PivotLinesINTERBANKv2_v1

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Author: Copyright � 2004, MetaQuotes Software Corp.
PivotLinesINTERBANKv2_v1

This script is designed to automatically calculate and display key price levels on a trading chart, specifically focusing on "Pivot Points." These are common technical analysis markers used by traders to identify potential support and resistance areas.

Core Functionality

The primary purpose of this tool is to simplify the math involved in identifying trading zones. Instead of a trader having to manually calculate these figures based on historical data, the script scans previous market activity and draws visual lines directly onto the chart.

Key Data Sources

To determine where these levels should be placed, the script looks at:

  • Previous Day's Performance: It captures the highest price reached (High), the lowest price reached (Low), and the final price at the end of the day (Close).
  • Current Day's Activity: It monitors the range of the current trading session.

Analysis Methods

The script provides three distinct ways to view these price levels, which can be toggled on or off:

1. Standard Pivot Points This is the most common method used by many traders. The script calculates a central "Pivot" point and then derives several specific levels:

  • Resistance Levels (R1, R2, R3): These represent areas where the price may face difficulty moving higher (potential "ceilings").
  • Support Levels (S1, S2, S3): These represent areas where the price may find a "floor" and stop falling.

2. Camarilla Ranges This is an alternative calculation used by some traders to identify specific zones for day trading. It generates different levels (H3, H4, L3, L4) based on the previous day's range, often used to identify boundaries where a breakout might occur.

3. Midpoint Pivots While the logic for this section is included as an option in the settings, it provides the framework for identifying the halfway points between various price levels.

Visual Presentation

Once the calculations are complete, the script handles all the visual heavy lifting:

  • Automatic Drawing: It draws horizontal lines across your chart so you can see the boundaries clearly.
  • Color Coding: Different styles and colors (such as Lime Green for Resistance and Red for Support) help distinguish between "ceiling" and "floor" zones at a glance.
  • Text Labels: It places labels directly on the lines (e.g., "R1", "S2", "Pivot") so you can immediately identify which price level you are looking at without having to hover over the data.
  • Real-time Data Feed: The script updates its calculations automatically as new daily price data becomes available, ensuring the lines stay relevant to the current market session.

User Experience Features

  • Error Prevention: If a user tries to load the script on a chart timeframe that is too large (greater than one day), the script will provide a warning message rather than failing silently.
  • Information Overlay: The script displays a live text comment on the chart showing the current High, Low, and Previous Day's Range, allowing for quick reference without clicking through menus.
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PivotLinesINTERBANKv2_v1 
//+------------------------------------------------------------------+
//|                                                        Pivot.mq4 |
//|                      Copyright © 2004, MetaQuotes Software Corp. |
//|                                        http://www.metaquotes.net |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2004, MetaQuotes Software Corp."
#property link      "http://www.metaquotes.net"

#property indicator_chart_window

extern bool pivots = true;
extern bool camarilla = false;
extern bool midpivots = true;

double day_high=0;
double day_low=0;
double yesterday_high=0;
double yesterday_open=0;
double yesterday_low=0;
double yesterday_close=0;
double today_open=0;
double today_high=0;
double today_low=0;
double P=0;
double Q=0;
double R1,R2,R3;

double S1,S2,S3;
double H4,H3,L4,L3;
double nQ=0;
double nD=0;
double D=0;
double rates_d1[2][6];

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
//---- indicators
 R1=0; R2=0; R3=0;

 S1=0; S2=0; S3=0;
 H4=0; H3=0; L4=0; L3=0;

//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//---- TODO: add your code here
ObjectDelete("R1 Label"); 
ObjectDelete("R1 Line");
ObjectDelete("R2 Label");
ObjectDelete("R2 Line");
ObjectDelete("R3 Label");
ObjectDelete("R3 Line");
ObjectDelete("S1 Label");
ObjectDelete("S1 Line");
ObjectDelete("S2 Label");
ObjectDelete("S2 Line");
ObjectDelete("S3 Label");
ObjectDelete("S3 Line");
ObjectDelete("P Label");
ObjectDelete("P Line");
ObjectDelete("H4 Label");
ObjectDelete("H4 Line");
ObjectDelete("H3 Label");
ObjectDelete("H3 Line");
ObjectDelete("L3 Label");
ObjectDelete("L3 Line");
ObjectDelete("L4 Label");
ObjectDelete("L4 Line");

//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {

//---- TODO: add your code here

//---- exit if period is greater than daily charts
if(Period() > 1440)
{
Print("Error - Chart period is greater than 1 day.");
return(-1); // then exit
}

//---- Get new daily prices

ArrayCopyRates(rates_d1, Symbol(), PERIOD_D1);
if (DayOfWeek( )!=1){
yesterday_close = rates_d1[1][4];
yesterday_open = rates_d1[1][1];
today_open = rates_d1[0][1];
yesterday_high = rates_d1[1][3];
yesterday_low = rates_d1[1][2];
day_high = rates_d1[0][3];
day_low = rates_d1[0][2];
}
else
{
yesterday_close = rates_d1[2][4];
yesterday_open = rates_d1[2][1];
today_open = rates_d1[0][1];
yesterday_high = rates_d1[2][3];
yesterday_low = rates_d1[2][2];
day_high = rates_d1[0][3];
day_low = rates_d1[0][2];

}

//---- Calculate Pivots

D = (day_high - day_low);
Q = (yesterday_high - yesterday_low);
P = (yesterday_high + yesterday_low + yesterday_close) / 3;
R1 = (2*P)-yesterday_low;
S1 = (2*P)-yesterday_high;
R2 = P+(yesterday_high - yesterday_low);
S2 = P-(yesterday_high - yesterday_low);

	H4 = (Q*0.55)+yesterday_close;
	H3 = (Q*0.27)+yesterday_close;
	R3 = (2*P)+(yesterday_high-(2*yesterday_low));

//	S2 = P-R1+S1;
	S3 = (2*P)-((2* yesterday_high)-yesterday_low);
	L3 = yesterday_close-(Q*0.27);	
	L4 = yesterday_close-(Q*0.55);	


if (Q > 5) 
{
	nQ = Q;
}
else
{
	nQ = Q*10000;
}

if (D > 5)
{
	nD = D;
}
else
{
	nD = D*10000;
}


Comment("High= ",yesterday_high,"    Previous Days Range= ",nQ,"\nLow= ",yesterday_low,"    Current Days Range= ",nD,"\nClose= ",yesterday_close);

//---- Set line labels on chart window

//---- Pivot Lines
   if (pivots==true)
   {
      if(ObjectFind("R1 label") != 0)
      {
      ObjectCreate("R1 label", OBJ_TEXT, 0, Time[20], R1);
      ObjectSetText("R1 label", " R1", 10, "Arial", Black);
      }
      else
      {
      ObjectMove("R1 label", 0, Time[20], R1);
      }

      if(ObjectFind("R2 label") != 0)
      {
      ObjectCreate("R2 label", OBJ_TEXT, 0, Time[20], R2);
      ObjectSetText("R2 label", " R2", 10, "Arial", Black);
      }
      else
      {
      ObjectMove("R2 label", 0, Time[20], R2);
      }

      if(ObjectFind("R3 label") != 0)
      {
      ObjectCreate("R3 label", OBJ_TEXT, 0, Time[20], R3);
      ObjectSetText("R3 label", " R3", 10, "Arial", Black);
      }
      else
      {
      ObjectMove("R3 label", 0, Time[20], R3);
      }

      if(ObjectFind("P label") != 0)
      {
      ObjectCreate("P label", OBJ_TEXT, 0, Time[20], P);
      ObjectSetText("P label", "Pivot", 13, "Arial", Black);
      }
      else
      {
      ObjectMove("P label", 0, Time[20], P);
      }

      if(ObjectFind("S1 label") != 0)
      {
      ObjectCreate("S1 label", OBJ_TEXT, 0, Time[20], S1);
      ObjectSetText("S1 label", "S1", 10, "Arial", Black);
      }
      else
      {
      ObjectMove("S1 label", 0, Time[20], S1);
      }

      if(ObjectFind("S2 label") != 0)
      {
      ObjectCreate("S2 label", OBJ_TEXT, 0, Time[20], S2);
      ObjectSetText("S2 label", "S2", 10, "Arial", Black);
      }
      else
      {
      ObjectMove("S2 label", 0, Time[20], S2);
      }

      if(ObjectFind("S3 label") != 0)
      {
      ObjectCreate("S3 label", OBJ_TEXT, 0, Time[20], S3);
      ObjectSetText("S3 label", "S3", 10, "Arial", Black);
      }
      else
      {
      ObjectMove("S3 label", 0, Time[20], S3);
      }

//---  Draw  Pivot lines on chart
      if(ObjectFind("S1 line") != 0)
      {
      ObjectCreate("S1 line", OBJ_HLINE, 0, Time[40], S1);
      ObjectSet("S1 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("S1 line", OBJPROP_COLOR, Red);
      }
      else
      {
      ObjectMove("S1 line", 0, Time[40], S1);
      }

      if(ObjectFind("S2 line") != 0)
      {
      ObjectCreate("S2 line", OBJ_HLINE, 0, Time[40], S2);
      ObjectSet("S2 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("S2 line", OBJPROP_COLOR, Red);
      }
      else
      {
      ObjectMove("S2 line", 0, Time[40], S2);
      }

      if(ObjectFind("S3 line") != 0)
      {
      ObjectCreate("S3 line", OBJ_HLINE, 0, Time[40], S3);
      ObjectSet("S3 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("S3 line", OBJPROP_COLOR, Red);
      }
      else
      {
      ObjectMove("S3 line", 0, Time[40], S3);
      }

      if(ObjectFind("P line") != 0)
      {
      ObjectCreate("P line", OBJ_HLINE, 0, Time[40], P);
      ObjectSet("P line", OBJPROP_STYLE, STYLE_DOT);
      ObjectSet("P line", OBJPROP_COLOR, Black);
      }
      else
      {
      ObjectMove("P line", 0, Time[40], P);
      }

      if(ObjectFind("R1 line") != 0)
      {
      ObjectCreate("R1 line", OBJ_HLINE, 0, Time[40], R1);
      ObjectSet("R1 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("R1 line", OBJPROP_COLOR, LimeGreen);
      }
      else
      {
      ObjectMove("R1 line", 0, Time[40], R1);
      }

      if(ObjectFind("R2 line") != 0)
      {
      ObjectCreate("R2 line", OBJ_HLINE, 0, Time[40], R2);
      ObjectSet("R2 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("R2 line", OBJPROP_COLOR, LimeGreen);
      }
      else
      {
      ObjectMove("R2 line", 0, Time[40], R2);
      }

      if(ObjectFind("R3 line") != 0)
      {
      ObjectCreate("R3 line", OBJ_HLINE, 0, Time[40], R3);
      ObjectSet("R3 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("R3 line", OBJPROP_COLOR, LimeGreen);
      }
      else
      {
      ObjectMove("R3 line", 0, Time[40], R3);
      }
   }
//---- End of Pivot Line Draw 


//----- Camarilla Lines

   if (camarilla==true)
   {
      if(ObjectFind("H4 label") != 0)
      {
      ObjectCreate("H4 label", OBJ_TEXT, 0, Time[20], H4);
      ObjectSetText("H4 label", " H4", 10, "Arial", Black);
      }
      else
      {
      ObjectMove("H4 label", 0, Time[20], H4);
      }

      if(ObjectFind("H3 label") != 0)
      {
      ObjectCreate("H3 label", OBJ_TEXT, 0, Time[20], H3);
      ObjectSetText("H3 label", " H3", 10, "Arial", Black);
      }
      else
      {
      ObjectMove("H3 label", 0, Time[20], H3);
      }

      if(ObjectFind("L3 label") != 0)
      {
      ObjectCreate("L3 label", OBJ_TEXT, 0, Time[20], L3);
      ObjectSetText("L3 label", " L3", 10, "Arial", Black);
      }
      else
      {
      ObjectMove("L3 label", 0, Time[20], L3);
      }

      if(ObjectFind("L4 label") != 0)
      {
      ObjectCreate("L4 label", OBJ_TEXT, 0, Time[20], L4);
      ObjectSetText("L4 label", " L4", 10, "Arial", Black);
      }
      else
      {
      ObjectMove("L4 label", 0, Time[20], L4);
      }

//---- Draw Camarilla lines on Chart
      if(ObjectFind("H4 line") != 0)
      {
      ObjectCreate("H4 line", OBJ_HLINE, 0, Time[40], H4);
      ObjectSet("H4 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("H4 line", OBJPROP_COLOR, Black);
      }
      else
      {
      ObjectMove("H4 line", 0, Time[40], H4);
      }

      if(ObjectFind("H3 line") != 0)
      {
      ObjectCreate("H3 line", OBJ_HLINE, 0, Time[40], H3);
      ObjectSet("H3 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("H3 line", OBJPROP_COLOR, Black);
      }
      else
      {
      ObjectMove("H3 line", 0, Time[40], H3);
      }

      if(ObjectFind("L3 line") != 0)
      {
      ObjectCreate("L3 line", OBJ_HLINE, 0, Time[40], L3);
      ObjectSet("L3 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("L3 line", OBJPROP_COLOR, Black);
      }
      else
      {
      ObjectMove("L3 line", 0, Time[40], L3);
      }

      if(ObjectFind("L4 line") != 0)
      {
      ObjectCreate("L4 line", OBJ_HLINE, 0, Time[40], L4);
      ObjectSet("L4 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("L4 line", OBJPROP_COLOR, Black);
      }
      else
      {
      ObjectMove("L4 line", 0, Time[40], L4);
      }
   }
//-------End of Draw Camarilla Lines

//------ Midpoints Pivots 

   if (midpivots==true)
   {

    

     
      
//---- Draw Midpoint Pivots on Chart
    

   }
//----End of Midpoint Pivots Draw
 
//---- End Of Program
   return(0);
  }
//+------------------------------------------------------------------+

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