PrevDayAndFloatingPivot_O
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This script is designed to provide traders with visual references for key price levels on a trading chart. It automatically calculates and plots two distinct types of "Pivot" levels: one based on the opening price of the previous trading day and another that adjusts dynamically throughout the current trading day.
Key Functionalities
1. Previous Day Pivot Identification The script identifies the starting point of the previous active trading session. To ensure accuracy, it includes logic to skip over Sundays, identifying only valid trading days (Monday through Saturday). It then marks the "Opening Price" of that specific previous day as a fixed reference point on your chart.
2. Dynamic "Floating" Current Pivot Unlike a standard pivot that remains static once calculated, this script creates a "floating" pivot for the current day. This value is recalculated with every new price tick based on three specific components:
- The highest price reached today so far.
- The lowest price reached today so far.
- The current market closing price of the active bar.
By averaging these three figures equally, the script provides a moving equilibrium point that reacts in real-time to the day's volatility and price action.
3. Automated Time Tracking The logic handles the complexities of timeframes automatically. Whether you are looking at a 15-minute chart or a 1-hour chart, the script independently calculates where the current day began and scans backward through historical data to find the correct previous trading bars without requiring manual input from the user.
Visual Output
The indicator populates your chart with two distinct lines:
- Previous Day Pivot: A constant level representing the opening price of the last non-Sunday trading day.
- Floating Current Pivot: A reactive line that moves as the market moves, helping to visualize the current "center of gravity" for the day's price action.
//+------------------------------------------------------------------+
//| PrevDayAndFloatingPivot.mq4 |
//| Copyright © 2006, mbkennel@gmail.com |
//| http://www.metatrader.org |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2006, mbkennel@gmail.com"
#property link "http://www.metatrader.org"
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 Red
#property indicator_color2 Magenta
//---- buffers
double ExtMapBuffer1[];
double ExtMapBuffer2[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0,ExtMapBuffer1);
SetIndexStyle(1,DRAW_LINE);
SetIndexBuffer(1,ExtMapBuffer2);
SetIndexLabel(0,"Previous Day Pivot");
SetIndexLabel(1,"Floating current pivot");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
//----
return(0);
}
int TodaysBarShift(int shift) {
// return the bar shift for today.
// i.e. not today.
datetime timenow= iTime(NULL,Period(),shift); // shift of current bar on lower TF chart.
int idaybarshift = iBarShift(NULL,PERIOD_D1,timenow,false);
datetime timedaybegin = iTime(NULL,PERIOD_D1,idaybarshift);
if ((timedaybegin) > timenow) idaybarshift++;
return(idaybarshift);
}
int PreviousNonSundayBarShift(int shift) {
int tbs = TodaysBarShift(shift);
int ybs = tbs+1;
datetime yesterdaybegin = iTime(NULL,PERIOD_D1,ybs);
if (TimeDayOfWeek(yesterdaybegin) == 0) ybs++; // we found a Sunday bar so screw it.
return(ybs);
}
void TodaysHighestLowest(double& H, double& L, int shift) {
// return the higest and lowest so far today.
datetime now = iTime(NULL,Period(),shift); // time value of bar.
int tbs = TodaysBarShift(shift);
datetime daybegin = iTime(NULL,PERIOD_D1,tbs);
H = High[shift];
L = Low[shift];
int j = shift+1;
while ( iTime(NULL,Period(),j) >= daybegin) {
double Ht = High[j];
double Lt = Low[j];
H = MathMax(H,Ht);
L = MathMin(L,Lt);
j++;
if ((j-shift) > 24) {
Print ("Shit!");
break;
}
}
return;
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
//----
int limit = Bars-counted_bars;
for (int i=limit; i >= 0; i--) {
// Get the prev days pivot. Today's pivot.
int ybs = PreviousNonSundayBarShift(i);
int tdbar = TodaysBarShift(i);
// Prev day's pivot:
double p = iOpen(NULL,PERIOD_D1,tdbar);
double TH,TL;
TodaysHighestLowest(TH,TL,i);
double flp = (TH+TL+Close[i])*0.33333;
ExtMapBuffer1[i] = p;
ExtMapBuffer2[i] = flp;
//
}
//----
return(0);
}
//+------------------------------------------------------------------+
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