Pivots_Weekly_SR_AIMEfx

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Pivots_Weekly_SR_AIMEfx

This script is designed to automatically identify and plot key technical price levels on a trading chart based on "Weekly Pivot Points." These points are essential tools used by traders to determine potential areas of support (where prices might stop falling) and resistance (where prices might stop rising) for the current week.

Core Functionality

The logic operates by analyzing historical price data from the previous week to calculate a series of levels for the current week. It specifically looks for the transition into Monday to reset its calculations, ensuring that the data remains consistent regardless of different broker time zones.

How the Levels are Calculated

Every Monday, the script takes three specific pieces of data from the preceding week: the highest price reached, the lowest price reached, and the final closing price. Using these figures, it generates seven distinct horizontal levels:

  • The Weekly Pivot Point (P): This is the primary baseline calculated as the average of the previous week's high, low, and close. It serves as the "anchor" for the week's sentiment.
  • Support Levels (S1, S2, S3): These represent price floors. The script calculates these based on the distance between the pivot point and the previous week's extremes. As the numbers increase (from S1 to S3), they represent deeper potential support zones.
  • Resistance Levels (R1, R2, R3): These represent price ceilings. Similar to the support levels, these are calculated to show where the market might encounter selling pressure as it moves upward.

Visual Features

To ensure the data is easy for a user to read, the script includes several professional visual elements:

  • Dynamic Plotting: The script draws clear lines on your chart representing all seven levels, allowing you to see how the current price interacts with these boundaries in real-time.
  • On-Chart Labels: It automatically places text labels directly on the chart (e.g., "W Pivot Point," "W S1," etc.) along with the exact numerical value of each level. This removes the need for the trader to manually estimate prices.
  • Color Coding: The levels are assigned different colors to help distinguish between Support (typically displayed in cooler tones) and Resistance (displayed in warmer or distinct tones), improving chart readability at a glance.

Usage Requirements

To function correctly, the script is designed to be used on intraday charts (timeframes smaller than one day). If a user attempts to view this on a weekly or monthly chart, the script will provide an alert notification, as it requires granular price movements to accurately plot the daily transitions of the weekly pivots.

Miscellaneous
Implements a curve of type %1
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Pivots_Weekly_SR_AIMEfx 
//+------------------------------------------------------------------+
//|                                                  WeeklyPivot.mq4 |
//|  I found the original indicator in TSD forum posted by heliyaun. |
//|                                       I don´t know how wrote it. |
//| I like it because have mondays fixed for broker with GMT outside |
//| london time.                                                     |
//| So, I added some stuff, labels, fix, etc. and them, I wrote the|
//|             Medians SR, and then, I wrote the same for Monthlies |
//|                                                                  |
//|                                                           Enjoy. |
//|                                                                  |
//|                                           Linuxser, January 2007 |
//|                                                                  |
//+------------------------------------------------------------------+

#property indicator_chart_window
#property indicator_buffers 7
#property indicator_color1 Magenta
#property indicator_color2 Teal
#property indicator_color3 RoyalBlue
#property indicator_color4 SeaGreen
#property indicator_color5 CornflowerBlue
#property indicator_color6 MediumSeaGreen
#property indicator_color7 LightSkyBlue

//---- input parameters

extern color     SupportLabelColor=DodgerBlue;
extern color     ResistanceLabelColor=Teal;
extern color     PivotLabelColor=Green;
extern int       fontsize=10;
extern int       LabelShift = 0;

//---- buffers
double PBuffer[];
double S1Buffer[];
double R1Buffer[];
double S2Buffer[];
double R2Buffer[];
double S3Buffer[];
double R3Buffer[];
string Pivot="WeeklyPivotPoint",Sup1="W_S 1", Res1="W_R 1";
string Sup2="W_S 2", Res2="W_R 2", Sup3="W_S 3", Res3="W_R 3";
double P,S1,R1,S2,R2,S3,R3;
double last_week_high, last_week_low, this_week_open, last_week_close;
datetime LabelShiftTime;
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//---- TODO: add your code here

   ObjectDelete("WeeklyPivot");
   ObjectDelete("WSup1");
   ObjectDelete("WRes1");
   ObjectDelete("WSup2");
   ObjectDelete("WRes2");
   ObjectDelete("WSup3");
   ObjectDelete("WRes3");   

//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
   string short_name;


//---- indicator line
   SetIndexStyle(0,DRAW_LINE,0,3);
   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 Weekly";
   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)
{
   if(Period() > 1440)
   {
   Print("Error - Chart period is greater than 1 day.");
   return(-1); // then exit
   }
   
}
   if(counted_bars<0) return(-1);

   limit=(Bars-counted_bars)-1;


for (i=limit; i>=0;i--)
{ 


   // Monday
	if ( 1 == TimeDayOfWeek(Time[i]) && 1 != TimeDayOfWeek(Time[i+1]) )
	{
		last_week_close = Close[i+1];
		this_week_open = Open[i];

		// WeeklyPivot
	P = (last_week_high + last_week_low + last_week_close) / 3;

   R1 = (2*P)-last_week_low;
   S1 = (2*P)-last_week_high;
   R2 = P+(last_week_high - last_week_low);
   S2 = P-(last_week_high - last_week_low);
   R3 = (2*P)+(last_week_high-(2*last_week_low));
   S3 = (2*P)-((2* last_week_high)-last_week_low); 
  
   last_week_low=Low[i]; last_week_high=High[i];

   LabelShiftTime = Time[LabelShift];

	ObjectCreate("WeeklyPivot", OBJ_TEXT, 0,LabelShiftTime,0);
   ObjectSetText("WeeklyPivot", "                            Weekly Pivot Point  "+DoubleToStr(P,4),fontsize,"Arial",PivotLabelColor);
   SetIndexLabel(0, "W Pivot Point");
   ObjectCreate("WSup1", OBJ_TEXT, 0, 0, 0);
   ObjectSetText("WSup1", "                   W S1 "+DoubleToStr(S1,4),fontsize,"Arial",SupportLabelColor);
   SetIndexLabel(1, "WSup1");
   ObjectCreate("WRes1", OBJ_TEXT, 0, LabelShiftTime, 0);
   ObjectSetText("WRes1", "                   W R1  "+DoubleToStr(R1,4),fontsize,"Arial",ResistanceLabelColor);
   SetIndexLabel(2, "WRes1");
   ObjectCreate("WSup2", OBJ_TEXT, 0, LabelShiftTime, 0);
   ObjectSetText("WSup2", "                   W S2  "+DoubleToStr(S2,4),fontsize,"Arial",SupportLabelColor);
   SetIndexLabel(3, "WSup2");
   ObjectCreate("WRes2", OBJ_TEXT, 0, LabelShiftTime, 0);
   ObjectSetText("WRes2", "                   W R2  "+DoubleToStr(R2,4),fontsize,"Arial",ResistanceLabelColor);
   SetIndexLabel(4, "WWRes2");
   ObjectCreate("WSup3", OBJ_TEXT, 0, LabelShiftTime, 0);   
   ObjectSetText("WSup3", "                   W S3  "+DoubleToStr(S3,4),fontsize,"Arial",SupportLabelColor);
   SetIndexLabel(5, "WSup3");
   ObjectCreate("WRes3", OBJ_TEXT, 0, LabelShiftTime, 0);   
   ObjectSetText("WRes3", "                   W R3  "+DoubleToStr(R3,4),fontsize,"Arial",ResistanceLabelColor);
	SetIndexLabel(6, "WRes3");
	ObjectMove("WeeklyPivot", 0, LabelShiftTime,P);
   ObjectMove("WSup1", 0, LabelShiftTime,S1);
   ObjectMove("WRes1", 0, LabelShiftTime,R1);
   ObjectMove("WSup2", 0, LabelShiftTime,S2);
   ObjectMove("WRes2", 0, LabelShiftTime,R2);
   ObjectMove("WSup3", 0, LabelShiftTime,S3);
   ObjectMove("WRes3", 0, LabelShiftTime,R3);

}   
    
    last_week_high = MathMax(last_week_high, High[i]);
 	 last_week_low = MathMin(last_week_low, Low[i]);   
    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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