cam_L1_L5_Historical
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This script is designed to provide traders with a visual representation of specific price levels known as "Camarilla Pivots" on a trading chart. Unlike standard pivot points that might only show one or two levels, this tool identifies five distinct horizontal levels (labeled L1 through L5) based on the previous day's price action.
Core Functionality
The primary goal of this script is to automatically calculate and draw these historical support and resistance levels. By looking at where the market moved in the previous trading session, the script estimates where "turning points" or zones of interest might occur in the current session.
How the Logic Works
The script follows a systematic process to determine these lines:
- Time and Date Tracking: The tool constantly monitors the chart's timeline. It is specifically programmed to recognize when a new day begins. It includes a unique adjustment to ensure that it correctly handles the transition between Sunday and Monday, preventing calculation errors during weekend market shifts.
- Data Gathering: At the start of every new day, the script "remembers" the key milestones of the day that just ended. Specifically, it captures:
- The highest price reached (High).
- The lowest price reached (Low).
- The final closing price (Close).
- Mathematical Calculation: Once it has these three pieces of data from the previous day, it applies a specific set of mathematical formulas to generate five unique price levels. These formulas use fixed percentages of the "range" (the distance between the previous high and low) to project where the market might react.
- Visual Mapping: The script then plots these five levels as continuous horizontal lines on your chart. It also places text labels (L1, L2, L3, L4, L5) at a specific distance from the current price so you can easily identify which level is which.
User Requirements and Constraints
To ensure the accuracy of the data:
- Chart Timeframe: The script requires a high enough level of detail to function correctly. If you try to use it on a timeframe larger than 4 hours, the script will trigger an alert and stop, as the daily price data would be too compressed to display accurately.
- Automatic Updates: As the current day progresses, the script continues to monitor the high and low of the current day, but it maintains the pivot lines based on the completed previous day's data, providing a consistent roadmap for your trading session.
Price Data Components
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cam_L1_L5_Historical
//+------------------------------------------------------------------+
//| cam_L1_L5_Historical_V4.mq4 |
//| Copyright © 2005, MetaQuotes Software Corp. |
//| http://www.metaquotes.net |
//| Modified to chart historical camarilla pivots by MrPip |
//| 3/28/06 Fixed problem of Sunday/Monday pivots |
//| and added some ideas from goodtiding5 (Kenneth Z.) |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005, MetaQuotes Software Corp."
#property link "http://www.metaquotes.net"
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_color1 Red
#property indicator_color2 Red
#property indicator_color3 Red
#property indicator_color4 Red
#property indicator_color5 Red
#property indicator_width1 2
#property indicator_width2 2
#property indicator_width3 2
#property indicator_width4 2
#property indicator_width5 2
//---- input parameters
extern int GMTshift=0;
extern color LColor = Red;
extern int fontsize=10;
extern int LabelShift=20;
double L1Buffer[];
double L2Buffer[];
double L3Buffer[];
double L4Buffer[];
double L5Buffer[];
double L1, L2, L3, L4, L5;
double D1=0.091667;
double D2=0.183333;
double D3=0.2750;
double D4=0.55;
double prev_high=0;
double prev_low=0;
double prev_close=0;
double cur_day=0;
double prev_day=0;
double day_high=0;
double day_low=0;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
IndicatorBuffers(5);
//---- indicators
SetIndexStyle(0,DRAW_LINE, 0,2,Red);
SetIndexBuffer(0,L1Buffer);
SetIndexStyle(1,DRAW_LINE, 0,2,Red);
SetIndexBuffer(1,L2Buffer);
SetIndexStyle(2,DRAW_LINE, 0,2,Red);
SetIndexBuffer(2,L3Buffer);
SetIndexStyle(3,DRAW_LINE, 0,2,Red);
SetIndexBuffer(3,L4Buffer);
SetIndexStyle(4,DRAW_LINE, 0, 2, Red);
SetIndexBuffer(4,L5Buffer);
SetIndexLabel(0,"L1");
SetIndexLabel(1,"L2");
SetIndexLabel(2,"L3");
SetIndexLabel(3,"L4");
SetIndexLabel(4,"L5");
//----
// IndicatorShortName("Cam Pivots");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//---- TODO: add your code here
ObjectDelete("SupL1");
ObjectDelete("SupL2");
ObjectDelete("SupL3");
ObjectDelete("SupL4");
ObjectDelete("SupL5");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
int cnt, limit;
//---- exit if period is greater than 4 hr charts
if(Period() > 240)
{
Alert("Error - Chart period is greater than 4 Hr.");
return(-1); // then exit
}
if(counted_bars<0) return(-1);
//---- last counted bar will be recounted
// if(counted_bars>0) counted_bars--;
// limit=(Bars-counted_bars)-1;
limit=counted_bars;
//---- Get new daily prices & calculate pivots
for (cnt=limit;cnt >=0;cnt--)
{
if (TimeDayOfWeek(Time[cnt]) == 0)
{
cur_day = prev_day;
}
else
{
cur_day = TimeDay(Time[cnt]- (GMTshift*3600));
}
if (prev_day != cur_day)
{
prev_close = Close[cnt+1];
prev_high = day_high;
prev_low = day_low;
day_high = High[cnt];
day_low = Low[cnt];
L1 = prev_close - ((prev_high - prev_low)*(D1));
L2 = prev_close - ((prev_high - prev_low)*(D2));
L3 = prev_close - ((prev_high - prev_low)*(D3));
L4 = prev_close - ((prev_high - prev_low)*(D4));
L5 = prev_close - ((prev_high/prev_low)*prev_close - prev_close);
prev_day = cur_day;
}
if (High[cnt]>day_high)
{
day_high = High[cnt];
}
if (Low[cnt]<day_low)
{
day_low = Low[cnt];
}
// day_low=Open[cnt]; day_high=Open[cnt];
//--- Draw Pivot lines on chart
L1Buffer[cnt]=L1;
L2Buffer[cnt]=L2;
L3Buffer[cnt]=L3;
L4Buffer[cnt]=L4;
L5Buffer[cnt]=L5;
}
if (cur_day == TimeDay(CurTime())) DisplayLabels();
//----
return(0);
}
void DisplayLabels()
{
datetime LabelShiftTime;
LabelShiftTime = Time[LabelShift];
if(ObjectFind("SupL1") != 0)
{
ObjectCreate("SupL1", OBJ_TEXT, 0, 0, 0);
ObjectSetText("SupL1", " L 1",fontsize,"Arial",LColor);
}
else
{
ObjectMove("SupL1", 0, LabelShiftTime,L1);
}
if(ObjectFind("SupL2") != 0)
{
ObjectCreate("SupL2", OBJ_TEXT, 0, 0, 0);
ObjectSetText("SupL2", " L 2",fontsize,"Arial",LColor);
}
else
{
ObjectMove("SupL2", 0, LabelShiftTime,L2);
}
if(ObjectFind("SupL3") != 0)
{
ObjectCreate("SupL3", OBJ_TEXT, 0, 0, 0);
ObjectSetText("SupL3", " L 3",fontsize,"Arial",LColor);
}
else
{
ObjectMove("SupL3", 0, LabelShiftTime,L3);
}
if(ObjectFind("SupL4") != 0)
{
ObjectCreate("SupL4", OBJ_TEXT, 0, 0, 0);
ObjectSetText("SupL4", " L 4",fontsize,"Arial",LColor);
}
else
{
ObjectMove("SupL4", 0, LabelShiftTime,L4);
}
if(ObjectFind("SupL5") != 0)
{
ObjectCreate("SupL5", OBJ_TEXT, 0, 0, 0);
ObjectSetText("SupL5", " L 5",fontsize,"Arial",LColor);
}
else
{
ObjectMove("SupL5", 0, LabelShiftTime,L5);
}
}
//+------------------------------------------------------------------+
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