Pivots History with Alert 1.1
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This tool is designed to automatically calculate and display key price levels on your trading chart, specifically focusing on Pivot Points. These points are widely used by traders to identify potential support and resistance zones where the market might experience a change in direction or momentum.
Core Logic and Functionality
The script functions by scanning historical price data to identify the high, low, and closing prices of previous trading sessions. It uses these three primary data points to generate a comprehensive set of levels for each new day:
1. The Pivot Point (P) This is the central anchor of the calculation. The script determines this by taking the average of the previous period's high, low, and closing price. This serves as the "equilibrium" price for the current day.
2. Resistance Levels (R1, R2, R3) The script calculates three distinct upper boundaries where selling pressure is expected to increase:
- Resistance 1 (R1): The first major hurdle above the Pivot Point.
- Resistance 2 (R2): A secondary, stronger level of resistance.
- Resistance 3 (R3): An extreme price level where significant reversal or exhaustion is often observed.
3. Support Levels (S1, S2, S3) Mirroring the resistance levels, the script identifies three lower boundaries where buying interest typically intensifies:
- Support 1 (S1): The first major floor below the Pivot Point.
- Support 2 (S2): A secondary, stronger level of support.
- Support 3 (S3): An extreme price floor providing a baseline for potential bounces.
How It Works on Your Chart
- Automatic Updates: The script is programmed to recognize when a new trading day begins. Every time the date changes, it automatically recalculates all seven levels based on the data from the day that just ended.
- Visual Layout: Rather than just providing numbers, the tool draws these levels as horizontal lines directly on your chart. It also places text labels (such as "Pivot Point," "S1," "R1," etc.) to ensure you can clearly identify which level is which at a glance.
- Timeframe Sensitivity: The script includes a check to ensure it operates correctly within specific timeframes, maintaining the integrity of the daily pivot calculations regardless of how much you zoom in or out on the chart.
Summary for the Trader
Instead of manually calculating complex formulas every morning, this tool provides a visual roadmap of the day's "battlegrounds." By identifying these automated support and resistance zones, you can more easily spot where the market may face friction or where it might break out into a new trend.
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Pivots History with Alert 1.1
//+------------------------------------------------------------------+
//| Pivot_AllLevels.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 MediumBlue
#property indicator_color2 DarkGreen
#property indicator_color3 FireBrick
#property indicator_color4 DarkGreen
#property indicator_color5 FireBrick
#property indicator_color6 DarkGreen
#property indicator_color7 FireBrick
#property indicator_width1 1
#property indicator_width2 1
#property indicator_width3 1
#property indicator_width4 1
#property indicator_width5 1
#property indicator_width6 1
#property indicator_width7 1
//---- 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()
{
ObjectDelete("Pivot");
ObjectDelete("Sup1");
ObjectDelete("Res1");
ObjectDelete("Sup2");
ObjectDelete("Res2");
ObjectDelete("Sup3");
ObjectDelete("Res3");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicator line
SetIndexStyle(0, DRAW_LINE);
SetIndexStyle(1, DRAW_LINE);
SetIndexStyle(2, DRAW_LINE);
SetIndexStyle(3, DRAW_LINE);
SetIndexStyle(4, DRAW_LINE);
SetIndexStyle(5, DRAW_LINE);
SetIndexStyle(6, DRAW_LINE);
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
IndicatorShortName("Pivot Point");
SetIndexLabel(0, "Pivot Point");
//----
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", MediumBlue);
ObjectCreate("Sup1", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Sup1", " S 1", fontsize, "Arial", DarkGreen);
ObjectCreate("Res1", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Res1", " R 1", fontsize, "Arial", FireBrick);
ObjectCreate("Sup2", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Sup2", " S 2", fontsize, "Arial", DarkGreen);
ObjectCreate("Res2", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Res2", " R 2", fontsize, "Arial", FireBrick);
ObjectCreate("Sup3", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Sup3", " S 3", fontsize, "Arial", DarkGreen);
ObjectCreate("Res3", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Res3", " R 3", fontsize, "Arial", FireBrick);
}
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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