(m)_Pivot_line

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Author: Poul Trade Forum
(m)_Pivot_line

This script is designed to automate the calculation and visualization of Pivot Points on a trading chart. Pivot Points are essential technical analysis tools used by traders to identify potential support and resistance levels—specific price areas where the market may face pushback or experience a trend reversal.

Core Functionality

The primary goal of this tool is to automatically calculate seven key price levels based on historical price action. Instead of requiring a trader to perform manual calculations at the start of every new trading day, the script handles the math in real-time and plots these levels directly onto the chart.

How the Logic Works

The script operates by analyzing the "Previous Period" (typically the preceding day) to determine the price boundaries for the current period. Here is the step-by-step logic:

  • Data Tracking: The script constantly monitors the highest and lowest prices reached during a trading session, as well as the closing price of that session.
  • Trigger Mechanism: Every time the calendar date changes (signaling the start of a new trading day), the script captures the final data from the previous day to perform its calculations.
  • The Calculations: Using the high, low, and close prices of the previous period, the script generates:
    • The Pivot Point (P): The central equilibrium price for the day.
    • Resistance Levels (R1, R2, R3): These represent "ceilings." They are calculated to show where upward price momentum might stall or face selling pressure.
    • Support Levels (S1, S2, S3): These represent "floors." They are calculated to show where downward price momentum might stabilize or find buying interest.
  • Dynamic Visualization: Once these levels are calculated, the script places text labels on the chart. These labels move dynamically with the price action to ensure that as new data points arrive, the current support and resistance levels remain accurate and visible to the user.

Summary for the Trader

In simple terms, this script acts as a "roadmap" for the trading day. It looks at what happened yesterday to predict where the boundaries of today's market might be. By highlighting these seven specific price points, it helps you identify "danger zones" (Resistance) and "safety zones" (Support), allowing for more informed decision-making regarding entries and exits.

Miscellaneous
Implements a curve of type %1
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(m)_Pivot_line 
//+------------------------------------------------------------------+
//|                                                        Pivot.mq4 |
//|                               Copyright © 2004, Poul_Trade_Forum |
//|                                                         Aborigen |
//|                                          http://forex.kbpauk.ru/ |
//+------------------------------------------------------------------+
#property copyright "Poul Trade Forum"
#property link      "http://forex.kbpauk.ru/"

#property indicator_chart_window
//#property indicator_separate_window
#property indicator_buffers 7
#property indicator_color1 Orange
#property indicator_color2 DarkGreen
#property indicator_color3 DarkGreen
#property indicator_color4 Maroon
#property indicator_color5 Maroon
#property indicator_color6 DarkOrchid
#property indicator_color7 DarkOrchid
//---- input parameters

//---- buffers
double PBuffer[];
double S1Buffer[];
double R1Buffer[];
double S2Buffer[];
double R2Buffer[];
double S3Buffer[];
double R3Buffer[];
string Pivot="Pivot Point",Sup1="S 1", Res1="R 1";
string Sup2="S 2", Res2="R 2", Sup3="S 3", Res3="R 3";
int fontsize=10;
double P,S1,R1,S2,R2,S3,R3;
double LastHigh,LastLow,x;

//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
void deinit() {
  ObjectDelete("Pivot");
  ObjectDelete("Sup1");
  ObjectDelete("Res1");
  ObjectDelete("Sup2");
  ObjectDelete("Res2");
  ObjectDelete("Sup3");
  ObjectDelete("Res3");
}

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
void init() {
  string short_name;

  SetIndexStyle(0,DRAW_LINE,0,1);
  SetIndexStyle(1,DRAW_LINE,2,1);
  SetIndexStyle(2,DRAW_LINE,2,1);
  SetIndexStyle(3,DRAW_LINE,2,1);
  SetIndexStyle(4,DRAW_LINE,2,1);
  SetIndexStyle(5,DRAW_LINE,2,1);
  SetIndexStyle(6,DRAW_LINE,2,1);
  SetIndexBuffer(0,PBuffer);
  SetIndexBuffer(1,S1Buffer);
  SetIndexBuffer(2,R1Buffer);
  SetIndexBuffer(3,S2Buffer);
  SetIndexBuffer(4,R2Buffer);
  SetIndexBuffer(5,S3Buffer);
  SetIndexBuffer(6,R3Buffer);

//---- name for DataWindow and indicator subwindow label
  short_name="";
  IndicatorShortName(short_name);
  SetIndexLabel(0,short_name);

//----
  SetIndexDrawBegin(0,1);
}

//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
void start() {
  int counted_bars=IndicatorCounted();
  int limit, i;

  if (counted_bars==0) {
    x=Period();
    if (x>240) return;
    ObjectCreate("Pivot", OBJ_TEXT, 0, 0,0);
    ObjectSetText("Pivot", " Pivot Point",fontsize,"Tahoma",indicator_color1);
    ObjectCreate("Sup1", OBJ_TEXT, 0, 0, 0);
    ObjectSetText("Sup1", "      S 1",fontsize,"Tahoma",indicator_color2);
    ObjectCreate("Res1", OBJ_TEXT, 0, 0, 0);
    ObjectSetText("Res1", "      R 1",fontsize,"Tahoma",indicator_color3);
    ObjectCreate("Sup2", OBJ_TEXT, 0, 0, 0);
    ObjectSetText("Sup2", "      S 2",fontsize,"Tahoma",indicator_color4);
    ObjectCreate("Res2", OBJ_TEXT, 0, 0, 0);
    ObjectSetText("Res2", "      R 2",fontsize,"Tahoma",indicator_color5);
    ObjectCreate("Sup3", OBJ_TEXT, 0, 0, 0);
    ObjectSetText("Sup3", "      S 3",fontsize,"Tahoma",indicator_color6);
    ObjectCreate("Res3", OBJ_TEXT, 0, 0, 0);
    ObjectSetText("Res3", "      R 3",fontsize,"Tahoma",indicator_color7);
  }
  if(counted_bars<0) return;
//---- last counted bar will be recounted
//   if(counted_bars>0) counted_bars--;
  limit=(Bars-counted_bars)-1;



  for (i=limit; i>=0; i--) { 
    if (High[i+1]>LastHigh) LastHigh=High[i+1];
    if (Low[i+1]<LastLow) LastLow=Low[i+1];
    if (TimeDay(Time[i])!=TimeDay(Time[i+1])) { 
      P=(LastHigh+LastLow+Close[i+1])/3;
      R1=(2*P)-LastLow;
      S1=(2*P)-LastHigh;
      R2=P+(LastHigh-LastLow);
      S2=P-(LastHigh-LastLow);
      R3=(2*P)+(LastHigh-(2*LastLow));
      S3=(2*P)-((2*LastHigh)-LastLow); 
      LastLow=Open[i]; LastHigh=Open[i];

      ObjectMove("Pivot", 0, Time[i],P);
      ObjectMove("Sup1" , 0, Time[i],S1);
      ObjectMove("Res1" , 0, Time[i],R1);
      ObjectMove("Sup2" , 0, Time[i],S2);
      ObjectMove("Res2" , 0, Time[i],R2);
      ObjectMove("Sup3" , 0, Time[i],S3);
      ObjectMove("Res3" , 0, Time[i],R3);
    }
    PBuffer[i]=P;
    S1Buffer[i]=S1;
    R1Buffer[i]=R1;
    S2Buffer[i]=S2;
    R2Buffer[i]=R2;
    S3Buffer[i]=S3;
    R3Buffer[i]=R3;
  }
}
//+------------------------------------------------------------------+

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