FiboPivot

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Author: Scriptong
FiboPivot

The FiboPivot tool is designed to provide traders with a clear visual roadmap of potential price levels by combining two popular technical analysis methods: Pivot Points and Fibonacci Retracements. Instead of manually calculating these complex levels, the script automatically identifies key price zones on your chart based on historical daily data.

Core Logic and Functionality

1. Data Source & Timeframes The script looks specifically at the previous day's trading activity to determine current price targets. It captures three vital pieces of information from the completed daily candle:

  • High: The highest price reached during the day.
  • Low: The lowest price reached during the day.
  • Close: The final price at which the day ended.

Because it relies on daily data, the script is optimized for use on lower timeframes (specifically those smaller than the 4-hour chart).

2. Calculation Methodology The tool performs two types of calculations simultaneously:

  • Standard Pivot Points: It calculates a central "Pivot" price by taking the average of the previous day's High, Low, and Close. This serves as the equilibrium point for the current trading session.
  • Fibonacci-Based Extensions: The script determines the total "range" (the distance between the daily High and Low). It then applies specific Fibonacci percentages to that range to project three distinct levels above and below the central Pivot:
    • Resistance Levels: These represent potential ceiling prices where selling pressure might increase.
    • Support Levels: These represent potential floor prices where buying interest might emerge.

3. Visual Representation The script translates these mathematical calculations into a visual interface on your trading platform:

  • Dynamic Mapping: It draws horizontal lines across the chart representing the various Support and Resistance levels, as well as the central Pivot line.
  • Automated Labeling: If the description toggle is enabled, the script automatically places text labels on the chart. These labels identify each level (e.g., "Resistance1," "Support2") and display the exact price value at that point.
  • Color Coordination: To ensure clarity, different levels are assigned specific colors (such as Lime, Maroon, Blue, etc.), allowing traders to distinguish between various zones of interest at a glance.

How it Helps the Trader

By automating these calculations, the script provides a snapshot of "market sentiment." Traders can use these lines to identify where the price might stall, reverse, or break out. Because the levels are derived from actual historical price action (the previous day's range), they offer a data-driven way to visualize potential supply and demand zones in real-time.

Price Data Components
Series array that contains the highest prices of each barSeries array that contains the highest prices of each barSeries array that contains the lowest prices of each barSeries array that contains the lowest prices of each barSeries array that contains close prices for each barSeries array that contains close prices for each bar
Miscellaneous
Implements a curve of type %1
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FiboPivot 
//+------------------------------------------------------------------+
//|                                                    FiboPivot.mq4 |
//|                                                        Scriptong |
//|                                                scriptong@mail.ru |
//+------------------------------------------------------------------+
#property copyright "Scriptong"
#property link      "scriptong@mail.ru"

#property indicator_chart_window
#property indicator_buffers 7
#property indicator_color1 Lime
#property indicator_color2 Green
#property indicator_color3 DarkGreen
#property indicator_color4 Maroon
#property indicator_color5 Crimson
#property indicator_color6 Red
#property indicator_color7 Blue
//---- input parameters
extern double    Resistance3=138.2;
extern double    Resistance2=100.0;
extern double    Resistance1=61.8;
extern double    Support1=61.8;
extern double    Support2=100;
extern double    Support3=138.2;
extern bool      ShowDescription=True;
extern color     Resistance3Color=Lime;
extern color     Resistance2Color=Green;
extern color     Resistance1Color=DarkGreen;
extern color     Support1Color=Maroon;
extern color     Support2Color=Crimson;
extern color     Support3Color=Red;
extern color     PivotColor=Blue; 


//---- buffers
double Res3[];
double Res2[];
double Res1[];
double Supp1[];
double Supp2[];
double Supp3[];
double Pivot[];

bool Activate;
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
   Activate = False;
//---- indicators
   SetIndexStyle(0, DRAW_LINE, STYLE_DOT);
   SetIndexBuffer(0,Res3);
   SetIndexStyle(1, DRAW_LINE, STYLE_DOT);
   SetIndexBuffer(1,Res2);
   SetIndexStyle(2, DRAW_LINE, STYLE_DOT);
   SetIndexBuffer(2,Res1);
   SetIndexStyle(3, DRAW_LINE, STYLE_DOT);
   SetIndexBuffer(3,Supp1);
   SetIndexStyle(4, DRAW_LINE, STYLE_DOT);
   SetIndexBuffer(4,Supp2);
   SetIndexStyle(5, DRAW_LINE, STYLE_DOT);
   SetIndexBuffer(5,Supp3);
   SetIndexStyle(6, DRAW_LINE);
   SetIndexBuffer(6,Pivot);
   
   if (Period() > PERIOD_H4)
     { 
      Comment("Èíäèêàòîð FiboPivot ðàáîòàåò íà ãðàôèêàõ íå âûøå H4.");
      return(0);
     }
   
   Activate = True;
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//----
   for (int i = ObjectsTotal()-1; i >= 0; i--)
     if (StringSubstr(ObjectName(i), 0, 5) == "Pivot" ||
         StringSubstr(ObjectName(i), 0, 3) == "Res" ||
         StringSubstr(ObjectName(i), 0, 4) == "Supp")
        ObjectDelete(ObjectName(i)); 
//----
   return(0);
  }
  
//+------------------------------------------------------------------+
//| Îáúåêò-ìåòêà ñî çíà÷åíèåì öåíû                                   |
//+------------------------------------------------------------------+
void ObjectLabel(string name, string Text, datetime Time1, double Price1, color col)
{
 if (ObjectFind(name) < 0) 
   {
    ObjectCreate(name, OBJ_TEXT, 0, Time1, Price1);
    ObjectSet(name, OBJPROP_COLOR, col);
   } 
  else
   ObjectMove(name, 0, Time1, Price1); 
 ObjectSetText(name, Text, 8, "Arial");  
   
}

  
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
   if (!Activate) return(0); 
  
   int    counted_bars=IndicatorCounted();
//----
   datetime NowDay = iTime(Symbol(), PERIOD_D1, 0);
   int FirstDayBar = iBarShift(Symbol(), 0, NowDay);
   
   if (Bars-counted_bars < FirstDayBar)
     int limit = FirstDayBar;
    else
     limit = Bars - counted_bars;
     
   int LastPrevDay = iBars(Symbol(), PERIOD_D1);
     
   for (int i = limit; i >= 0; i--)
     {
      int PrevDay = iBarShift(Symbol(), PERIOD_D1, Time[i])+1; // íîìåð áàðà ïðåäûäóùåãî äíÿ íà ãðàôèêå D1
      if (LastPrevDay != PrevDay)
        {
         double HighDay = iHigh(Symbol(), PERIOD_D1, PrevDay); // Ìàêñèìóì ïðåäûäóùåãî äíÿ
         double LowDay = iLow(Symbol(), PERIOD_D1, PrevDay); // Ìèíèìóì ïðåäûäóùåãî äíÿ
         double CloseDay = iClose(Symbol(), PERIOD_D1, PrevDay); // Çàêðûòèå ïðåäûäóùåãî äíÿ
         double Width = HighDay - LowDay;
         Pivot[i] = (HighDay+LowDay+CloseDay)/3; //Ñòàíäàðòíûé Pivot - òèïè÷íàÿ öåíà äíÿ
         Res1[i] = Pivot[i] + Width*(Resistance1/100.0);
         Res2[i] = Pivot[i] + Width*(Resistance2/100.0);
         Res3[i] = Pivot[i] + Width*(Resistance3/100.0);
         Supp1[i] = Pivot[i] - Width*(Support1/100.0);
         Supp2[i] = Pivot[i] - Width*(Support2/100.0);
         Supp3[i] = Pivot[i] - Width*(Support3/100.0);
         if (ShowDescription)
           {
            datetime DayTime = iTime(Symbol(), PERIOD_D1, PrevDay-1) + 43200;
            ObjectLabel("Pivot"+DoubleToStr(DayTime, 0), 
                        "Pivot "+DoubleToStr(Pivot[i], Digits), DayTime, Pivot[i], PivotColor);
            ObjectLabel("Res1"+DoubleToStr(DayTime, 0), 
                        "Resistance1 "+DoubleToStr(Res1[i], Digits), DayTime, Res1[i], Resistance1Color);
            ObjectLabel("Res2"+DoubleToStr(DayTime, 0), 
                        "Resistance2 "+DoubleToStr(Res2[i], Digits), DayTime, Res2[i], Resistance2Color);
            ObjectLabel("Res3"+DoubleToStr(DayTime, 0), 
                        "Resistance3 "+DoubleToStr(Res3[i], Digits), DayTime, Res3[i], Resistance3Color);
            ObjectLabel("Supp1"+DoubleToStr(DayTime, 0), 
                        "Support1 "+DoubleToStr(Supp1[i], Digits), DayTime, Supp1[i], Support1Color);
            ObjectLabel("Supp2"+DoubleToStr(DayTime, 0), 
                        "Support2 "+DoubleToStr(Supp2[i], Digits), DayTime, Supp2[i], Support2Color);
            ObjectLabel("Supp3"+DoubleToStr(DayTime, 0), 
                        "Support3 "+DoubleToStr(Supp3[i], Digits), DayTime, Supp3[i], Support3Color);
           }             
         LastPrevDay = PrevDay;
        } 
       else
        {
         Pivot[i] = Pivot[i+1];
         Res1[i] = Res1[i+1];
         Res2[i] = Res2[i+1];
         Res3[i] = Res3[i+1];
         Supp1[i] = Supp1[i+1];
         Supp2[i] = Supp2[i+1];
         Supp3[i] = Supp3[i+1];
        } 
     }   
   
//----
   return(0);
  }
//+------------------------------------------------------------------+

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