Pivot_Support_Historical2

Download script
Author: Copyright � 2005, MetaQuotes Software Corp.
Pivot_Support_Historical2

This script is designed for traders who use the MetaTrader platform to identify potential price "floors" or support levels based on historical daily price action. It automatically calculates and draws four specific support levels (labeled S1 through S4) directly onto your trading chart.

Core Functionality

The tool looks back at historical data—specifically the previous day's price movements—to calculate key technical pivot points. Instead of just showing you a single line, it provides a tiered range of support. These levels help traders visualize where price might encounter resistance to falling further or where it could potentially "bounce" upward.

How the Logic Works

To determine these levels, the script performs the following logic automatically:

  • Data Collection: The script scans through previous daily candles to identify three critical pieces of information: the highest price reached (High), the lowest price reached (Low), and the final price at the end of the day (Close).
  • Pivot Calculation: Using these three figures, it calculates a "Pivot Point," which is the mathematical average of the previous day's activity.
  • Support Level Generation: From that central Pivot Point, the script applies specific formulas to project four distinct support levels:
    • S1 & S2: These represent primary support zones closer to the current price action.
    • S3 & S4: These represent deeper, more significant support zones used for identifying major structural floors in the market.
  • Dynamic Updating: The script is programmed to recognize when a new day begins (taking into account time zone adjustments). When the day flips, it recalculates all four levels based on the new data provided by the previous session.

Visual Presentation

The script is designed for ease of use and clarity:

  • Historical Mapping: It draws these support lines back over a historical period (defined by the user), allowing you to see how price reacted to these levels in the past.
  • Real-Time Labels: It places text labels on the right side of your chart, clearly marking the exact price value for S1, S2, S3, and S4 so you don't have to guess the price at the line.
  • Current Price Focus: You can toggle whether the script shows the lines for the current day, helping keep your chart clean or providing more context depending on your trading style.

User Requirements & Constraints

For the script to function correctly, it requires specific chart settings:

  • Timeframe: The script is optimized for intraday charts and will display an alert if used on timeframes larger than 4 hours (as it relies on daily price data).
  • Customization: Users can easily adjust the color of the lines, the size of the text labels, and how many days of historical data they wish to see displayed at one time.
Price Data Components
Series array that contains open time of each bar
Miscellaneous
Implements a curve of type %1It issuies visual alerts to the screen
13 Views
0 Downloads
0 Favorites
Pivot_Support_Historical2 
//+------------------------------------------------------------------+
//|                                  Pivot Support Historical_V1.mq4 |
//|                      Copyright © 2005, MetaQuotes Software Corp. |
//|                                        http://www.metaquotes.net |
//| Modified to chart historical camarilla pivots by MrPip           |
//| 3/28/06 Fixed problem of Sunday/Monday pivots                    |
//|         and added some ideas from goodtiding5 (Kenneth Z.)       |
//| Modified 4/14/07 to chart historical Pivot supports by Traden4x  |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005, MetaQuotes Software Corp."
#property link      "http://www.metaquotes.net"

#property indicator_chart_window
#property indicator_buffers 4
#property indicator_color1 Magenta
#property indicator_color2 Magenta
#property indicator_color3 Magenta
#property indicator_color4 Magenta

//---- input parameters

extern int  GMTshift=0;
extern color LColor = Magenta;
extern int fontsize=8;
extern int LabelShift=11;
extern int DaysDrawBack=15;
extern bool DisplayCurrentLines = true;

double S1Buffer[];
double S2Buffer[];
double S3Buffer[];
double S4Buffer[];

double S1, S2, S3, S4, P, Q, D;

double prev_high=0;
double prev_low=0;
double prev_close=0;
double cur_day=0;
double prev_day=0;
double day_high=0;
double day_low=0;

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
   IndicatorBuffers(4);
//---- indicators
   SetIndexStyle(0,DRAW_LINE, STYLE_DASH);
   SetIndexBuffer(0,S1Buffer);
   SetIndexStyle(1,DRAW_LINE, STYLE_DASH);
   SetIndexBuffer(1,S2Buffer);
   SetIndexStyle(2,DRAW_LINE, STYLE_DASH);
   SetIndexBuffer(2,S3Buffer);
   SetIndexStyle(3,DRAW_LINE, STYLE_DASH);
   SetIndexBuffer(3,S4Buffer);
   
   SetIndexLabel(0,"S1");
   SetIndexLabel(1,"S2");
   SetIndexLabel(2,"S3");
   SetIndexLabel(3,"S4");

   
//----
//   IndicatorShortName("Support Pivots");
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//---- TODO: add your code here
   ObjectDelete("SupS1");
   ObjectDelete("SupS2");
   ObjectDelete("SupS3");
   ObjectDelete("SupS4");
   ObjectDelete("SupS1Line");
   ObjectDelete("SupS2Line");
   ObjectDelete("SupS3Line");
   ObjectDelete("SupS4Line");
//----
   return(0);
  }

//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
   int    counted_bars=DaysDrawBack*1440/Period();
   int cnt, limit;

//---- exit if period is greater than 4 hr charts
   if(Period() > 240)
   {
      Alert("Error - Chart period is greater than 4 Hr.");
      return(-1); // then exit
   }
   if(counted_bars<0) return(-1);

//---- last counted bar will be recounted
//   if(counted_bars>0) counted_bars--;

//   limit=(Bars-counted_bars)-1;
   limit=counted_bars;

//---- Get new daily prices & calculate pivots

   for (cnt=limit;cnt >=0;cnt--)
   {
   	if (TimeDayOfWeek(Time[cnt]) == 0)
	   {
        cur_day = prev_day;
	   }
	   else
	   {
        cur_day = TimeDay(Time[cnt]- (GMTshift*3600));
	   }
	   
   	if (prev_day != cur_day)
   	{
	   	prev_close = Close[cnt+1];
		   prev_high = day_high;
		   prev_low = day_low;

	      day_high = High[cnt];
 	      day_low  = Low[cnt];


P  = (prev_high+prev_low+prev_close)/3;
S1 = (2*P)-prev_high;
S2 = P-(prev_high-prev_low);
S3 = P-2*(prev_high-prev_low);
S4 = P-3*(prev_high-prev_low);

		   prev_day = cur_day;
	   }
      if (High[cnt]>day_high)
      {
         day_high = High[cnt];
      }
      if (Low[cnt]<day_low)
      {
         day_low = Low[cnt];
      }
      
      
      
//         day_low=Open[cnt]; day_high=Open[cnt];
      
      

//---  Draw  Pivot lines on chart

      S1Buffer[cnt]=S1;
      S2Buffer[cnt]=S2;
      S3Buffer[cnt]=S3;
      S4Buffer[cnt]=S4;
      
   }

   if (cur_day == TimeDay(CurTime()))   DisplayLabels();
//----
   return(0);
  }

void DisplayLabels()
{

      SetLabel("SupS1", "S 1", S1, LColor, LabelShift);
      SetLabel("SupS2", "S 2", S2, LColor, LabelShift);
      SetLabel("SupS3", "S 3", S3, LColor, LabelShift);
      SetLabel("SupS4", "S 4", S4, LColor, LabelShift);

// Display Current Lines

     if (DisplayCurrentLines)
     {
      SetLine("SupS1Line", S1, LColor);
      SetLine("SupS2Line", S2, LColor);
      SetLine("SupS3Line", S3, LColor);
      SetLine("SupS4Line", S4, LColor);
     }
}  

// put a label on the line   
void SetLabel(string textname, string text, double level, color col1, int LabelShift)
{
   double myLevel;
   int digits = MarketInfo(Symbol(), MODE_DIGITS);
   
   myLevel = NormalizeDouble(level, digits);
   
   

      if(ObjectFind(textname) != 0)
      {
      ObjectCreate(textname, OBJ_TEXT, 0, Time[LabelShift], myLevel);
      ObjectSetText(textname, "                                                 " + text + "   " + DoubleToStr(myLevel, digits), fontsize,"Arial",col1);
      }
      else
      {
         ObjectSetText(textname, "                                                 " + text + "   " + DoubleToStr(myLevel, digits), fontsize,"Arial",col1);
         ObjectMove(textname, 0, Time[LabelShift],myLevel);
      }
}
      
// create or move the horizontal line   
void SetLine(string linename, double level, color col1)
{

      if(ObjectFind(linename) != 0)
      {
      ObjectCreate(linename, OBJ_TREND, 0, Time[1], level, Time[0], level);
//      ObjectSet(linename, OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet(linename, OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet(linename, OBJPROP_COLOR, col1);
      ObjectSet(linename, OBJPROP_WIDTH, 1);
      }
      else
      {
      ObjectMove(linename, 1, Time[0], level);
      ObjectMove(linename, 0, Time[1], level);
      }
      
}
//+------------------------------------------------------------------+

Similar scripts

cam_H2_H5_Historical5

This indicator projects historical multi-level pivot points and resistance levels based on previous daily high, low, and closing price data to identify potential reversal zones.

Pivot_Mid_Resistance_Historical2

This indicator calculates and projects historical Camarilla pivot levels by identifying the arithmetic midpoints between primary resistance boundaries based on previous day's price extremes.

SweetSpotsGOLD

Automatically plots a multi-layered grid of horizontal price levels based on modular arithmetic to identify key liquidity zones and structural milestones.

SweetSpots

Dynamically projects a multi-tiered hierarchy of horizontal price levels based on fixed pip intervals and nested frequency scaling.

SweetSpots GOLD

Dynamically projects a hierarchical network of horizontal price boundaries based on modular arithmetic to identify recurring liquidity zones and structural milestones.

SDX-SweetSpots_v2

This indicator dynamically projects a series of horizontal levels based on fixed price increments, highlighting primary centennial milestones with solid lines and intermediate fifty-point intervals with dotted markers.

SDX-SweetSpots_v1

Dynamically projects horizontal price levels based on fixed point intervals to identify recurring structural pivot zones.

Lines_HiLo_Yesterday

This indicator visualizes historical price extremes by projecting previous session highs and lows onto the current chart to establish significant liquidity zones.

SDX-SweetSpots1_v1

This indicator projects a series of horizontal price boundaries based on fixed 50-point increments relative to the current market bid.

SDX-SweetSpots_Digit_Adjust

This indicator projects a series of horizontal price levels based on fixed pip increments to identify recurring liquidity zones and mathematical milestones.

HiLo Lines1

Identifies structural price extremes within a specific lookback window and projects offset levels to signal potential reversal or expansion points.

Comments