Pivot_AllLevels_1_
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This tool is designed for MetaTrader users to automatically identify and visualize key price levels—specifically Pivot Points, Support, and Resistance zones—based on the previous day's trading activity. It serves as a visual guide to help traders understand where the market might find significant "floors" (Support) or "ceilings" (Resistance).
Core Logic Overview
The script operates by analyzing historical price data to calculate five distinct levels for every trading day. Its primary logic follows these steps:
1. Daily Data Gathering Every time a new trading day begins, the tool looks back at the completed previous day. It identifies three critical pieces of information from that period:
- The highest price reached (High).
- The lowest price reached (Low).
- The closing price (Close).
2. Dynamic Level Calculation Using those three data points, the script calculates five specific lines. The "Pivot Point" acts as the center of these calculations:
- Pivot Point: This is the base level. Depending on the user's settings, the tool uses a standard formula (averaging the High, Low, and Close) or an alternative weighted formula to find the equilibrium point.
- Resistance Levels (Res1 & Res2): These are calculated as prices above the Pivot Point, representing potential areas where the market might struggle to move higher.
- Support Levels (Sup1 & Sup2): These are calculated as prices below the Pivot Point, representing potential areas where the market might find a "floor" and bounce back up.
3. Continuous Mapping Once the levels are calculated for a new day, the script doesn't just place them at a single point. It carries those specific values forward across the current day’s chart. This ensures that as you move through the day, the support and resistance lines remain consistent and visible, allowing you to see exactly where the previous day's volatility has set the boundaries for today's price action.
Key Features
- Automatic Updates: The tool automatically detects the start of a new day and refreshes all levels without manual intervention.
- Timeframe Filtering: To ensure accuracy, the logic is optimized for smaller timeframes (specifically those lower than or equal to the 4-hour chart), making it highly effective for day traders.
- Visual Organization: Each level is assigned a unique color and label on your chart, allowing for an immediate visual understanding of the market's "structure" at a glance.
Price Data Components
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Pivot_AllLevels_1_
//+------------------------------------------------------------------+
//| ^Pivot_ResSup.mq4 |
//| Modest, Rosh conversed only |
//| http://forexsystems.ru/phpBB/index.php |
//+------------------------------------------------------------------+
#property copyright "Modest, Rosh conversed only"
#property link "http://forexsystems.ru/phpBB/index.php"
//// Ñòðîèì Pivot è Res/Supp ïî FibonacciTrader Journal Issue 6
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_color1 LightBlue
#property indicator_color2 Blue
#property indicator_color3 DarkGreen
#property indicator_color4 Red
#property indicator_color5 Magenta
//---- input parameters
extern int Formula=0;
int i=1, shift;
double FP=0.0;
double FH=0.0, FL=0.0;
bool result;
//---- buffers
double ResBuffer2[];
double ResBuffer[];
double ExtMapBuffer1[];
double SupBuffer[];
double SupBuffer2[];
//+------------------------------------------------------------------+
//| Ïðîâåðêà íîâîãî äíÿ |
//+------------------------------------------------------------------+
bool isNewDay(int _shift)
{
//----
result=false;
if ( (TimeHour(Time[_shift])==0) && (TimeMinute(Time[_shift])==0) ) result=true;
//----
return(result);
}
//+------------------------------------------------------------------+
//| Ïîëó÷èòü óðîâíè FP,Res1,Sup1,Res2 è Sup2 ïðîøåäøåãî äíÿ |
//+------------------------------------------------------------------+
void GetRSofDay(int _shift)
{
int prevDay=TimeDay(Time[_shift+1]);
//----
i=1;
while (TimeDay(Time[_shift+i])==prevDay) i++;
i--;
FH=High[Highest(NULL,0,MODE_HIGH,i,_shift+1)];
FL=Low[Lowest(NULL,0,MODE_LOW,i,_shift+1)];
if (Formula==0) FP=NormalizeDouble((FH+FL+Close[_shift+1])/3.0,Digits); else FP=NormalizeDouble((FH+FL+2*Close[_shift+1])/4.0,Digits);
ExtMapBuffer1[_shift]=FP;
ResBuffer[_shift]=NormalizeDouble(FP+(FP-FL),Digits);
SupBuffer[_shift]=NormalizeDouble(FP-(FH-FP),Digits);
ResBuffer2[_shift]=NormalizeDouble(FP+(FH-FL),Digits);
SupBuffer2[_shift]=NormalizeDouble(FP-(FH-FL),Digits);
//----
}
//+------------------------------------------------------------------+
//| Êîïèðîâàòü FP,Res1,Sup1,Res2 è Sup2 ïðîøåäøåãî äíÿ |
//+------------------------------------------------------------------+
void CopyLevelsDay(int _shift)
{
ExtMapBuffer1[_shift]=ExtMapBuffer1[_shift+1];
ResBuffer[_shift]=ResBuffer[_shift+1];
SupBuffer[_shift]=SupBuffer[_shift+1];
ResBuffer2[_shift]=ResBuffer2[_shift+1];
SupBuffer2[_shift]=SupBuffer2[_shift+1];
}
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
if (Formula!=0)Formula=1;
string label1="Pivot_Res2("+Formula+")";
string label2="Pivot_Res("+Formula+")";
string label3="Pivot_Point("+Formula+")";
string label4="Pivot_Sup("+Formula+")";
string label5="Pivot_Sup2("+Formula+")";
//---- indicators
SetIndexStyle(0,DRAW_LINE);
SetIndexArrow(0,160);
SetIndexBuffer(0,ResBuffer2);
SetIndexEmptyValue(0,0.0);
SetIndexLabel(0,label1);
SetIndexStyle(1,DRAW_LINE);
SetIndexArrow(1,160);
SetIndexBuffer(1,ResBuffer);
SetIndexEmptyValue(1,0.0);
SetIndexLabel(1,label2);
SetIndexStyle(2,DRAW_LINE);
SetIndexArrow(2,160);
SetIndexBuffer(2,ExtMapBuffer1);
SetIndexEmptyValue(2,0.0);
SetIndexLabel(2,label3);
SetIndexStyle(3,DRAW_LINE);
SetIndexArrow(3,160);
SetIndexBuffer(3,SupBuffer);
SetIndexEmptyValue(3,0.0);
SetIndexLabel(3,label4);
SetIndexStyle(4,DRAW_LINE);
SetIndexArrow(4,160);
SetIndexBuffer(4,SupBuffer2);
SetIndexEmptyValue(4,0.0);
SetIndexLabel(4,label5);
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int limit,firstDay;
int counted_bars=IndicatorCounted();
if (counted_bars<0) return(0);
if (counted_bars==0)
{
limit=Bars-1;
i=1;
firstDay=TimeDay(Time[limit]);
while (TimeDay(Time[limit-i])==firstDay) i++;
limit=limit-i-PERIOD_D1/Period();
}
if (counted_bars>0) limit=Bars-counted_bars;
//----
if (Period()>PERIOD_H4) return;
for (shift=limit;shift>=0;shift--)
{
if (isNewDay(shift)) GetRSofDay(shift); else CopyLevelsDay(shift);
}
//----
return(0);
}
//+------------------------------------------------------------------+
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