Waddah_Attar_Weekly_Pivot_Fibo_First
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This script is designed to automate the identification and visualization of weekly pivot points on a financial trading chart. It provides traders with a structured map of potential support and resistance levels based on the previous week's price action.
Core Logic Overview
The tool functions by analyzing the high, low, opening, and closing prices of the preceding weekly candle. Using this data, it calculates a central "Pivot Point" and several surrounding levels that help identify where the market might encounter friction (resistance) or find a floor (support).
Key Components of the Calculation
- The Pivot Point (PP): This is the primary equilibrium level. It is calculated by taking the average of four key data points: the previous week's high, low, opening price, and closing price. In the visual interface, this is represented as the central baseline.
- Range Calculation (Q): To determine how far above or below the pivot the other levels should be, the script first calculates the "Range" of the previous week (the difference between its highest and lowest points).
- Resistance Levels (R1, R2, R3): These are calculated by adding specific percentages of the weekly range to the Pivot Point. They represent areas where upward momentum may face selling pressure.
- Support Levels (S1, S2, S3): These are calculated by subtracting those same percentages from the Pivot Point. They represent zones where downward momentum may find buyers.
Visual Representation
The script does not just provide numbers; it actively draws these levels on your chart for easy viewing:
- Dynamic Plotting: It automatically generates lines and markers to show exactly where these weekly levels sit in relation to the current price.
- Color Coding: To make the chart easier to read at a glance, the script uses a distinct color system—typically using different colors for resistance versus support—allowing traders to distinguish between "ceiling" and "floor" zones instantly.
- Labels: Each level is accompanied by a text label (such as WR1, WS1, etc.), ensuring that the trader knows exactly which technical level they are looking at without having to guess.
How it helps the user
Instead of manually calculating complex formulas every morning, this script provides an instant visual framework. It allows you to see the "battlegrounds" for the week ahead, helping you identify potential entry points or areas where price action might reverse based on established historical ranges.
Price Data Components
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Waddah_Attar_Weekly_Pivot_Fibo_First
//+------------------------------------------------------------------+
//| Waddah Attar Pivot |
//| Copyright © 2007, ww.metaforex.net |
//| Waddah Attar www.metaforex.net |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2007, www.metaforex.net"
#property link "www.metaforex.net"
//----
#property indicator_chart_window
#property indicator_buffers 7
#property indicator_color1 Blue
#property indicator_color2 Green
#property indicator_color3 Red
#property indicator_color4 Green
#property indicator_color5 Red
#property indicator_color6 Green
#property indicator_color7 Red
//---- buffers
double P1Buffer[];
double P2Buffer[];
double P3Buffer[];
double P4Buffer[];
double P5Buffer[];
double P6Buffer[];
double P7Buffer[];
//----
int myPeriod = PERIOD_W1;
//----
double PP, R1, S1, R2, S2, R3, S3, Q;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
SetIndexBuffer(0, P1Buffer);
SetIndexBuffer(1, P2Buffer);
SetIndexBuffer(2, P3Buffer);
SetIndexBuffer(3, P4Buffer);
SetIndexBuffer(4, P5Buffer);
SetIndexBuffer(5, P6Buffer);
SetIndexBuffer(6, P7Buffer);
//----
SetIndexStyle(0, DRAW_LINE, STYLE_SOLID, 2);
SetIndexStyle(1, DRAW_LINE, STYLE_SOLID, 1);
SetIndexStyle(2, DRAW_LINE, STYLE_SOLID, 1);
SetIndexStyle(3, DRAW_LINE, STYLE_SOLID, 1);
SetIndexStyle(4, DRAW_LINE, STYLE_SOLID, 1);
SetIndexStyle(5, DRAW_LINE, STYLE_SOLID, 1);
SetIndexStyle(6, DRAW_LINE, STYLE_SOLID, 1);
//----
Comment("By eng.Waddah Attar www.metaforex.net");
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
ObjectDelete("WeekP");
ObjectDelete("WeekR1");
ObjectDelete("WeekR2");
ObjectDelete("WeekR3");
ObjectDelete("WeekS1");
ObjectDelete("WeekS2");
ObjectDelete("WeekS3");
ObjectDelete("txtWeekP");
ObjectDelete("txtWeekR1");
ObjectDelete("txtWeekR2");
ObjectDelete("txtWeekR3");
ObjectDelete("txtWeekS1");
ObjectDelete("txtWeekS2");
ObjectDelete("txtWeekS3");
Comment("");
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int i, dayi, counted_bars = IndicatorCounted();
//---- check for possible errors
if(counted_bars < 0)
return(-1);
//---- last counted bar will be recounted
if(counted_bars > 0)
counted_bars--;
int limit = Bars - counted_bars;
//----
for(i = limit - 1; i >= 0; i--)
{
dayi = iBarShift(Symbol(), myPeriod, Time[i], false);
Q = (iHigh(Symbol(), myPeriod,dayi + 1) - iLow(Symbol(), myPeriod,
dayi + 1));
PP = (iHigh(Symbol(), myPeriod, dayi + 1) +
iLow(Symbol(), myPeriod, dayi + 1) +
iClose(Symbol(), myPeriod, dayi + 1) +
iOpen(Symbol(), myPeriod, dayi)) / 4;
//----
R1 = PP + (Q * 0.23);
S1 = PP - (Q * 0.23);
//----
R2 = PP + (Q * 0.38);
S2 = PP - (Q * 0.38);
//----
R3 = PP + (Q * 0.50);
S3 = PP - (Q * 0.50);
//----
P1Buffer[i] = PP;
SetPrice("WeekP", Time[i], PP, Blue);
SetText("txtWeekP", "WP", Time[i], PP, Blue);
//----
P2Buffer[i] = R1;
SetPrice("WeekR1", Time[i], R1, Green);
SetText("txtWeekR1", "WR1", Time[i], R1, Green);
//----
P3Buffer[i] = S1;
SetPrice("WeekS1", Time[i], S1, Red);
SetText("txtWeekS1", "WS1", Time[i], S1, Red);
//----
P4Buffer[i] = R2;
SetPrice("WeekR2", Time[i], R2, Green);
SetText("txtWeekR2", "WR2", Time[i], R2, Green);
//----
P5Buffer[i] = S2;
SetPrice("WeekS2", Time[i], S2, Red);
SetText("txtWeekS2", "WS2", Time[i], S2, Red);
//----
P6Buffer[i] = R3;
SetPrice("WeekR3", Time[i], R3, Green);
SetText("txtWeekR3", "WR3", Time[i], R3, Green);
//----
P7Buffer[i] = S3;
SetPrice("WeekS3", Time[i], S3, Red);
SetText("txtWeekS3", "WS3", Time[i], S3, Red);
}
//----
return(0);
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
void SetPrice(string name, datetime Tm, double Prc, color clr)
{
if(ObjectFind(name) == -1)
{
ObjectCreate(name, OBJ_ARROW, 0, Tm, Prc);
ObjectSet(name, OBJPROP_COLOR, clr);
ObjectSet(name, OBJPROP_WIDTH, 1);
ObjectSet(name, OBJPROP_ARROWCODE, SYMBOL_RIGHTPRICE);
}
else
{
ObjectSet(name, OBJPROP_TIME1, Tm);
ObjectSet(name, OBJPROP_PRICE1, Prc);
ObjectSet(name, OBJPROP_COLOR, clr);
ObjectSet(name, OBJPROP_WIDTH, 1);
ObjectSet(name, OBJPROP_ARROWCODE, SYMBOL_RIGHTPRICE);
}
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
void SetText(string name, string txt, datetime Tm, double Prc, color clr)
{
if(ObjectFind(name) == -1)
{
ObjectCreate(name, OBJ_TEXT, 0, Tm, Prc);
ObjectSetText(name, txt, 10, "Times New Roman", clr);
ObjectSet(name, OBJPROP_CORNER, 2);
}
else
{
ObjectSet(name, OBJPROP_TIME1, Tm);
ObjectSet(name, OBJPROP_PRICE1, Prc);
ObjectSetText(name, txt, 10, "Times New Roman", clr);
ObjectSet(name, OBJPROP_CORNER, 2);
}
}
//+------------------------------------------------------------------+
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