Pivot_ColorMod
Download script
This tool is a technical analysis indicator designed to automatically plot key price levels—known as Pivot Points—directly onto your trading chart. It serves as a visual guide to help traders identify potential areas of support and resistance, which are often where price action reacts, slows down, or reverses.
How the Logic Works
The script operates by analyzing historical price data to calculate seven specific levels for each trading session: one central Pivot Point and three distinct levels above it (Resistance) and three levels below it (Support).
1. Identifying Key Price Data The logic begins by scanning the price history of the previous trading period. It specifically looks for the highest price reached (High) and the lowest price reached (Low), as well as the closing price. These figures are the primary building blocks for all subsequent calculations.
2. Detecting New Trading Days The script constantly monitors the timeline. Every time it detects a change in the calendar day, it triggers a calculation phase. This ensures that the pivot levels are refreshed daily, adapting to the newest market movements while keeping the previous data for reference.
3. Mathematical Calculations Once a new day is detected, the script applies a standard mathematical formula to generate the following levels:
- Pivot Point (P): The "anchor" price, calculated by averaging the previous period's high, low, and closing prices.
- Support Levels (S1, S2, S3): These represent "floors." They calculate how far below the Pivot Point the price might drop based on the previous period's volatility.
- Resistance Levels (R1, R2, R3): These represent "ceilings." They calculate how far above the Pivot Point the price might rise.
4. Visual Rendering After the calculations are finished, the script performs three visual actions:
- Dynamic Plotting: It draws horizontal lines on your chart corresponding to these seven levels.
- Labeling: It places clear text labels (e.g., "R1", "S2") on the chart so you can immediately identify which level is which.
- Real-time Updates: As new price data comes in, the script ensures the lines remain accurately positioned relative to the current time and price action.
Summary of Benefits
Instead of requiring a trader to manually calculate complex formulas every morning, this script automates the process. It provides a structured map of the market's "geography," highlighting where buyers might step in (Support) and where sellers might take control (Resistance), allowing for more disciplined decision-making during active trading sessions.
//+------------------------------------------------------------------+
//| Pivot.mq4 |
//| Copyright © 2004, Poul_Trade_Forum |
//| Aborigen |
//| http://forex.kbpauk.ru/ |
//+------------------------------------------------------------------+
#property copyright "Poul Trade Forum"
#property link "http://forex.kbpauk.ru/"
#property indicator_chart_window
//#property indicator_separate_window
#property indicator_buffers 7
#property indicator_color1 Gold
#property indicator_color2 Violet
#property indicator_color3 Violet
#property indicator_color4 Tomato
#property indicator_color5 Tomato
#property indicator_color6 LightGreen
#property indicator_color7 LightGreen
//---- input parameters
//---- buffers
double PBuffer[];
double S1Buffer[];
double R1Buffer[];
double S2Buffer[];
double R2Buffer[];
double S3Buffer[];
double R3Buffer[];
string Pivot="Pivot Point",Sup1="S 1", Res1="R 1";
string Sup2="S 2", Res2="R 2", Sup3="S 3", Res3="R 3";
int fontsize=10;
double P,S1,R1,S2,R2,S3,R3;
double LastHigh,LastLow,x;
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//---- TODO: add your code here
ObjectDelete("Pivot");
ObjectDelete("Sup1");
ObjectDelete("Res1");
ObjectDelete("Sup2");
ObjectDelete("Res2");
ObjectDelete("Sup3");
ObjectDelete("Res3");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
string short_name;
//---- indicator line
SetIndexStyle(0,DRAW_LINE,0,2,Gold);
SetIndexStyle(1,DRAW_LINE,0,2,Violet);
SetIndexStyle(2,DRAW_LINE,0,2,Violet);
SetIndexStyle(3,DRAW_LINE,0,2,Tomato);
SetIndexStyle(4,DRAW_LINE,0,2,Tomato);
SetIndexStyle(5,DRAW_LINE,0,2,LightGreen);
SetIndexStyle(6,DRAW_LINE,0,2,LightGreen);
SetIndexBuffer(0,PBuffer);
SetIndexBuffer(1,S1Buffer);
SetIndexBuffer(2,R1Buffer);
SetIndexBuffer(3,S2Buffer);
SetIndexBuffer(4,R2Buffer);
SetIndexBuffer(5,S3Buffer);
SetIndexBuffer(6,R3Buffer);
//---- name for DataWindow and indicator subwindow label
short_name="Pivot Point";
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("Pivot", OBJ_TEXT, 0, 0,0);
ObjectSetText("Pivot", " Pivot Point",fontsize,"Arial",Red);
ObjectCreate("Sup1", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Sup1", " S 1",fontsize,"Arial",Red);
ObjectCreate("Res1", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Res1", " R 1",fontsize,"Arial",Red);
ObjectCreate("Sup2", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Sup2", " S 2",fontsize,"Arial",Red);
ObjectCreate("Res2", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Res2", " R 2",fontsize,"Arial",Red);
ObjectCreate("Sup3", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Sup3", " S 3",fontsize,"Arial",Red);
ObjectCreate("Res3", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Res3", " R 3",fontsize,"Arial",Red);
}
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;
R1 = (2*P)-LastLow;
S1 = (2*P)-LastHigh;
R2 = P+(LastHigh - LastLow);
S2 = P-(LastHigh - LastLow);
R3 = (2*P)+(LastHigh-(2*LastLow));
S3 = (2*P)-((2* LastHigh)-LastLow);
LastLow=Open[i]; LastHigh=Open[i];
ObjectMove("Pivot", 0, Time[i],P);
ObjectMove("Sup1", 0, Time[i],S1);
ObjectMove("Res1", 0, Time[i],R1);
ObjectMove("Sup2", 0, Time[i],S2);
ObjectMove("Res2", 0, Time[i],R2);
ObjectMove("Sup3", 0, Time[i],S3);
ObjectMove("Res3", 0, Time[i],R3);
}
PBuffer[i]=P;
S1Buffer[i]=S1;
R1Buffer[i]=R1;
S2Buffer[i]=S2;
R2Buffer[i]=R2;
S3Buffer[i]=S3;
R3Buffer[i]=R3;
}
//----
return(0);
}
//+------------------------------------------------------------------+
Comments