Daily Pivot

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Author: Copyright � 004, MetaQuotes Software Corp.
Daily Pivot

This script is designed to automatically calculate and display key price levels, known as "Pivot Points," directly on your trading chart. Pivot points are widely used by traders to identify potential areas of support (where price might stop falling) and resistance (where price might stop rising) based on previous market activity.

Core Functionality

1. Data Gathering The script begins by pulling historical price data from the daily timeframe. It specifically looks for four key pieces of information from the previous trading day:

  • The highest price reached.
  • The lowest price reached.
  • The opening price.
  • The closing price.

2. Smart Date Handling The script includes a specific logic to handle weekends. Because markets are often closed on Sundays, the tool can be configured to "Ignore Sunday." If enabled, it will intelligently skip the gap in data to ensure that the calculations remain accurate and consistent with the last active trading session.

3. Mathematical Calculations Once the data is gathered, the script performs a series of calculations to generate various price levels:

  • Standard Pivot Points: It calculates a central "Pivot" (P) as the average of the previous day's high, low, and close. From this, it derives primary Support (S1, S2, S3) and Resistance (R1, R2, R3) levels.
  • Midpoint Pivots: With an optional setting, the script can also calculate "Midpoints" (M0 through M5). These are secondary levels that break down the space between the primary pivots into smaller zones, providing more granular detail for price action analysis.
  • Additional Support/Resistance: It also calculates extended levels (H3, H4, L3, L4) based on specific percentages of the previous day's trading range.

4. Visual Representation Instead of just providing numbers in a list, the script handles all the visual work for you:

  • Automatic Drawing: It automatically draws horizontal lines across your chart at each calculated level.
  • Color Coding: Different levels are assigned distinct colors (e.g., Red for support, Lime Green for resistance, and Magenta for the main Pivot) to help you distinguish them at a glance.
  • Labels: Each line is accompanied by a text label so you can easily identify which level is which.
  • Live Updates: The script includes a countdown timer in the corner of the screen, showing exactly how much time remains until the next candle (bar) opens.

User Experience Features

  • Compatibility Check: To ensure accuracy, the script will notify you if you try to load it on a timeframe larger than one day (like a weekly chart), as its logic is specifically built for daily price pivots.
  • Customization: You can toggle the "Pivots" and "Midpivots" on or off depending on how much visual information you prefer on your screen.
  • Cleanup: When you remove the indicator from your chart, the script is programmed to automatically delete all the lines and labels it created, keeping your workspace clean.
Price Data Components
Series array that contains open time of each bar
Miscellaneous
Implements a curve of type %1
15 Views
0 Downloads
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Daily Pivot 
//+------------------------------------------------------------------+
//|                                                        Pivot.mq4 |
//|                      Copyright © 004, MetaQuotes Software Corp. |
//|                                        http://www.metaquotes.net |
//+------------------------------------------------------------------+
#property copyright "Copyright © 004, MetaQuotes Software Corp."
#property link      "http://www.metaquotes.net"

#property indicator_chart_window
#property indicator_buffers 1
#property indicator_color1 CLR_NONE

extern bool IgnoreSunday = true;
extern bool pivots = true;
extern bool midpivots = false;


double day_high=0;
double day_low=0;
double yesterday_high=0;
double yesterday_open=0;
double yesterday_low=0;
double yesterday_close=0;
double today_open=0;
double today_high=0;
double today_low=0;
double P=0;
double Q=0;
double R1,R2,R3;
double M0,M1,M2,M3,M4,M5;
double S1,S2,S3;
double H4,H3,L4,L3;
double nQ=0;
double nD=0;
double D=0;
double rates_d1[2][6];
double ExtMapBuffer1[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
  IndicatorBuffers(4);
SetIndexStyle(0,DRAW_ARROW);
SetIndexArrow(0,159);
SetIndexBuffer(0, ExtMapBuffer1);

//---- indicators
 R1=0; R2=0; R3=0;
 M0=0; M1=0; M2=0; M3=0; M4=0; M5=0;
 S1=0; S2=0; S3=0;
 H4=0; H3=0; L4=0; L3=0;
 

//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//---- TODO: add your code here
ObjectDelete("R1 Label"); 
ObjectDelete("R1 Line");
ObjectDelete("R2 Label");
ObjectDelete("R2 Line");
ObjectDelete("R3 Label");
ObjectDelete("R3 Line");
ObjectDelete("S1 Label");
ObjectDelete("S1 Line");
ObjectDelete("S2 Label");
ObjectDelete("S2 Line");
ObjectDelete("S3 Label");
ObjectDelete("S3 Line");
ObjectDelete("P Label");
ObjectDelete("P Line");
ObjectDelete("H4 Label");
ObjectDelete("H4 Line");
ObjectDelete("H3 Label");
ObjectDelete("H3 Line");
ObjectDelete("L3 Label");
ObjectDelete("L3 Line");
ObjectDelete("L4 Label");
ObjectDelete("L4 Line");
ObjectDelete("M5 Label");
ObjectDelete("M5 Line");
ObjectDelete("M4 Label");
ObjectDelete("M4 Line");
ObjectDelete("M3 Label");
ObjectDelete("M3 Line");
ObjectDelete("M2 Label");
ObjectDelete("M2 Line");
ObjectDelete("M1 Label");
ObjectDelete("M1 Line");
ObjectDelete("M0 Label");
ObjectDelete("M0 Line");
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {


//---- TODO: add your code here

//---- exit if period is greater than daily charts
if(Period() > 1440)
{
Print("Error - Chart period is greater than 1 day.");
return(-1); // then exit
}

//---- Get new daily prices

ArrayCopyRates(rates_d1, Symbol(), PERIOD_D1);


if (IgnoreSunday)
{
  if(DayOfWeek()==1)
  {
    yesterday_close = rates_d1[2][4];
    yesterday_open = rates_d1[2][1];
    today_open = rates_d1[0][1];
    yesterday_high = rates_d1[2][3];
    yesterday_low = rates_d1[2][2];
    day_high = rates_d1[0][3];
    day_low = rates_d1[0][2];
  }
  
  else
  {
    yesterday_close = rates_d1[1][4];
    yesterday_open = rates_d1[1][1];
    today_open = rates_d1[0][1];
    yesterday_high = rates_d1[1][3];
    yesterday_low = rates_d1[1][2];
    day_high = rates_d1[0][3];
    day_low = rates_d1[0][2];
  }
}

else
{
  yesterday_close = rates_d1[1][4];
  yesterday_open = rates_d1[1][1];
  today_open = rates_d1[0][1];
  yesterday_high = rates_d1[1][3];
  yesterday_low = rates_d1[1][2];
  day_high = rates_d1[0][3];
  day_low = rates_d1[0][2];
} 



//---- Calculate Pivots

D = (day_high - day_low);
Q = (yesterday_high - yesterday_low);
P = (yesterday_high + yesterday_low + yesterday_close) / 3;
R1 = (2*P)-yesterday_low;
S1 = (2*P)-yesterday_high;
R2 = P+(yesterday_high - yesterday_low);
S2 = P-(yesterday_high - yesterday_low);

	H4 = (Q*0.55)+yesterday_close;
	H3 = (Q*0.27)+yesterday_close;
	R3 = (2*P)+(yesterday_high-(2*yesterday_low));
	M5 = (R2+R3)/2;
//	R2 = P-S1+R1;
	M4 = (R1+R2)/2;
//	R1 = (2*P)-yesterday_low;
	M3 = (P+R1)/2;
//	P = (yesterday_high + yesterday_low + yesterday_close)/3;
	M2 = (P+S1)/2;
//	S1 = (2*P)-yesterday_high;
	M1 = (S1+S2)/2;
//	S2 = P-R1+S1;
	S3 = (2*P)-((2* yesterday_high)-yesterday_low);
	L3 = yesterday_close-(Q*0.27);	
	L4 = yesterday_close-(Q*0.55);	
	M0 = (S2+S3)/2;

if (Q > 5) 
{
	nQ = Q;
}
else
{
	nQ = Q*10000;
}

if (D > 5)
{
	nD = D;
}
else
{
	nD = D*10000;
}


//Comment("High= ",yesterday_high,"    Previous Days Range= ",nQ,"\nLow= ",yesterday_low,"    Current Days Range= ",nD,"\nClose= ",yesterday_close);

double seco= (Time[4]-Time[5])-MathMod(CurTime(),Time[4]-Time[5]);
double minu=seco/60;
seco=(minu-MathFloor(minu))*60;
minu=MathFloor(minu);
  
Comment("High= ",yesterday_high,"    Previous Days Range= ",nQ,"\nLow= ",yesterday_low,"    Current Days Range= ",nD,"\nClose= ",yesterday_close,"\nTime for next bar: ",	minu," min ",seco," sec");

//---- Set line labels on chart window

//---- Pivot Lines
   if (pivots==true)
   {
      if(ObjectFind("R1 label") != 0)
      {
      ObjectCreate("R1 label", OBJ_TEXT, 0, Time[20], R1);
      ObjectSetText("R1 label", " R1", 8, "Arial", EMPTY);
      }
      else
      {
      ObjectMove("R1 label", 0, Time[20], R1);
      }

      if(ObjectFind("R2 label") != 0)
      {
      ObjectCreate("R2 label", OBJ_TEXT, 0, Time[20], R2);
      ObjectSetText("R2 label", " R2", 8, "Arial", EMPTY);
      }
      else
      {
      ObjectMove("R2 label", 0, Time[20], R2);
      }

      if(ObjectFind("R3 label") != 0)
      {
      ObjectCreate("R3 label", OBJ_TEXT, 0, Time[20], R3);
      ObjectSetText("R3 label", " R3", 8, "Arial", EMPTY);
      }
      else
      {
      ObjectMove("R3 label", 0, Time[20], R3);
      }

      if(ObjectFind("P label") != 0)
      {
      ObjectCreate("P label", OBJ_TEXT, 0, Time[20], P);
      ObjectSetText("P label", "Pivot  ", 8, "Arial", EMPTY);
      }
      else
      {
      ObjectMove("P label", 0, Time[20], P);
      }

      if(ObjectFind("S1 label") != 0)
      {
      ObjectCreate("S1 label", OBJ_TEXT, 0, Time[20], S1);
      ObjectSetText("S1 label", "S1", 8, "Arial", EMPTY);
      }
      else
      {
      ObjectMove("S1 label", 0, Time[20], S1);
      }

      if(ObjectFind("S2 label") != 0)
      {
      ObjectCreate("S2 label", OBJ_TEXT, 0, Time[20], S2);
      ObjectSetText("S2 label", "S2", 8, "Arial", EMPTY);
      }
      else
      {
      ObjectMove("S2 label", 0, Time[20], S2);
      }

      if(ObjectFind("S3 label") != 0)
      {
      ObjectCreate("S3 label", OBJ_TEXT, 0, Time[20], S3);
      ObjectSetText("S3 label", "S3", 8, "Arial", EMPTY);
      }
      else
      {
      ObjectMove("S3 label", 0, Time[20], S3);
      }

//---  Draw  Pivot lines on chart
      if(ObjectFind("S1 line") != 0)
      {
      ObjectCreate("S1 line", OBJ_HLINE, 0, Time[20], S1);
      ObjectSet("S1 line", OBJPROP_STYLE, STYLE_SOLID);
      ObjectSet("S1 line", OBJPROP_COLOR, Red);
      }
      else
      {
      ObjectMove("S1 line", 0, Time[20], S1);
      //ObjectSet("S1 line", OBJPROP_COLOR, indicator_color1);
      }

      if(ObjectFind("S2 line") != 0)
      {
      ObjectCreate("S2 line", OBJ_HLINE, 0, Time[20], S2);
      ObjectSet("S2 line", OBJPROP_STYLE, STYLE_SOLID);
      ObjectSet("S2 line", OBJPROP_COLOR, Red);
      }
      else
      {
      ObjectMove("S2 line", 0, Time[20], S2);
      }

      if(ObjectFind("S3 line") != 0)
      {
      ObjectCreate("S3 line", OBJ_HLINE, 0, Time[20], S3);
      ObjectSet("S3 line", OBJPROP_STYLE, STYLE_SOLID);
      ObjectSet("S3 line", OBJPROP_COLOR, Red);
      }
      else
      {
      ObjectMove("S3 line", 0, Time[20], S3);
      }

      if(ObjectFind("P line") != 0)
      {
      ObjectCreate("P line", OBJ_HLINE, 0, Time[20], P);
      ObjectSet("P line", OBJPROP_STYLE, STYLE_SOLID);
      ObjectSet("P line", OBJPROP_COLOR, Magenta);
      }
      else
      {
      ObjectMove("P line", 0, Time[20], P);
      }

      if(ObjectFind("R1 line") != 0)
      {
      ObjectCreate("R1 line", OBJ_HLINE, 0, Time[20], R1);
      ObjectSet("R1 line", OBJPROP_STYLE, STYLE_SOLID);
      ObjectSet("R1 line", OBJPROP_COLOR, LimeGreen);
      }
      else
      {
      ObjectMove("R1 line", 0, Time[20], R1);
      }

      if(ObjectFind("R2 line") != 0)
      {
      ObjectCreate("R2 line", OBJ_HLINE, 0, Time[20], R2);
      ObjectSet("R2 line", OBJPROP_STYLE, STYLE_SOLID);
      ObjectSet("R2 line", OBJPROP_COLOR, LimeGreen);
      }
      else
      {
      ObjectMove("R2 line", 0, Time[20], R2);
      }

      if(ObjectFind("R3 line") != 0)
      {
      ObjectCreate("R3 line", OBJ_HLINE, 0, Time[20], R3);
      ObjectSet("R3 line", OBJPROP_STYLE, STYLE_SOLID);
      ObjectSet("R3 line", OBJPROP_COLOR, LimeGreen);
      }
      else
      {
      ObjectMove("R3 line", 0, Time[20], R3);
      }
   }
//---- End of Pivot Line Draw 



//------ Midpoints Pivots 

   if (midpivots==true)
   {

      if(ObjectFind("M5 label") != 0)
      {
      ObjectCreate("M5 label", OBJ_TEXT, 0, Time[20], M5);
      ObjectSetText("M5 label", " M5", 8, "Arial", EMPTY);
      }
      else
      {
      ObjectMove("M5 label", 0, Time[20], M5);
      }

      if(ObjectFind("M4 label") != 0)
      {
      ObjectCreate("M4 label", OBJ_TEXT, 0, Time[20], M4);
      ObjectSetText("M4 label", " M4", 8, "Arial", EMPTY);
      }
      else
      {
      ObjectMove("M4 label", 0, Time[20], M4);
      }

      if(ObjectFind("M3 label") != 0)
      {
      ObjectCreate("M3 label", OBJ_TEXT, 0, Time[20], M3);
      ObjectSetText("M3 label", " M3", 8, "Arial", EMPTY);
      }
      else
      {
      ObjectMove("M3 label", 0, Time[20], M3);
      }

      if(ObjectFind("M2 label") != 0)
      {
      ObjectCreate("M2 label", OBJ_TEXT, 0, Time[20], M2);
      ObjectSetText("M2 label", " M2", 8, "Arial", EMPTY);
      }
      else
      {
      ObjectMove("M2 label", 0, Time[20], M2);
      }

      if(ObjectFind("M1 label") != 0)
      {
      ObjectCreate("M1 label", OBJ_TEXT, 0, Time[20], M1);
      ObjectSetText("M1 label", " M1", 8, "Arial", EMPTY);
      }
      else
      {
      ObjectMove("M1 label", 0, Time[20], M1);
      }

      if(ObjectFind("M0 label") != 0)
      {
      ObjectCreate("M0 label", OBJ_TEXT, 0, Time[20], M0);
      ObjectSetText("M0 label", " M0", 8, "Arial", EMPTY);
      }
      else
      {
      ObjectMove("M0 label", 0, Time[20], M0);
      }
      
//---- Draw Midpoint Pivots on Chart
      if(ObjectFind("M5 line") != 0)
      {
      ObjectCreate("M5 line", OBJ_HLINE, 0, Time[20], M5);
      ObjectSet("M5 line", OBJPROP_STYLE, STYLE_SOLID);
      ObjectSet("M5 line", OBJPROP_COLOR, Blue);
      }
      else
      {
      ObjectMove("M5 line", 0, Time[20], M5);
      }

      if(ObjectFind("M4 line") != 0)
      {
      ObjectCreate("M4 line", OBJ_HLINE, 0, Time[20], M4);
      ObjectSet("M4 line", OBJPROP_STYLE, STYLE_SOLID);
      ObjectSet("M4 line", OBJPROP_COLOR, Blue);
      }
      else
      {
      ObjectMove("M4 line", 0, Time[20], M4);
      }

      if(ObjectFind("M3 line") != 0)
      {
      ObjectCreate("M3 line", OBJ_HLINE, 0, Time[20], M3);
      ObjectSet("M3 line", OBJPROP_STYLE, STYLE_SOLID);
      ObjectSet("M3 line", OBJPROP_COLOR, Blue);
      }
      else
      {
      ObjectMove("M3 line", 0, Time[20], M3);
      }

      if(ObjectFind("M2 line") != 0)
      {
      ObjectCreate("M2 line", OBJ_HLINE, 0, Time[20], M2);
      ObjectSet("M2 line", OBJPROP_STYLE, STYLE_SOLID);
      ObjectSet("M2 line", OBJPROP_COLOR, Blue);
      }
      else
      {
      ObjectMove("M2 line", 0, Time[20], M2);
      }

      if(ObjectFind("M1 line") != 0)
      {
      ObjectCreate("M1 line", OBJ_HLINE, 0, Time[20], M1);
      ObjectSet("M1 line", OBJPROP_STYLE, STYLE_SOLID);
      ObjectSet("M1 line", OBJPROP_COLOR, Blue);
      }
      else
      {
      ObjectMove("M1 line", 0, Time[20], M1);
      }

      if(ObjectFind("M0 line") != 0)
      {
      ObjectCreate("M0 line", OBJ_HLINE, 0, Time[20], M0);
      ObjectSet("M0 line", OBJPROP_STYLE, STYLE_SOLID);
      ObjectSet("M0 line", OBJPROP_COLOR, Blue);
      }
      else
      {
      ObjectMove("M0 line", 0, Time[20], M0);
      }

   }
//----End of Midpoint Pivots Draw
 
//---- End Of Program
   return(0);
//#include "comment.mq4"

  }
//+------------------------------------------------------------------+

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