FiboPiv_v2_v2
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The FiboPiv_v1 tool is designed to provide traders with clear visual markers for key price levels on a trading chart. By automatically calculating specific support and resistance zones, it helps identify potential areas where the market might encounter difficulty moving further in a certain direction or where it might find significant "floors" and "ceilings."
How the Logic Works
1. Data Collection and Smart Analysis The script begins by looking back at the previous day's trading activity to determine three primary values: the High, the Low, and the Closing price. To ensure accuracy during weekend transitions (such as Monday mornings), the script includes a specialized "look-back" logic. If the market was closed over the weekend, it intelligently searches for the most recent Friday data to ensure the calculations remain relevant to the current trading session.
2. The Pivot Calculation Once it has identified yesterday's price data, the tool calculates a "Standard Pivot." This is the central balance point of the previous day's price action. By averaging the high, low, and closing prices, the script establishes a baseline for where the market might find equilibrium.
3. Fibonacci-Based Projections Unlike basic pivot tools that use simple increments, this script incorporates Fibonacci ratios (specifically 0.382, 0.618, and 1.000). It takes the "Range" of yesterday's movement (the distance between the high and low) and applies these specific mathematical proportions to project three levels above the Pivot (Resistance) and three levels below the Pivot (Support).
4. Dynamic Visual Mapping The script then translates these numbers into a visual layout on your chart:
- Pivot Level: Displayed as a solid central line, acting as the primary anchor.
- Resistance Levels (R1, R2, R3): Projected above the Pivot. These represent potential targets where buying pressure might stall or where sellers may enter the market.
- Support Levels (S1, S2, S3): Projected below the Pivot. These represent potential "safety nets" where selling pressure might exhaust and buyers may step in.
5. Automated Chart Management To keep your trading workspace clean, the script handles all the heavy lifting of drawing and updating. It automatically creates labels and lines with distinct colors (such as Lime for high resistance and Red for deep support) and ensures that these objects move correctly with price action without cluttering the screen with duplicate information.
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| FiboPiv_v1.mq4 |
//| Kalenzo |
//| bartlomiej.gorski@gmail.com |
//+------------------------------------------------------------------+
#property copyright "Kalenzo"
#property link "bartlomiej.gorski@gmail.com"
#property indicator_chart_window
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
ObjectDelete("S1");
ObjectDelete("S2");
ObjectDelete("S3");
ObjectDelete("R1");
ObjectDelete("R2");
ObjectDelete("R3");
ObjectDelete("PIVIOT");
ObjectDelete("Support 1");
ObjectDelete("Support 2");
ObjectDelete("Support 3");
ObjectDelete("Piviot level");
ObjectDelete("Resistance 1");
ObjectDelete("Resistance 2");
ObjectDelete("Resistance 3");
Comment(" ");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
//----
double rates[1][6],yesterday_close,yesterday_high,yesterday_low;
ArrayCopyRates(rates, Symbol(), PERIOD_D1);
if(DayOfWeek() == 1)
{
if(TimeDayOfWeek(iTime(Symbol(),PERIOD_D1,1)) == 5)
{
yesterday_close = rates[1][4];
yesterday_high = rates[1][3];
yesterday_low = rates[1][2];
}
else
{
for(int d = 5;d>=0;d--)
{
if(TimeDayOfWeek(iTime(Symbol(),PERIOD_D1,d)) == 5)
{
yesterday_close = rates[d][4];
yesterday_high = rates[d][3];
yesterday_low = rates[d][2];
}
}
}
}
else
{
yesterday_close = rates[1][4];
yesterday_high = rates[1][3];
yesterday_low = rates[1][2];
}
//---- Calculate Pivots
Comment("\nYesterday quotations:\nH ",yesterday_high,"\nL ",yesterday_low, "\nC ",yesterday_close);
double R = yesterday_high - yesterday_low;//range
double p = (yesterday_high + yesterday_low + yesterday_close)/3;// Standard Pivot
double r3 = p + (R * 1.000);
double r2 = p + (R * 0.618);
double r1 = p + (R * 0.382);
double s1 = p - (R * 0.382);
double s2 = p - (R * 0.618);
double s3 = p - (R * 1.000);
drawLine(r3,"R3", Lime,0);
drawLabel("Resistance 3",r3,Lime);
drawLine(r2,"R2", Green,0);
drawLabel("Resistance 2",r2,Green);
drawLine(r1,"R1", DarkGreen,0);
drawLabel("Resistance 1",r1,DarkGreen);
drawLine(p,"PIVIOT",Blue,1);
drawLabel("Piviot level",p,Blue);
drawLine(s1,"S1",Maroon,0);
drawLabel("Support 1",s1,Maroon);
drawLine(s2,"S2",Crimson,0);
drawLabel("Support 2",s2,Crimson);
drawLine(s3,"S3",Red,0);
drawLabel("Support 3",s3,Red);
//----
return(0);
}
//+------------------------------------------------------------------+
void drawLabel(string name,double lvl,color Color)
{
if(ObjectFind(name) != 0)
{
ObjectCreate(name, OBJ_TEXT, 0, Time[10], lvl);
ObjectSetText(name, name, 8, "Arial", EMPTY);
ObjectSet(name, OBJPROP_COLOR, Color);
}
else
{
ObjectMove(name, 0, Time[10], lvl);
}
}
void drawLine(double lvl,string name, color Col,int type)
{
if(ObjectFind(name) != 0)
{
ObjectCreate(name, OBJ_HLINE, 0, Time[0], lvl,Time[0],lvl);
if(type == 1)
ObjectSet(name, OBJPROP_STYLE, STYLE_SOLID);
else
ObjectSet(name, OBJPROP_STYLE, STYLE_DOT);
ObjectSet(name, OBJPROP_COLOR, Col);
ObjectSet(name,OBJPROP_WIDTH,1);
}
else
{
ObjectDelete(name);
ObjectCreate(name, OBJ_HLINE, 0, Time[0], lvl,Time[0],lvl);
if(type == 1)
ObjectSet(name, OBJPROP_STYLE, STYLE_SOLID);
else
ObjectSet(name, OBJPROP_STYLE, STYLE_DOT);
ObjectSet(name, OBJPROP_COLOR, Col);
ObjectSet(name,OBJPROP_WIDTH,1);
}
}
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