FiboPiv_v2_v5
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This script is designed to automate the calculation and visualization of key price levels on your trading chart. It specifically utilizes a combination of Pivot Points and Fibonacci-based ratios to identify potential support and resistance zones for the current trading day.
How the Logic Works
1. Data Collection (The "Yesterday" Reference) The script begins by looking back at the previous day's market activity. It automatically identifies three critical pieces of data from yesterday:
- The highest price reached (High)
- The lowest price reached (Low)
- The closing price (Close)
Special logic is included to handle weekends. If the current day is a Monday, the script intelligently searches for the most recent Friday's data to ensure the calculations remain accurate despite the market being closed on Saturdays and Sundays.
2. Pivot Point Calculation Once it has yesterday's data, the script calculates the Standard Pivot Point. This is the mathematical average of yesterday’s High, Low, and Close. This point serves as the "center" or equilibrium for the current day's price action.
3. Fibonacci Resistance and Support Levels Rather than using standard arbitrary numbers, this script applies Fibonacci ratios to the "range" (the distance between yesterday's High and Low). It projects these levels out from the Pivot Point to create seven distinct markers:
- Resistance Levels (R1, R2, R3): These represent ceiling zones where price may face selling pressure. The levels are calculated using Fibonacci constants (0.382, 0.618, and 1.000).
- Support Levels (S1, S2, S3): These represent floor zones where price may find buying interest. These are mirrored below the Pivot Point using the same Fibonacci logic.
4. Visual Representation To make this information useful for a trader, the script automatically draws these levels directly on your chart:
- Lines: It creates horizontal lines across the screen. The main Pivot level is shown as a solid line to distinguish it as the primary anchor, while the support and resistance levels are drawn as dotted lines.
- Labels: It places clear text labels (e.g., "Resistance 1", "Support 2") next to the lines so you can instantly identify each zone at a glance.
- Color Coding: The script uses a professional color scheme, typically using shades of Green and Lime for resistance (bearish zones) and Red and Maroon for support (bullish zones), with Blue highlighting the central Pivot.
Summary for the Trader
Essentially, this tool takes the "memory" of yesterday's price movement and projects a roadmap for today. By identifying where these Fibonacci-based pivot points sit, you can more easily see where the market might stall, reverse, or find support, allowing for more informed decision-making during your trading session.
//+------------------------------------------------------------------+
//| FiboPiv_v2.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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