EJ_Pivot_DWM

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Author: Copyright � 2004, MetaQuotes Software Corp.
EJ_Pivot_DWM

This script is designed as a technical analysis tool for trading platforms, specifically used to identify key price levels—often referred to as "support" and "resistance" zones—where the market might experience significant activity or reversals. Instead of just showing raw price data, it calculates and visualizes specific mathematical milestones based on historical price action.

Core Functionality

The primary logic of the script revolves around three distinct types of level calculations:

1. Standard Pivot Points The tool identifies a "Pivot" price (P), which serves as the central balance point for a specific timeframe (such as a day, week, or month). From this center, it calculates:

  • Resistance Levels (R1, R2, R3): These represent target areas where the price may struggle to rise further.
  • Support Levels (S1, S2, S3): These represent floor areas where the price might find a buyer and stop falling.

2. Camarilla Breakout Levels For traders who focus on identifying breakouts from consolidation ranges, the script includes "Camarilla" logic. These are specialized calculations that help identify potential "breakout" prices based on the range of the previous period's high and low.

3. Midpoint Pivots To provide a more granular view of the market, the script can also calculate "Midpoints." These break down the space between the major Pivot levels into smaller segments (M0 through M5). This allows users to see more subtle "sub-zones" within the larger trading range, identifying finer details in price movement.

How the Logic Works

  • Data Gathering: The script looks back at a user-defined period (for example, the previous day's trading data) and automatically retrieves the High, Low, Open, and Close prices.
  • Automated Calculation: It uses these four historical figures to run several mathematical formulas simultaneously. This removes the need for manual calculations; as soon as a new period begins, the script updates all lines automatically.
  • Visual Mapping: Once the levels are calculated, the script draws horizontal lines and text labels directly onto your trading chart.
    • Pivot Lines are highlighted in distinct colors (like Red and Blue) to clearly separate resistance from support.
    • Camarilla and Midpoint Lines appear as dashed or dotted lines, providing a secondary layer of visual information without cluttering the main view.
  • Real-Time Updates: The script is dynamic; it constantly monitors the current price and refreshes the labels and lines to ensure the most accurate data is displayed at all times.

User Experience Features

  • Customizable Visibility: You can choose to toggle different types of levels (Standard Pivots, Camarilla, or Midpoints) on or off depending on your specific trading style.
  • Automatic Cleanup: The script is designed to clean up its own drawings when it is removed from the chart, ensuring that old lines don't clutter your workspace.
  • Safety Check: It includes a built-in check to ensure it isn't run on timeframes larger than a month (such as yearly charts), preventing calculation errors and ensuring the data remains relevant to standard trading.
Miscellaneous
Implements a curve of type %1
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EJ_Pivot_DWM 
//+-------------------------------------------------------------------+
//|                                                         Pivot.mq4 |
//|                       Copyright © 2004, MetaQuotes Software Corp. |
//|                                         http://www.metaquotes.net |
//|                                     Modified by Alejandro Galindo |
//|                                                                   |
//|                                            You are free to use it |
//|                                                                   |
//|      If you want, and if this work/modification is helpful to you |
//|                      send me a PayPal donation to ag@elcactus.com |
//+-------------------------------------------------------------------+
#property copyright "Copyright © 2004, MetaQuotes Software Corp."
#property link "http://www.metaquotes.net"


#property indicator_chart_window
#property indicator_buffers 1
#property indicator_color1 EMPTY


extern bool pivots = true;
extern bool camarilla = false;
extern bool midpivots = true;
extern int MyPeriod = PERIOD_D1;
/*+----------------------------------------------------+
 MyPeriod = Period in minutes to consideration, could be:
 1440 for D1
 60 for H1
 240 for H4
 1 for M1
 15 for M15
 30 for M30
 5 for M5
 43200 for MN1
 10080 for W1
 +-------------------------------------------------------*/


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() > 10080)
{
Print("Error - Chart period is greater than 1 day.");
return(-1); // then exit
}

//---- Get new daily prices

ArrayCopyRates(rates_d1, Symbol(), MyPeriod);

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 DaysRange= ",nQ,"\nLow= ",yesterday_low," Current DaysRange= ",nD,"\nClose= ",yesterday_close);

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

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

if(ObjectFind("R2 label") != 0)
{
ObjectCreate("R2 label", OBJ_TEXT, 0, Time[20], R2);
ObjectSetText("R2 label", " R2", 8, "Arial", Red);
}
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", Red);
}
else
{
ObjectMove("R3 label", 0, Time[20], R3);
}

if(ObjectFind("P label") != 0)
{
ObjectCreate("P label", OBJ_TEXT, 0, Time[0], P);
ObjectSetText("P label", "                         Pivot  " +DoubleToStr(P,4), 10, "Arial",
Coral);
}
else
{
ObjectMove("P label", 0, Time[0], P);
}

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

if(ObjectFind("S2 label") != 0)
{
ObjectCreate("S2 label", OBJ_TEXT, 0, Time[20], S2);
ObjectSetText("S2 label", " S2", 8, "Arial", DodgerBlue);
}
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", DodgerBlue);
}
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[40], S1);
ObjectSet("S1 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("S1 line", OBJPROP_COLOR, DodgerBlue);
}
else
{
ObjectMove("S1 line", 0, Time[40], S1);
}

if(ObjectFind("S2 line") != 0)
{
ObjectCreate("S2 line", OBJ_HLINE, 0, Time[40], S2);
ObjectSet("S2 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("S2 line", OBJPROP_COLOR, DodgerBlue);
}
else
{
ObjectMove("S2 line", 0, Time[40], S2);
}

if(ObjectFind("S3 line") != 0)
{
ObjectCreate("S3 line", OBJ_HLINE, 0, Time[40], S3);
ObjectSet("S3 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("S3 line", OBJPROP_COLOR, DodgerBlue);
}
else
{
ObjectMove("S3 line", 0, Time[40], S3);
}

if(ObjectFind("P line") != 0)
{
ObjectCreate("P line", OBJ_HLINE, 0, Time[40], P);
ObjectSet("P line", OBJPROP_STYLE, STYLE_DOT);
ObjectSet("P line", OBJPROP_COLOR, Coral);
}
else
{
ObjectMove("P line", 0, Time[40], P);
}

if(ObjectFind("R1 line") != 0)
{
ObjectCreate("R1 line", OBJ_HLINE, 0, Time[40], R1);
ObjectSet("R1 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("R1 line", OBJPROP_COLOR, Red);
}
else
{
ObjectMove("R1 line", 0, Time[40], R1);
}

if(ObjectFind("R2 line") != 0)
{
ObjectCreate("R2 line", OBJ_HLINE, 0, Time[40], R2);
ObjectSet("R2 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("R2 line", OBJPROP_COLOR, Red);
}
else
{
ObjectMove("R2 line", 0, Time[40], R2);
}

if(ObjectFind("R3 line") != 0)
{
ObjectCreate("R3 line", OBJ_HLINE, 0, Time[40], R3);
ObjectSet("R3 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("R3 line", OBJPROP_COLOR, Red);
}
else
{
ObjectMove("R3 line", 0, Time[40], R3);
}
}
//---- End of Pivot Line Draw


//----- Camarilla Lines

if (camarilla==true)
{
if(ObjectFind("H4 label") != 0)
{
ObjectCreate("H4 label", OBJ_TEXT, 0, Time[20], H4);
ObjectSetText("H4 label", " H4", 8, "Arial", EMPTY);
}
else
{
ObjectMove("H4 label", 0, Time[20], H4);
}

if(ObjectFind("H3 label") != 0)
{
ObjectCreate("H3 label", OBJ_TEXT, 0, Time[20], H3);
ObjectSetText("H3 label", " H3", 8, "Arial", EMPTY);
}
else
{
ObjectMove("H3 label", 0, Time[20], H3);
}

if(ObjectFind("L3 label") != 0)
{
ObjectCreate("L3 label", OBJ_TEXT, 0, Time[20], L3);
ObjectSetText("L3 label", " L3", 8, "Arial", EMPTY);
}
else
{
ObjectMove("L3 label", 0, Time[20], L3);
}

if(ObjectFind("L4 label") != 0)
{
ObjectCreate("L4 label", OBJ_TEXT, 0, Time[20], L4);
ObjectSetText("L4 label", " L4", 8, "Arial", EMPTY);
}
else
{
ObjectMove("L4 label", 0, Time[20], L4);
}

//---- Draw Camarilla lines on Chart
if(ObjectFind("H4 line") != 0)
{
ObjectCreate("H4 line", OBJ_HLINE, 0, Time[40], H4);
ObjectSet("H4 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("H4 line", OBJPROP_COLOR, DimGray);
}
else
{
ObjectMove("H4 line", 0, Time[40], H4);
}

if(ObjectFind("H3 line") != 0)
{
ObjectCreate("H3 line", OBJ_HLINE, 0, Time[40], H3);
ObjectSet("H3 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("H3 line", OBJPROP_COLOR, DimGray);
}
else
{
ObjectMove("H3 line", 0, Time[40], H3);
}

if(ObjectFind("L3 line") != 0)
{
ObjectCreate("L3 line", OBJ_HLINE, 0, Time[40], L3);
ObjectSet("L3 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("L3 line", OBJPROP_COLOR, DimGray);
}
else
{
ObjectMove("L3 line", 0, Time[40], L3);
}

if(ObjectFind("L4 line") != 0)
{
ObjectCreate("L4 line", OBJ_HLINE, 0, Time[40], L4);
ObjectSet("L4 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("L4 line", OBJPROP_COLOR, DimGray);
}
else
{
ObjectMove("L4 line", 0, Time[40], L4);
}
}
//-------End of Draw Camarilla Lines

//------ 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[40], M5);
ObjectSet("M5 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("M5 line", OBJPROP_COLOR, DimGray);
}
else
{
ObjectMove("M5 line", 0, Time[40], M5);
}

if(ObjectFind("M4 line") != 0)
{
ObjectCreate("M4 line", OBJ_HLINE, 0, Time[40], M4);
ObjectSet("M4 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("M4 line", OBJPROP_COLOR, DimGray);
}
else
{
ObjectMove("M4 line", 0, Time[40], M4);
}

if(ObjectFind("M3 line") != 0)
{
ObjectCreate("M3 line", OBJ_HLINE, 0, Time[40], M3);
ObjectSet("M3 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("M3 line", OBJPROP_COLOR, DimGray);
}
else
{
ObjectMove("M3 line", 0, Time[40], M3);
}

if(ObjectFind("M2 line") != 0)
{
ObjectCreate("M2 line", OBJ_HLINE, 0, Time[40], M2);
ObjectSet("M2 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("M2 line", OBJPROP_COLOR, DimGray);
}
else
{
ObjectMove("M2 line", 0, Time[40], M2);
}

if(ObjectFind("M1 line") != 0)
{
ObjectCreate("M1 line", OBJ_HLINE, 0, Time[40], M1);
ObjectSet("M1 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("M1 line", OBJPROP_COLOR, DimGray);
}
else
{
ObjectMove("M1 line", 0, Time[40], M1);
}

if(ObjectFind("M0 line") != 0)
{
ObjectCreate("M0 line", OBJ_HLINE, 0, Time[40], M0);
ObjectSet("M0 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("M0 line", OBJPROP_COLOR, DimGray);
}
else
{
ObjectMove("M0 line", 0, Time[40], M0);
}

}
//----End of Midpoint Pivots Draw

//---- End Of Program
return(0);
}
//+------------------------------------------------------------------+

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