Pivot (Midnight to Midnight)_V2_v1
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This script is designed as a technical analysis tool for the MetaTrader platform, specifically intended to help traders identify key psychological price levels on a chart. It automates the calculation of Pivot Points, which are standard benchmarks used by floor traders and automated systems to determine potential support and resistance areas.
Core Functionality
The primary goal of this script is to project seven distinct price levels onto your trading chart:
- The Pivot Point (P): The central "axis" or equilibrium price for a specific timeframe.
- Resistance Levels (R1, R2, R3): These represent price ceilings where the market may face selling pressure or encounter difficulty moving higher.
- Support Levels (S1, S2, S3): These represent price floors where the market may find buying interest or face difficulty dropping further.
How the Logic Works
The script operates based on the price action of previous trading sessions. Here is a step-by-step breakdown of its internal logic:
1. Data Tracking The tool constantly monitors the highest high and lowest low reached during a trading period. It keeps track of these extremes to understand the "range" of the market's movement.
2. Triggering the Calculation The script is programmed to perform its primary calculations at the start of a new day (whenever the date changes on the chart). This ensures that the levels are updated regularly to reflect current market conditions rather than outdated data.
3. Mathematical Processing Once a new day begins, the script takes the High, Low, and Closing prices from the previous session and applies a standard formula to generate the current day's levels:
- It calculates the Pivot Point by averaging the previous high, low, and closing price.
- It then uses that Pivot Point to project the S1–S3 and R1–R3 levels based on the volatility (the distance between the high and low) of the preceding period.
4. Visual Representation Finally, the script draws these values directly onto your chart. It places visual markers and lines so that you can see exactly where these support and resistance zones are located in real-time. This allows a trader to quickly identify "zones of interest" where price might react, reverse, or break out.
Summary for the User
Essentially, this tool removes the manual math from your trading routine. Instead of calculating whether the market is overextended or undervalued based on yesterday's highs and lows, the script provides you with a clear visual map of "floors" and "ceilings," helping you identify potential entry and exit points more efficiently.
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| 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 Orange
#property indicator_color2 DarkBlue
#property indicator_color3 Maroon
#property indicator_color4 DarkBlue
#property indicator_color5 Maroon
#property indicator_color6 Green
#property indicator_color7 Green
//---- 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;
IndicatorBuffers(7);
//---- indicator line
SetIndexStyle(0,DRAW_LINE,0,2,Orange);
SetIndexStyle(1,DRAW_LINE,0,2,DarkBlue);
SetIndexStyle(2,DRAW_LINE,0,2,Maroon);
SetIndexStyle(3,DRAW_LINE,0,2,DarkBlue);
SetIndexStyle(4,DRAW_LINE,0,2,Maroon);
SetIndexStyle(5,DRAW_LINE,0,2,Green);
SetIndexStyle(6,DRAW_LINE,0,2,Green);
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);
}
//+------------------------------------------------------------------+
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