This script is designed to provide traders with automated technical analysis by identifying and drawing key price levels on a trading chart. Instead of manual calculation, the tool automatically extracts historical data to plot significant "Pivot Points," which represent potential areas of support or resistance where price might react.
How the Logic Works
The script follows a structured process to determine these levels:
1. Data Collection and Validation The tool first checks the timeframe of your chart. It is specifically designed for intraday use; if the timeframe is set larger than one day (e.g., weekly or monthly), it will notify the user that it cannot function correctly. It then automatically pulls price data—specifically the High, Low, Open, and Close prices—from the previous trading day to use as its foundation.
2. Core Calculations Once the data is gathered, the script performs three distinct types of mathematical calculations based on your preferences:
- Standard Pivot Points: These are the classic levels used by most traders. The script calculates a central "Pivot" (the average of yesterday's high, low, and close) and then projects Resistance (R1, R2, R3) and Support (S1, S2, S3) levels based on that center point and the previous day's range.
- Camarilla Levels: These are specialized levels often used by day traders to identify breakout points or reversal zones. The script calculates four specific "High" and "Low" markers (H3, H4, L3, L4) using a percentage-based approach of the previous day's range relative to yesterday's closing price.
- Midpoint Pivots: To provide even more granular detail, the script can calculate intermediate levels between the primary Pivot Points. This creates a series of "M" levels (M0 through M5), which help traders identify smaller zones of interest within the larger price structure.
3. Visual Display The final step is the visual rendering on your chart:
- Automatic Drawing: The script automatically draws horizontal lines and text labels for every level calculated. It differentiates these visually using colors (e.g., Red for Support, Lime Green for Resistance, and Yellow for Camarilla levels).
- Dynamic Updating: As new price data arrives, the script moves these lines to their correct positions in real-time, ensuring your chart always reflects the most current calculations.
- On-Screen Information: In addition to the lines, the script provides a summary comment at the top of the chart, showing the previous day's High, Low, and Range for quick reference.
Summary of Features
- Switchable Modules: You can turn the Pivots, Camarilla, and Midpoints on or off independently using the input settings.
- Clean Interface: The script automatically cleans up (deletes) all lines and labels from your chart when you remove it, ensuring your workspace stays tidy.
- Precision: By automating these calculations, it eliminates human error in determining where the next major price "walls" might appear.
15
Views
0
Downloads
0
Favorites
Pivot Lines2
//+------------------------------------------------------------------+
//| Pivot.mq4 |
//| Copyright © 2004, MetaQuotes Software Corp. |
//| http://www.metaquotes.net |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2004, MetaQuotes Software Corp."
#property link "http://www.metaquotes.net"
#property indicator_chart_window
extern bool pivots = true;
extern bool camarilla = true;
extern bool midpivots = true;
double day_high=0;
double day_low=0;
double yesterday_high=0;
double yesterday_open=0;
double yesterday_low=0;
double yesterday_close=0;
double today_open=0;
double today_high=0;
double today_low=0;
double P=0;
double Q=0;
double R1,R2,R3;
double M0,M1,M2,M3,M4,M5;
double S1,S2,S3;
double H4,H3,L4,L3;
double nQ=0;
double nD=0;
double D=0;
double rates_d1[2][6];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
R1=0; R2=0; R3=0;
M0=0; M1=0; M2=0; M3=0; M4=0; M5=0;
S1=0; S2=0; S3=0;
H4=0; H3=0; L4=0; L3=0;
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//---- TODO: add your code here
ObjectDelete("R1 Label");
ObjectDelete("R1 Line");
ObjectDelete("R2 Label");
ObjectDelete("R2 Line");
ObjectDelete("R3 Label");
ObjectDelete("R3 Line");
ObjectDelete("S1 Label");
ObjectDelete("S1 Line");
ObjectDelete("S2 Label");
ObjectDelete("S2 Line");
ObjectDelete("S3 Label");
ObjectDelete("S3 Line");
ObjectDelete("P Label");
ObjectDelete("P Line");
ObjectDelete("H4 Label");
ObjectDelete("H4 Line");
ObjectDelete("H3 Label");
ObjectDelete("H3 Line");
ObjectDelete("L3 Label");
ObjectDelete("L3 Line");
ObjectDelete("L4 Label");
ObjectDelete("L4 Line");
ObjectDelete("M5 Label");
ObjectDelete("M5 Line");
ObjectDelete("M4 Label");
ObjectDelete("M4 Line");
ObjectDelete("M3 Label");
ObjectDelete("M3 Line");
ObjectDelete("M2 Label");
ObjectDelete("M2 Line");
ObjectDelete("M1 Label");
ObjectDelete("M1 Line");
ObjectDelete("M0 Label");
ObjectDelete("M0 Line");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
//---- TODO: add your code here
//---- exit if period is greater than daily charts
if(Period() > 1440)
{
Print("Error - Chart period is greater than 1 day.");
return(-1); // then exit
}
//---- Get new daily prices
ArrayCopyRates(rates_d1, Symbol(), PERIOD_D1);
yesterday_close = rates_d1[1][4];
yesterday_open = rates_d1[1][1];
today_open = rates_d1[0][1];
yesterday_high = rates_d1[1][3];
yesterday_low = rates_d1[1][2];
day_high = rates_d1[0][3];
day_low = rates_d1[0][2];
//---- Calculate Pivots
D = (day_high - day_low);
Q = (yesterday_high - yesterday_low);
P = (yesterday_high + yesterday_low + yesterday_close) / 3;
R1 = (2*P)-yesterday_low;
S1 = (2*P)-yesterday_high;
R2 = P+(yesterday_high - yesterday_low);
S2 = P-(yesterday_high - yesterday_low);
H4 = (Q*0.55)+yesterday_close;
H3 = (Q*0.27)+yesterday_close;
R3 = (2*P)+(yesterday_high-(2*yesterday_low));
M5 = (R2+R3)/2;
// R2 = P-S1+R1;
M4 = (R1+R2)/2;
// R1 = (2*P)-yesterday_low;
M3 = (P+R1)/2;
// P = (yesterday_high + yesterday_low + yesterday_close)/3;
M2 = (P+S1)/2;
// S1 = (2*P)-yesterday_high;
M1 = (S1+S2)/2;
// S2 = P-R1+S1;
S3 = (2*P)-((2* yesterday_high)-yesterday_low);
L3 = yesterday_close-(Q*0.27);
L4 = yesterday_close-(Q*0.55);
M0 = (S2+S3)/2;
if (Q > 5)
{
nQ = Q;
}
else
{
nQ = Q*10000;
};
if (D > 5)
{
nD = D;
}
else
{
nD = D*10000;
};
Comment("High= ",yesterday_high," Previous Days Range= ",nQ,"\nLow= ",yesterday_low," Current Days Range= ",nD,"\nClose= ",yesterday_close);
//---- Set line labels on chart window
//---- Pivot Lines
if (pivots==true)
{
if(ObjectFind("R1 label") != 0)
{
ObjectCreate("R1 label", OBJ_TEXT, 0, Time[20], R1);
ObjectSetText("R1 label", " R1", 8, "Arial", White);
}
else
{
ObjectMove("R1 label", 0, Time[20], R1);
}
if(ObjectFind("R2 label") != 0)
{
ObjectCreate("R2 label", OBJ_TEXT, 0, Time[20], R2);
ObjectSetText("R2 label", " R2", 8, "Arial", White);
}
else
{
ObjectMove("R2 label", 0, Time[20], R2);
}
if(ObjectFind("R3 label") != 0)
{
ObjectCreate("R3 label", OBJ_TEXT, 0, Time[20], R3);
ObjectSetText("R3 label", " R3", 8, "Arial", White);
}
else
{
ObjectMove("R3 label", 0, Time[20], R3);
}
if(ObjectFind("P label") != 0)
{
ObjectCreate("P label", OBJ_TEXT, 0, Time[20], P);
ObjectSetText("P label", "Pivot", 8, "Arial", White);
}
else
{
ObjectMove("P label", 0, Time[20], P);
}
if(ObjectFind("S1 label") != 0)
{
ObjectCreate("S1 label", OBJ_TEXT, 0, Time[20], S1);
ObjectSetText("S1 label", "S1", 8, "Arial", White);
}
else
{
ObjectMove("S1 label", 0, Time[20], S1);
}
if(ObjectFind("S2 label") != 0)
{
ObjectCreate("S2 label", OBJ_TEXT, 0, Time[20], S2);
ObjectSetText("S2 label", "S2", 8, "Arial", White);
}
else
{
ObjectMove("S2 label", 0, Time[20], S2);
}
if(ObjectFind("S3 label") != 0)
{
ObjectCreate("S3 label", OBJ_TEXT, 0, Time[20], S3);
ObjectSetText("S3 label", "S3", 8, "Arial", White);
}
else
{
ObjectMove("S3 label", 0, Time[20], S3);
}
//--- Draw Pivot lines on chart
if(ObjectFind("S1 line") != 0)
{
ObjectCreate("S1 line", OBJ_HLINE, 0, Time[40], S1);
ObjectSet("S1 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("S1 line", OBJPROP_COLOR, Red);
}
else
{
ObjectMove("S1 line", 0, Time[40], S1);
}
if(ObjectFind("S2 line") != 0)
{
ObjectCreate("S2 line", OBJ_HLINE, 0, Time[40], S2);
ObjectSet("S2 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("S2 line", OBJPROP_COLOR, Red);
}
else
{
ObjectMove("S2 line", 0, Time[40], S2);
}
if(ObjectFind("S3 line") != 0)
{
ObjectCreate("S3 line", OBJ_HLINE, 0, Time[40], S3);
ObjectSet("S3 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("S3 line", OBJPROP_COLOR, Red);
}
else
{
ObjectMove("S3 line", 0, Time[40], S3);
}
if(ObjectFind("P line") != 0)
{
ObjectCreate("P line", OBJ_HLINE, 0, Time[40], P);
ObjectSet("P line", OBJPROP_STYLE, STYLE_DOT);
ObjectSet("P line", OBJPROP_COLOR, Magenta);
}
else
{
ObjectMove("P line", 0, Time[40], P);
}
if(ObjectFind("R1 line") != 0)
{
ObjectCreate("R1 line", OBJ_HLINE, 0, Time[40], R1);
ObjectSet("R1 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("R1 line", OBJPROP_COLOR, LimeGreen);
}
else
{
ObjectMove("R1 line", 0, Time[40], R1);
}
if(ObjectFind("R2 line") != 0)
{
ObjectCreate("R2 line", OBJ_HLINE, 0, Time[40], R2);
ObjectSet("R2 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("R2 line", OBJPROP_COLOR, LimeGreen);
}
else
{
ObjectMove("R2 line", 0, Time[40], R2);
}
if(ObjectFind("R3 line") != 0)
{
ObjectCreate("R3 line", OBJ_HLINE, 0, Time[40], R3);
ObjectSet("R3 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("R3 line", OBJPROP_COLOR, LimeGreen);
}
else
{
ObjectMove("R3 line", 0, Time[40], R3);
}
}
//---- End of Pivot Line Draw
//----- Camarilla Lines
if (camarilla==true)
{
if(ObjectFind("H4 label") != 0)
{
ObjectCreate("H4 label", OBJ_TEXT, 0, Time[20], H4);
ObjectSetText("H4 label", " H4", 8, "Arial", White);
}
else
{
ObjectMove("H4 label", 0, Time[20], H4);
}
if(ObjectFind("H3 label") != 0)
{
ObjectCreate("H3 label", OBJ_TEXT, 0, Time[20], H3);
ObjectSetText("H3 label", " H3", 8, "Arial", White);
}
else
{
ObjectMove("H3 label", 0, Time[20], H3);
}
if(ObjectFind("L3 label") != 0)
{
ObjectCreate("L3 label", OBJ_TEXT, 0, Time[20], L3);
ObjectSetText("L3 label", " L3", 8, "Arial", White);
}
else
{
ObjectMove("L3 label", 0, Time[20], L3);
}
if(ObjectFind("L4 label") != 0)
{
ObjectCreate("L4 label", OBJ_TEXT, 0, Time[20], L4);
ObjectSetText("L4 label", " L4", 8, "Arial", White);
}
else
{
ObjectMove("L4 label", 0, Time[20], L4);
}
//---- Draw Camarilla lines on Chart
if(ObjectFind("H4 line") != 0)
{
ObjectCreate("H4 line", OBJ_HLINE, 0, Time[40], H4);
ObjectSet("H4 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("H4 line", OBJPROP_COLOR, Yellow);
}
else
{
ObjectMove("H4 line", 0, Time[40], H4);
}
if(ObjectFind("H3 line") != 0)
{
ObjectCreate("H3 line", OBJ_HLINE, 0, Time[40], H3);
ObjectSet("H3 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("H3 line", OBJPROP_COLOR, Yellow);
}
else
{
ObjectMove("H3 line", 0, Time[40], H3);
}
if(ObjectFind("L3 line") != 0)
{
ObjectCreate("L3 line", OBJ_HLINE, 0, Time[40], L3);
ObjectSet("L3 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("L3 line", OBJPROP_COLOR, Yellow);
}
else
{
ObjectMove("L3 line", 0, Time[40], L3);
}
if(ObjectFind("L4 line") != 0)
{
ObjectCreate("L4 line", OBJ_HLINE, 0, Time[40], L4);
ObjectSet("L4 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("L4 line", OBJPROP_COLOR, Yellow);
}
else
{
ObjectMove("L4 line", 0, Time[40], L4);
}
}
//-------End of Draw Camarilla Lines
//------ Midpoints Pivots
if (midpivots==true)
{
if(ObjectFind("M5 label") != 0)
{
ObjectCreate("M5 label", OBJ_TEXT, 0, Time[20], M5);
ObjectSetText("M5 label", " M5", 8, "Arial", White);
}
else
{
ObjectMove("M5 label", 0, Time[20], M5);
}
if(ObjectFind("M4 label") != 0)
{
ObjectCreate("M4 label", OBJ_TEXT, 0, Time[20], M4);
ObjectSetText("M4 label", " M4", 8, "Arial", White);
}
else
{
ObjectMove("M4 label", 0, Time[20], M4);
}
if(ObjectFind("M3 label") != 0)
{
ObjectCreate("M3 label", OBJ_TEXT, 0, Time[20], M3);
ObjectSetText("M3 label", " M3", 8, "Arial", White);
}
else
{
ObjectMove("M3 label", 0, Time[20], M3);
}
if(ObjectFind("M2 label") != 0)
{
ObjectCreate("M2 label", OBJ_TEXT, 0, Time[20], M2);
ObjectSetText("M2 label", " M2", 8, "Arial", White);
}
else
{
ObjectMove("M2 label", 0, Time[20], M2);
}
if(ObjectFind("M1 label") != 0)
{
ObjectCreate("M1 label", OBJ_TEXT, 0, Time[20], M1);
ObjectSetText("M1 label", " M1", 8, "Arial", White);
}
else
{
ObjectMove("M1 label", 0, Time[20], M1);
}
if(ObjectFind("M0 label") != 0)
{
ObjectCreate("M0 label", OBJ_TEXT, 0, Time[20], M0);
ObjectSetText("M0 label", " M0", 8, "Arial", White);
}
else
{
ObjectMove("M0 label", 0, Time[20], M0);
}
//---- Draw Midpoint Pivots on Chart
if(ObjectFind("M5 line") != 0)
{
ObjectCreate("M5 line", OBJ_HLINE, 0, Time[40], M5);
ObjectSet("M5 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("M5 line", OBJPROP_COLOR, Blue);
}
else
{
ObjectMove("M5 line", 0, Time[40], M5);
}
if(ObjectFind("M4 line") != 0)
{
ObjectCreate("M4 line", OBJ_HLINE, 0, Time[40], M4);
ObjectSet("M4 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("M4 line", OBJPROP_COLOR, Blue);
}
else
{
ObjectMove("M4 line", 0, Time[40], M4);
}
if(ObjectFind("M3 line") != 0)
{
ObjectCreate("M3 line", OBJ_HLINE, 0, Time[40], M3);
ObjectSet("M3 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("M3 line", OBJPROP_COLOR, Blue);
}
else
{
ObjectMove("M3 line", 0, Time[40], M3);
}
if(ObjectFind("M2 line") != 0)
{
ObjectCreate("M2 line", OBJ_HLINE, 0, Time[40], M2);
ObjectSet("M2 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("M2 line", OBJPROP_COLOR, Blue);
}
else
{
ObjectMove("M2 line", 0, Time[40], M2);
}
if(ObjectFind("M1 line") != 0)
{
ObjectCreate("M1 line", OBJ_HLINE, 0, Time[40], M1);
ObjectSet("M1 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("M1 line", OBJPROP_COLOR, Blue);
}
else
{
ObjectMove("M1 line", 0, Time[40], M1);
}
if(ObjectFind("M0 line") != 0)
{
ObjectCreate("M0 line", OBJ_HLINE, 0, Time[40], M0);
ObjectSet("M0 line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("M0 line", OBJPROP_COLOR, Blue);
}
else
{
ObjectMove("M0 line", 0, Time[40], M0);
}
}
//----End of Midpoint Pivots Draw
//---- End Of Program
return(0);
}
//+------------------------------------------------------------------+
Comments