WeeklyPivot_v1

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WeeklyPivot_v1

This script is designed to enhance your trading charts by automatically calculating and displaying key "Pivot Points" based on weekly price action. In technical analysis, pivot points are essential levels used by traders to identify potential areas of support (where price might stop falling) and resistance (where price might stop rising).

Core Functionality

The primary purpose of this tool is to provide a visual roadmap of the market's structure for the current week. It takes historical data from the previous week's performance and projects specific price levels onto your current chart. By doing this, it helps traders anticipate where the market might react or reverse during the trading week.

How the Logic Works

The script follows a systematic process to determine these levels:

  • Weekly Data Collection: The tool specifically looks for the transition into a new week (Monday). It identifies the highest and lowest prices reached during the previous week, as well as the closing price of that week and the opening price of the current week.
  • Calculation Engine: Once it has this data, it uses a mathematical formula to calculate seven distinct levels:
    • The Weekly Pivot Point (P): This acts as the "center of gravity" for the week's price action.
    • Support Levels (S1, S2, S3): These are calculated as potential "floors." If the price drops toward these lines, it may find buyers and bounce back up.
    • Resistance Levels (R1, R2, R3): These are calculated as potential "ceilings." If the price rises toward these lines, it may face selling pressure and pull back down.
  • Dynamic Visual Updates: As new price data comes in during the week, the script constantly monitors the highest and lowest points reached so far. It updates the calculated levels in real-time to ensure the information on your chart remains accurate as the market moves.

User Experience

For the user, this means you don't have to manually calculate complex formulas or hunt for historical highs and lows. The script automatically draws these lines on your chart and labels them clearly (e.g., "wS 1" for Weekly Support 1). This allows you to see at a glance where the "battlegrounds" of the current week are located, helping you make more informed decisions on when to enter or exit trades based on significant price boundaries.

Miscellaneous
Implements a curve of type %1
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WeeklyPivot_v1 
/*-----------------------------+
|			       |
| Shared by www.Aptrafx.com    |
|			       |
+------------------------------*/

//+------------------------------------------------------------------+
//|                                                  WeeklyPivot.mq4 |
//|                                                                  |
//+------------------------------------------------------------------+

#property indicator_chart_window
#property indicator_buffers 7
#property indicator_color1 Magenta
#property indicator_color2 RoyalBlue
#property indicator_color3 Crimson
#property indicator_color4 RoyalBlue
#property indicator_color5 Crimson
#property indicator_color6 SeaGreen
#property indicator_color7 SeaGreen
//---- input parameters

//---- 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";
int fontsize=10;
double P,S1,R1,S2,R2,S3,R3;
double last_week_high, last_week_low, this_week_open, last_week_close;

//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//---- TODO: add your code here

   ObjectDelete("WeeklyPivot");
   ObjectDelete("Sup1");
   ObjectDelete("Res1");
   ObjectDelete("Sup2");
   ObjectDelete("Res2");
   ObjectDelete("Sup3");
   ObjectDelete("Res3");   

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


//---- indicator line
   SetIndexStyle(0,DRAW_LINE,0,2,Magenta);
   SetIndexStyle(1,DRAW_LINE,0,2,RoyalBlue);
   SetIndexStyle(2,DRAW_LINE,0,2,Crimson);
   SetIndexStyle(3,DRAW_LINE,0,2,RoyalBlue);
   SetIndexStyle(4,DRAW_LINE,0,2,Crimson);
   SetIndexStyle(5,DRAW_LINE,0,2,SeaGreen);
   SetIndexStyle(6,DRAW_LINE,0,2,SeaGreen);
   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="WeeklyPivotPoint";
   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)
{

   ObjectCreate("WeeklyPivot", OBJ_TEXT, 0, 0,0);
   ObjectSetText("WeeklyPivot", "                            Weekly Pivot Point",fontsize,"Arial",Red);
   ObjectCreate("Sup1", OBJ_TEXT, 0, 0, 0);
   ObjectSetText("Sup1", "        wS 1",fontsize,"Arial",Red);
   ObjectCreate("Res1", OBJ_TEXT, 0, 0, 0);
   ObjectSetText("Res1", "        wR 1",fontsize,"Arial",Red);
   ObjectCreate("Sup2", OBJ_TEXT, 0, 0, 0);
   ObjectSetText("Sup2", "        wS 2",fontsize,"Arial",Red);
   ObjectCreate("Res2", OBJ_TEXT, 0, 0, 0);
   ObjectSetText("Res2", "        wR 2",fontsize,"Arial",Red);
   ObjectCreate("Sup3", OBJ_TEXT, 0, 0, 0);
   ObjectSetText("Sup3", "        wS 3",fontsize,"Arial",Red);
   ObjectCreate("Res3", OBJ_TEXT, 0, 0, 0);
   ObjectSetText("Res3", "        wR 3",fontsize,"Arial",Red);
}
   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 + this_week_open + last_week_close) / 4;

   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];

	ObjectMove("WeeklyPivot", 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);

}   
    
    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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