Pivot-2_v2
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This script is a specialized technical analysis tool designed to identify and visualize key price levels on a trading chart. It automates the calculation of "Pivot Points," which are standard benchmarks used by traders to determine the sentiment of the market and identify potential areas of support and resistance.
Core Logic and Functionality
The indicator operates by analyzing historical price data to project significant price boundaries for the current trading session. Here is a breakdown of how it processes information:
1. Data Scanning and Memory The script continuously monitors the high and low prices of previous candles. It tracks these extremes as the market moves, "remembering" the highest point reached and the lowest point dropped during the preceding period. This allows the tool to understand the volatility and range of the recent price action.
2. Daily Transition Detection The logic is specifically designed to recognize when a new trading day begins. Every time the date changes on the chart, the script triggers its primary calculation engine. It uses the price range from the previous day to derive the coordinates for the upcoming period.
3. The Pivot Calculation Engine Once a new day is detected, the script applies a mathematical formula to establish several distinct levels:
- The Pivot Point (P): This serves as the central equilibrium of the market for the day.
- Resistance Levels (R1, R2, R3): These represent "ceilings." They are the price points where the market may face selling pressure or struggle to move higher. The script calculates three levels of increasing strength.
- Support Levels (S1, S2, S3): These represent "floors." They are the price points where buying interest is expected to increase, potentially preventing the price from falling further.
4. Visual Representation and Real-Time Updates The script performs three main visual actions to assist the user:
- Dynamic Mapping: It automatically places markers on the chart corresponding to each Pivot, Support, and Resistance level.
- Historical Plotting: It maintains these values across the chart history so users can see how levels shifted day-to-day.
- Data Overlay: In addition to the visual markers, it generates a real-time text summary on the chart screen, displaying the exact numerical values of all calculated levels simultaneously.
Summary for Traders
Essentially, this tool automates the "heavy lifting" of price calculation. Instead of a trader having to manually calculate where the market might stall or bounce based on yesterday's performance, the script identifies these boundaries instantly at the start of every day, providing a clear roadmap of potential support and resistance zones.
//+------------------------------------------------------------------+
//| Pivot-2.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 Red
#property indicator_color3 Black
#property indicator_color4 Red
#property indicator_color5 Black
#property indicator_color6 Red
#property indicator_color7 Green
//---- input parameters
extern int CountBars=300;
//---- buffers
double PBuffer[];
double S1Buffer[];
double R1Buffer[];
double S2Buffer[];
double R2Buffer[];
double S3Buffer[];
double R3Buffer[];
string Pivot="P",Sup1="S 1", Res1="R 1";
string Sup2="S 2", Res2="R 2", Sup3="S 3", Res3="R 3";
int fontsize=6;
double P,S1,R1,S2,R2,S3,R3;
double LastHigh,LastLow,x;
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//---- TODO: add your code here
ObjectDelete("Pivot");
ObjectDelete("Sup1");
ObjectDelete("Res1");
ObjectDelete("Sup2");
ObjectDelete("Res2");
ObjectDelete("Sup3");
ObjectDelete("Res3");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
string short_name;
//---- indicator line
SetIndexStyle(0,DRAW_ARROW,2,1,White);
SetIndexArrow(0,158);
SetIndexStyle(1,DRAW_ARROW,2,1,Red);
SetIndexArrow(1,158);
SetIndexStyle(2,DRAW_ARROW,2,1,Aquamarine);
SetIndexArrow(2,158);
SetIndexStyle(3,DRAW_ARROW,2,1,Red);
SetIndexArrow(3,158);
SetIndexStyle(4,DRAW_ARROW,2,1,Aquamarine);
SetIndexArrow(4,158);
SetIndexStyle(5,DRAW_ARROW,2,1,Red);
SetIndexArrow(5,158);
SetIndexStyle(6,DRAW_ARROW,2,1,Aquamarine);
SetIndexArrow(6,158);
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="Pivot";
IndicatorShortName(short_name);
SetIndexLabel(0,short_name);
short_name="Res1";
IndicatorShortName(short_name);
SetIndexLabel(2,short_name);
short_name="Res2";
IndicatorShortName(short_name);
SetIndexLabel(4,short_name);
short_name="Res3";
IndicatorShortName(short_name);
SetIndexLabel(6,short_name);
short_name="Sup1";
IndicatorShortName(short_name);
SetIndexLabel(1,short_name);
short_name="Sup2";
IndicatorShortName(short_name);
SetIndexLabel(3,short_name);
short_name="Sup3";
IndicatorShortName(short_name);
SetIndexLabel(5,short_name);
//----
SetIndexDrawBegin(0,6);
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
int limit, i;
//---- indicator calculation
if (counted_bars==0)
{
x=Period();
if (x>CountBars) return(-1);
//ObjectCreate("Pivot", OBJ_TEXT, 0, 0,0);
//ObjectSetText("Pivot", "P",7,"Arial",White);
//ObjectCreate("Sup1", OBJ_TEXT, 0, 0, 0);
//ObjectSetText("Sup1", "s1",7,"Arial",White);
//ObjectCreate("Res1", OBJ_TEXT, 0, 0, 0);
//ObjectSetText("Res1", "r1",7,"Arial",White);
//ObjectCreate("Sup2", OBJ_TEXT, 0, 0, 0);
//ObjectSetText("Sup2", "s2",7,"Arial",White);
//ObjectCreate("Res2", OBJ_TEXT, 0, 0, 0);
//ObjectSetText("Res2", "r2",7,"Arial",White);
//ObjectCreate("Sup3", OBJ_TEXT, 0, 0, 0);
//ObjectSetText("Sup3", "s3",7,"Arial",White);
// ObjectCreate("Res3", OBJ_TEXT, 0, 0, 0);
//ObjectSetText("Res3", "r3",7,"Arial",White);
}
if(counted_bars<0) return(-1);
//---- 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;
Comment("Res3=",R3Buffer[i],"\n","Res2=",R2Buffer[i],"\n","Res1=",R1Buffer[i],"\n","Pivot=",PBuffer[i],"\n","Sup1=",S1Buffer[i],"\n","Sup2=",S2Buffer[i],"\n","Sup3=",S3Buffer[i]);
}
//----
return(0);
}
//+------------------------------------------------------------------+
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