FiboPiv_v3
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This script is an automated technical analysis tool designed to identify key price levels on a trading chart. It specifically utilizes "Pivot Points" combined with "Fibonacci" ratios to help traders visualize potential areas of support and resistance.
Core Logic and Functionality
1. Data Collection (The Foundation) The script begins by scanning the market's daily history. Its primary goal is to identify the high, low, and closing prices from the previous trading session. It includes smart logic to handle weekends; for instance, if the market opens on a Monday, the script is programmed to look back until it finds the last completed Friday session to ensure the data remains accurate.
2. The Pivot Calculation Once the previous day's high, low, and close are identified, the tool calculates a "Standard Pivot." This is the central equilibrium point for the current trading day. This pivot acts as the anchor for all other price levels displayed on the chart.
3. Support and Resistance Mapping Using the difference between the previous day's high and low (the "range"), the script applies specific Fibonacci ratios to project seven distinct price levels:
- Resistance Levels (R1, R2, R3): These represent "ceilings" where the price may face difficulty moving higher. The script places these above the central pivot point.
- Support Levels (S1, S2, S3): These represent "floors" where the price may find a base and struggle to move lower. The script places these below the central pivot point.
4. Visual Representation To make this data actionable for a human trader, the script automatically draws the following on your chart:
- Horizontal Lines: It renders clean, colored lines across the screen representing each price level. These lines change styles (solid, dashed, or dotted) to help differentiate between the primary and secondary levels at a glance.
- Dynamic Labels: Next to each line, the script places descriptive text labels. These labels provide context regarding the price level's identity (e.g., "Resistance 3" or "Pivot") and briefly indicate the directional logic of that specific zone.
- On-Screen Summary: The script also provides a small text readout in the corner of the chart showing the exact high, low, and close prices used for the current day's calculations.
User Experience Summary
Instead of a trader having to manually calculate complex math every morning, this tool automates the entire process. It identifies where the "gravity" of the market is likely to pull the price toward specific zones, providing a clear visual roadmap of the day's potential trading boundaries.
//+------------------------------------------------------------------+
//| FiboPiv_v3.mq4 |
//| Kalenzo |
//| bartlomiej.gorski@gmail.com |
//+------------------------------------------------------------------+
#property copyright "c. 2007-08, Kalenzo"
#property link "bartlomiej.gorski@gmail.com"
#property indicator_buffers 7
#property indicator_color1 Sienna
#property indicator_style1 1
#property indicator_color2 Red
#property indicator_style2 2
#property indicator_color3 Magenta
#property indicator_style3 0
#property indicator_color4 Goldenrod
#property indicator_style4 1
#property indicator_color5 Lime
#property indicator_style5 0
#property indicator_color6 Green
#property indicator_style6 2
#property indicator_color7 DarkGreen
#property indicator_style7 1
/*extern color Resistance_3 = Sienna;
extern color Resistance_2 = Red;
extern color Resistance_1 = Magenta;
extern color Pivot = Goldenrod;
extern color Support_1 = Lime;
extern color Support_2 = Green;
extern color Support_3 = DarkGreen;
*/
#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("PIVOT");
ObjectDelete("S1: go down S2 or up P");
ObjectDelete("S2: go down S3 or up S1");
ObjectDelete("Support 3");
ObjectDelete("Pivot: go up R1 or down S1");
ObjectDelete("R1: go up R2 or down P");
ObjectDelete("R2: go up R3 or down R1");
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", indicator_color1,indicator_style1);
drawLabel("Resistance 3",r3,indicator_color1);
drawLine(r2,"R2", indicator_color2,indicator_style2);
drawLabel("R2: go up R3 or down R1",r2,indicator_color2);
drawLine(r1,"R1", indicator_color3,indicator_style3);
drawLabel("R1: go up R2 or down P",r1,indicator_color3);
drawLine(p,"PIVOT",indicator_color4,indicator_style4);
drawLabel("Pivot: go up R1 or down S1",p,indicator_color4);
drawLine(s1,"S1",indicator_color5,indicator_style5);
drawLabel("S1: go down S2 or up P",s1,indicator_color5);
drawLine(s2,"S2",indicator_color6,indicator_style6);
drawLabel("S2: go down S3 or up S1",s2,indicator_color6);
drawLine(s3,"S3",indicator_color7,indicator_style7);
drawLabel("Support 3",s3,indicator_color7);
//----
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 if(type == 2)
ObjectSet(name, OBJPROP_STYLE, STYLE_DASHDOTDOT);
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 if(type == 2)
ObjectSet(name, OBJPROP_STYLE, STYLE_DASHDOTDOT);
else
ObjectSet(name, OBJPROP_STYLE, STYLE_DOT);
ObjectSet(name, OBJPROP_COLOR, Col);
ObjectSet(name,OBJPROP_WIDTH,1);
}
}
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