Pivot SR
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This script is a specialized technical analysis tool designed for the MetaTrader platform to help traders identify key price levels, specifically "Pivot Points." In trading, these points serve as structural markers that indicate potential areas of support or resistance where the market might change direction or react significantly.
Core Logic and Functionality
The script operates by automatically calculating and plotting a central Pivot Point on your chart based on historical price action. Here is a breakdown of how it processes this information:
- Data Collection: The tool scans past price data to identify two critical pieces of information from previous sessions: the highest price reached (High) and the lowest price reached (Low).
- Automatic Detection: The script is programmed to recognize when a new trading day begins. It uses this transition as a trigger to perform its primary calculation.
- The Pivot Calculation: Once a new day starts, the tool takes the High and Low of the previous period, along with the closing price of the final candle of that period. It combines these three figures to calculate a single "Pivot" value. This value represents a mathematical equilibrium point for the current trading session.
- Dynamic Visualization:
- The script draws a continuous line on your chart representing this Pivot Point.
- It identifies the exact moment the calculation occurs and places a text label on the chart to help you visually track where the current day's pivot level is established.
- Visual Clarity: The indicator uses specific colors (Orange and Blue) to differentiate its lines, ensuring that the structural data stands out clearly against the standard price candles.
Summary for the User
Instead of manually calculating complex averages every morning, this tool automates the process. It looks at what happened yesterday, calculates a "fair value" point for today, and draws it on your screen. This allows you to see at a glance whether the current market price is trading above or below the established pivot, providing a clearer picture of the day's trend and potential turning points.
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Pivot SR
/*-----------------------------+
| |
| 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 Blue
#property indicator_color3 Red
//#property indicator_color4
//#property indicator_color5
//#property indicator_color6
//#property indicator_color7
//---- input parameters
//---- buffers
double PBuffer[];
double S1Buffer[];
double R1Buffer[];
//double S2Buffer[];
//double R2Buffer[];
//double S3Buffer[];
//double R3Buffer[];
string Pivot="Pivot Point";
//string Sup2="", Res2="", Sup3="", Res3="";
int fontsize=10;
double P;
double LastHigh,LastLow,x;
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//---- TODO: add your code here
ObjectDelete("Pivot");
ObjectDelete("R1");
ObjectDelete("S1");
//ObjectDelete("");
//ObjectDelete("");
//ObjectDelete("");
//ObjectDelete("");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
string short_name;
//---- indicator line
SetIndexStyle(0,DRAW_LINE,0,2,Orange);
SetIndexStyle(1,DRAW_LINE,0,2);
SetIndexStyle(2,DRAW_LINE,0,2);
//SetIndexStyle(3,DRAW_LINE,0,2,);
//SetIndexStyle(4,DRAW_LINE,0,2,);
//SetIndexStyle(5,DRAW_LINE,0,2,);
//SetIndexStyle(6,DRAW_LINE,0,2,);
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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