low).
3. Pivot Point Calculation Using the High, Low, and Closing prices of the previous day, the script calculates a "Pivot Point." This is the central equilibrium level for the day. The user can choose between two different mathematical formulas to determine how much weight to give to the previous day's closing price versus its high/low range.
4. Support and Resistance Mapping Once the Pivot Point (the center) is established, the script projects four distinct levels:
- Resistance Levels: These are calculated as price points above the Pivot Point where selling pressure might increase.
- Support Levels: These are calculated as price points below the Pivot Point where buying interest might strengthen.
5. Visual Representation The tool identifies these five specific levels (Pivot, Res1, Res2, Sup1, and Sup2) and plots them directly on your trading chart. By displaying these clearly, the script helps traders visualize the "floor" and "ceiling" of the market for the day, allowing for more informed decision-making regarding where to enter or exit trades.
Summary of Usage
Instead of manually calculating complex math every morning, this script automates the process. It looks at yesterday's completed movement, identifies the mathematical boundaries, and draws them on your current chart so you can see exactly where the major price levels sit for the current trading session.
//+------------------------------------------------------------------+
//| ^Pivot_ResSup.mq4 |
//| Modest, Rosh conversed only |
//| http://forexsystems.ru/phpBB/index.php |
//+------------------------------------------------------------------+
#property copyright "Modest, Rosh conversed only"
#property link "http://forexsystems.ru/phpBB/index.php"
//// Ñòðîèì Pivot è Res/Supp ïî FibonacciTrader Journal Issue 6
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_color1 LightBlue
#property indicator_color2 Blue
#property indicator_color3 DarkGreen
#property indicator_color4 Red
#property indicator_color5 Magenta
//---- input parameters
extern int Formula=0;
int i=1, shift;
double FP=0.0;
double FH=0.0, FL=0.0;
bool result;
//---- buffers
double ResBuffer2[];
double ResBuffer[];
double ExtMapBuffer1[];
double SupBuffer[];
double SupBuffer2[];
//+------------------------------------------------------------------+
//| Ïðîâåðêà íîâîãî äíÿ |
//+------------------------------------------------------------------+
bool isNewDay(int _shift)
{
//----
result=false;
if ( (TimeHour(Time[_shift])==0) && (TimeMinute(Time[_shift])==0) ) result=true;
//----
return(result);
}
//+------------------------------------------------------------------+
//| Ïîëó÷èòü óðîâíè FP,Res1,Sup1,Res2 è Sup2 ïðîøåäøåãî äíÿ |
//+------------------------------------------------------------------+
void GetRSofDay(int _shift)
{
int prevDay=TimeDay(Time[_shift+1]);
//----
i=1;
while (TimeDay(Time[_shift+i])==prevDay) i++;
i--;
FH=High[Highest(NULL,0,MODE_HIGH,i,_shift+1)];
FL=Low[Lowest(NULL,0,MODE_LOW,i,_shift+1)];
if (Formula==0) FP=NormalizeDouble((FH+FL+Close[_shift+1])/3.0,Digits); else FP=NormalizeDouble((FH+FL+2*Close[_shift+1])/4.0,Digits);
ExtMapBuffer1[_shift]=FP;
ResBuffer[_shift]=NormalizeDouble(FP+(FP-FL),Digits);
SupBuffer[_shift]=NormalizeDouble(FP-(FH-FP),Digits);
ResBuffer2[_shift]=NormalizeDouble(FP+(FH-FL),Digits);
SupBuffer2[_shift]=NormalizeDouble(FP-(FH-FL),Digits);
//----
}
//+------------------------------------------------------------------+
//| Êîïèðîâàòü FP,Res1,Sup1,Res2 è Sup2 ïðîøåäøåãî äíÿ |
//+------------------------------------------------------------------+
void CopyLevelsDay(int _shift)
{
ExtMapBuffer1[_shift]=ExtMapBuffer1[_shift+1];
ResBuffer[_shift]=ResBuffer[_shift+1];
SupBuffer[_shift]=SupBuffer[_shift+1];
ResBuffer2[_shift]=ResBuffer2[_shift+1];
SupBuffer2[_shift]=SupBuffer2[_shift+1];
}
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
if (Formula!=0)Formula=1;
string label1="Pivot_Res2("+Formula+")";
string label2="Pivot_Res("+Formula+")";
string label3="Pivot_Point("+Formula+")";
string label4="Pivot_Sup("+Formula+")";
string label5="Pivot_Sup2("+Formula+")";
//---- indicators
SetIndexStyle(0,DRAW_ARROW);
SetIndexArrow(0,160);
SetIndexBuffer(0,ResBuffer2);
SetIndexEmptyValue(0,0.0);
SetIndexLabel(0,label1);
SetIndexStyle(1,DRAW_ARROW);
SetIndexArrow(1,160);
SetIndexBuffer(1,ResBuffer);
SetIndexEmptyValue(1,0.0);
SetIndexLabel(1,label2);
SetIndexStyle(2,DRAW_ARROW);
SetIndexArrow(2,160);
SetIndexBuffer(2,ExtMapBuffer1);
SetIndexEmptyValue(2,0.0);
SetIndexLabel(2,label3);
SetIndexStyle(3,DRAW_ARROW);
SetIndexArrow(3,160);
SetIndexBuffer(3,SupBuffer);
SetIndexEmptyValue(3,0.0);
SetIndexLabel(3,label4);
SetIndexStyle(4,DRAW_ARROW);
SetIndexArrow(4,160);
SetIndexBuffer(4,SupBuffer2);
SetIndexEmptyValue(4,0.0);
SetIndexLabel(4,label5);
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int limit,firstDay;
int counted_bars=IndicatorCounted();
if (counted_bars<0) return(0);
if (counted_bars==0)
{
limit=Bars-1;
i=1;
firstDay=TimeDay(Time[limit]);
while (TimeDay(Time[limit-i])==firstDay) i++;
limit=limit-i-PERIOD_D1/Period();
}
if (counted_bars>0) limit=Bars-counted_bars;
//----
if (Period()>PERIOD_H4) return;
for (shift=limit;shift>=0;shift--)
{
if (isNewDay(shift)) GetRSofDay(shift); else CopyLevelsDay(shift);
}
//----
return(0);
}
//+------------------------------------------------------------------+
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