This script is designed to automate the drawing of various technical analysis levels on a trading chart. Its primary purpose is to identify significant price boundaries based on historical data—specifically looking at the price action from the previous trading day and the current ongoing day.
Core Logic and Functionality
Time Zone Management The script includes a sophisticated mechanism to handle different time zones. It can distinguish between your local computer's time and a specific "destination" time zone (such as the London or New York sessions). This ensures that the "Daily" highs and lows are calculated based on the actual start and end of the trading session in that region, rather than just the arbitrary midnight of your local clock.
Data Collection To generate its levels, the script performs a "look-back" analysis:
- Yesterday’s Data: It scans the previous full trading day to identify the absolute High, Low, and the Closing price.
- Today’s Data: It monitors the current day's progress to identify the highest and lowest points reached so far.
Technical Level Calculations Once the historical data is gathered, the script automatically calculates and plots several different types of technical markers:
- Pivot Points: This is the primary feature. It calculates a central "Pivot" price and subsequent Support (S1, S2, S3) and Resistance (R1, R2, R3) levels. These are used by traders to identify areas where price might stall or reverse.
- Fibonacci Levels: The script can project standard Fibonacci retracement percentages (such as 38.2% and 61.8%) based on the range of yesterday's price action.
- Camarilla Levels: It calculates specific "breakout" levels (H3, H4, L3, L4) which are often used by day traders to identify potential targets for price movement.
- Midpoint Pivots: For more granular analysis, it can draw the "middle" points between the standard Support and Resistance lines.
- Sweet Spots: The script identifies specific price intervals based on the current live market price.
Visual Aids and Information Beyond drawing lines, the script provides several visual conveniences:
- Dynamic Labeling: It places text labels on the chart so you can see exactly which price level is which (e.g., "R1", "Pivot", "Yesterday's High").
- Session Markers: It draws vertical dotted lines to visually separate the start and end of the previous trading day.
- Dashboard Comment: It generates a summary in the corner of your chart, showing you a quick glance at the current daily range in pips, today’s high/low, and the calculated pivot numbers.
Summary for the User
Essentially, this tool eliminates the manual math required for day trading. Instead of you having to calculate where "Resistance" or "Support" lies based on yesterday's performance, the script identifies those zones automatically every time the market updates, adjusting for your preferred time zone and displaying the most relevant data points visually on your chart.
Price Data Components
Miscellaneous
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SDX-TzPivots_v2
//+------------------------------------------------------------------+
//| Pivot.mq4 |
//| |
//| |
//+------------------------------------------------------------------+
#property copyright "Copyright Shimodax"
#property link "http://www.strategybuilderfx.com"
#property indicator_chart_window
// ---- user input ---------------
/*
LocalTimeZone: TimeZone for which MT4 shows your local time,
e.g. 1 or 2 for Europe (GMT+1 or GMT+2 (daylight
savings time). Use zero for no adjustment.
DestTimeZone: TimeZone for the session from which to calculate
the levels (e.g. 1 or 2 for the European session
(without or with daylight savings time).
Use zero for GMT
Example: If your MT server is living in the EST (Eastern Standard Time,
GMT-5) zone and want to calculate the levels for the London trading
session (European time in summer GMT+1), then enter -5 for
LocalTimeZone, 1 for Dest TimeZone.
Please understand that the LocalTimeZone setting depends on the
time on your MetaTrader charts (for example the demo server
from MetaQuotes always lives in CDT (+2) or CET (+1), no matter
what the clock on your wall says.
If in doubt, leave everything to zero.
*/
extern int LocalTimeZone= 0;
extern int DestTimeZone= 0;
extern int LineStyle= 2;
extern bool ShowComment = true;
extern bool ShowLevelPrices = false;
extern bool ShowHighLowOpen = true;
extern bool ShowSweetSpots = true;
extern bool ShowPivots = true;
extern bool ShowFibos= false;
extern bool ShowMidPitvot = false;
extern bool ShowCamarilla = false;
extern int BarForLabels= 10; // number of bars from right, where lines labels will be shown
extern bool DebugLogger = false;
/*
The following doesn't work yet, please leave it to 0/24:
TradingHoursFrom: First hour of the trading session in the destination
time zone.
TradingHoursTo: Last hour of the trading session in the destination
time zone (the hour starting with this value is excluded,
i.e. 18 means up to 17:59 o'clock)
Example: If you are lving in the EST (Eastern Standard Time, GMT-5)
zone and want to calculate the levels for the London trading
session (European time GMT+1, 08:00 - 17:00), then enter
-5 for LocalTimeZone, 1 for Dest TimeZone, 8 for HourFrom
and 17 for hour to.
*/
int TradingHoursFrom= 0;
int TradingHoursTo= 24;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
return(0);
}
int deinit()
{
int obj_total= ObjectsTotal();
for (int i= obj_total; i>=0; i--) {
string name= ObjectName(i);
if (StringSubstr(name,0,7)=="[PIVOT]")
ObjectDelete(name);
}
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
static datetime timelastupdate= 0;
static datetime lasttimeframe= 0;
datetime startofday= 0,
startofyesterday= 0;
double today_high= 0,
today_low= 0,
today_open= 0,
yesterday_high= 0,
yesterday_open= 0,
yesterday_low= 0,
yesterday_close= 0;
int idxfirstbaroftoday= 0,
idxfirstbarofyesterday= 0,
idxlastbarofyesterday= 0;
// no need to update these buggers too often
if (CurTime()-timelastupdate < 600 && Period()==lasttimeframe)
return (0);
lasttimeframe= Period();
timelastupdate= CurTime();
//---- exit if period is greater than daily charts
if(Period() > 1440) {
Alert("Error - Chart period is greater than 1 day.");
return(-1); // then exit
}
if (DebugLogger) {
Print("Local time current bar:", TimeToStr(iTime(NULL, PERIOD_H1, 0)));
Print("Dest time current bar: ", TimeToStr(iTime(NULL, PERIOD_H1, 0)- (LocalTimeZone - DestTimeZone)*3600), ", tzdiff= ", LocalTimeZone - DestTimeZone);
}
// let's find out which hour bars make today and yesterday
ComputeDayIndices(LocalTimeZone, DestTimeZone, idxfirstbaroftoday, idxfirstbarofyesterday, idxlastbarofyesterday);
startofday= iTime(NULL, PERIOD_H1, idxfirstbaroftoday); // datetime (x-value) for labes on horizontal bars
startofyesterday= iTime(NULL, PERIOD_H1, idxfirstbarofyesterday); // datetime (x-value) for labes on horizontal bars
//
// walk forward through yestday's start and collect high/lows within the same day
//
yesterday_high= -99999; // not high enough to remain alltime high
yesterday_low= +99999; // not low enough to remain alltime low
for (int idxbar= idxfirstbarofyesterday; idxbar>=idxlastbarofyesterday; idxbar--) {
if (yesterday_open==0) // grab first value for open
yesterday_open= iOpen(NULL, PERIOD_H1, idxbar);
yesterday_high= MathMax(iHigh(NULL, PERIOD_H1, idxbar), yesterday_high);
yesterday_low= MathMin(iLow(NULL, PERIOD_H1, idxbar), yesterday_low);
// overwrite close in loop until we leave with the last iteration's value
yesterday_close= iClose(NULL, PERIOD_H1, idxbar);
}
//
// walk forward through today and collect high/lows within the same day
//
today_open= iOpen(NULL, PERIOD_H1, idxfirstbaroftoday); // should be open of today start trading hour
today_high= -99999; // not high enough to remain alltime high
today_low= +99999; // not low enough to remain alltime low
for (int j= idxfirstbaroftoday; j>=0; j--) {
today_high= MathMax(today_high, iHigh(NULL, PERIOD_H1, j));
today_low= MathMin(today_low, iLow(NULL, PERIOD_H1, j));
}
// draw the vertical bars that marks the time span
double level= (yesterday_high + yesterday_low + yesterday_close) / 3;
SetTimeLine("YesterdayStart", "yesterday", idxfirstbarofyesterday, CadetBlue, level - 4*Point);
SetTimeLine("YesterdayEnd", "today", idxfirstbaroftoday, CadetBlue, level - 4*Point);
if (DebugLogger)
Print("Timezoned values: yo= ", yesterday_open, ", yc =", yesterday_close, ", yhigh= ", yesterday_high, ", ylow= ", yesterday_low, ", to= ", today_open);
//
//---- Calculate Levels
//
double p, q, d, r1,r2,r3, s1,s2,s3;
d = (today_high - today_low);
q = (yesterday_high - yesterday_low);
p = (yesterday_high + yesterday_low + yesterday_close) / 3;
r1 = (2*p)-yesterday_low;
r2 = p+(yesterday_high - yesterday_low); // r2 = p-s1+r1;
r3 = (2*p)+(yesterday_high-(2*yesterday_low));
s1 = (2*p)-yesterday_high;
s2 = p-(yesterday_high - yesterday_low); // s2 = p-r1+s1;
s3 = (2*p)-((2* yesterday_high)-yesterday_low);
//---- High/Low, Open
if (ShowHighLowOpen) {
SetLevel("Y\'s High", yesterday_high, Orange, LineStyle, startofyesterday);
SetLevel("T\'s Open", today_open, Orange, LineStyle, startofday);
SetLevel("Y\'s Low", yesterday_low, Orange, LineStyle, startofyesterday);
}
//---- High/Low, Open
if (ShowSweetSpots) {
int ssp1, ssp2;
double ds1, ds2;
ssp1= Bid / Point;
ssp1= ssp1 - ssp1%50;
ssp2= ssp1 + 50;
ds1= ssp1*Point;
ds2= ssp2*Point;
SetLevel(DoubleToStr(ds1,Digits), ds1, Gold, LineStyle, Time[10]);
SetLevel(DoubleToStr(ds2,Digits), ds2, Gold, LineStyle, Time[10]);
}
//---- Pivot Lines
if (ShowPivots==true) {
SetLevel("R1", r1, Blue, LineStyle, startofday);
SetLevel("R2", r2, Blue, LineStyle, startofday);
SetLevel("R3", r3, Blue, LineStyle, startofday);
SetLevel("Pivot", p, Magenta, LineStyle, startofday);
SetLevel("S1", s1, Red, LineStyle, startofday);
SetLevel("S2", s2, Red, LineStyle, startofday);
SetLevel("S3", s3, Red, LineStyle, startofday);
}
//---- Fibos of yesterday's range
if (ShowFibos) {
// .618, .5 and .382
SetLevel("Low - 61.8%", yesterday_low - q*0.618, Yellow, LineStyle, startofday);
SetLevel("Low - 38.2%", yesterday_low - q*0.382, Yellow, LineStyle, startofday);
SetLevel("Low + 38.2%", yesterday_low + q*0.382, Yellow, LineStyle, startofday);
SetLevel("LowHigh 50%", yesterday_low + q*0.5, Yellow, LineStyle, startofday);
SetLevel("High - 38.2%", yesterday_high - q*0.382, Yellow, LineStyle, startofday);
SetLevel("High + 38.2%", yesterday_high + q*0.382, Yellow, LineStyle, startofday);
SetLevel("High + 61.8%", yesterday_high + q*0.618, Yellow, LineStyle, startofday);
}
//----- Camarilla Lines
if (ShowCamarilla==true) {
double h4,h3,l4,l3;
h4 = (q*0.55)+yesterday_close;
h3 = (q*0.27)+yesterday_close;
l3 = yesterday_close-(q*0.27);
l4 = yesterday_close-(q*0.55);
SetLevel("H3", h3, Khaki, LineStyle, startofday);
SetLevel("H4", h4, Khaki, LineStyle, startofday);
SetLevel("L3", l3, Khaki, LineStyle, startofday);
SetLevel("L4", l4, Khaki, LineStyle, startofday);
}
//------ Midpoints Pivots
if (ShowMidPitvot==true) {
// mid levels between pivots
SetLevel("MR3", (r2+r3)/2, Green, LineStyle, startofday);
SetLevel("MR2", (r1+r2)/2, Green, LineStyle, startofday);
SetLevel("MR1", (p+r1)/2, Green, LineStyle, startofday);
SetLevel("MS1", (p+s1)/2, Green, LineStyle, startofday);
SetLevel("MS2", (s1+s2)/2, Green, LineStyle, startofday);
SetLevel("MS3", (s2+s3)/2, Green, LineStyle, startofday);
}
//------ Comment for upper left corner
if (ShowComment) {
string comment;
comment= comment + "-- Good luck with your trading! ---\n";
comment= comment + "Range: Yesterday "+DoubleToStr(MathRound(q/Point),0) +" pips, Today "+DoubleToStr(MathRound(d/Point),0)+" pips" + "\n";
comment= comment + "Highs: Yesterday "+DoubleToStr(yesterday_high,Digits) +", Today "+DoubleToStr(today_high,Digits) +"\n";
comment= comment + "Lows: Yesterday "+DoubleToStr(yesterday_low,Digits) +", Today "+DoubleToStr(today_low,Digits) +"\n";
comment= comment + "Close: Yesterday "+DoubleToStr(yesterday_close,Digits) + "\n";
comment= comment + "Pivot: " + DoubleToStr(p,Digits) + ", S1/2/3: " + DoubleToStr(s1,Digits) + "/" + DoubleToStr(s2,Digits) + "/" + DoubleToStr(s3,Digits) + "\n" ;
comment= comment + "Fibos: " + DoubleToStr(yesterday_low + q*0.382, Digits) + ", " + DoubleToStr(yesterday_high - q*0.382,Digits) + "\n";
Comment(comment);
}
return(0);
}
//+------------------------------------------------------------------+
//| Compute index of first/last bar of yesterday and today |
//+------------------------------------------------------------------+
void ComputeDayIndices(int tzlocal, int tzdest, int &idxfirstbaroftoday, int &idxfirstbarofyesterday, int &idxlastbarofyesterday)
{
int tzdiff= tzlocal - tzdest,
tzdiffsec= tzdiff*3600;
int dayofweektoday= TimeDayOfWeek(iTime(NULL, PERIOD_H1, 0) - tzdiffsec), // what day is today in the dest timezone?
dayofweektofind= -1;
//
// due to gaps in the data, and shift of time around weekends (due
// to time zone) it is not as easy as to just look back for a bar
// with 00:00 time
//
idxfirstbaroftoday= 0;
idxfirstbarofyesterday= 0;
idxlastbarofyesterday= 0;
switch (dayofweektoday) {
case 6: // sat
case 0: // sun
case 1: // mon
dayofweektofind= 5; // yesterday in terms of trading was previous friday
break;
default:
dayofweektofind= dayofweektoday -1;
break;
}
if (DebugLogger) {
Print("Dayofweektoday= ", dayofweektoday);
Print("Dayofweekyesterday= ", dayofweektofind);
}
// search backwards for the last occrrence (backwards) of the day today (today's first bar)
for (int i=1; i<=25; i++) {
datetime timet= iTime(NULL, PERIOD_H1, i) - tzdiffsec;
if (TimeDayOfWeek(timet)!=dayofweektoday) {
idxfirstbaroftoday= i-1;
break;
}
}
// search backwards for the first occrrence (backwards) of the weekday we are looking for (yesterday's last bar)
for (int j= 0; j<=48; j++) {
datetime timey= iTime(NULL, PERIOD_H1, i+j) - tzdiffsec;
if (TimeDayOfWeek(timey)==dayofweektofind) { // ignore saturdays (a Sa may happen due to TZ conversion)
idxlastbarofyesterday= i+j;
break;
}
}
// search backwards for the first occurrence of weekday before yesterday (to determine yesterday's first bar)
for (j= 1; j<=24; j++) {
datetime timey2= iTime(NULL, PERIOD_H1, idxlastbarofyesterday+j) - tzdiffsec;
if (TimeDayOfWeek(timey2)!=dayofweektofind) { // ignore saturdays (a Sa may happen due to TZ conversion)
idxfirstbarofyesterday= idxlastbarofyesterday+j-1;
break;
}
}
if (DebugLogger) {
Print("Dest time zone\'s current day starts:", TimeToStr(iTime(NULL, PERIOD_H1, idxfirstbaroftoday)),
" (local time), idxbar= ", idxfirstbaroftoday);
Print("Dest time zone\'s previous day starts:", TimeToStr(iTime(NULL, PERIOD_H1, idxfirstbarofyesterday)),
" (local time), idxbar= ", idxfirstbarofyesterday);
Print("Dest time zone\'s previous day ends:", TimeToStr(iTime(NULL, PERIOD_H1, idxlastbarofyesterday)),
" (local time), idxbar= ", idxlastbarofyesterday);
}
}
//+------------------------------------------------------------------+
//| Helper |
//+------------------------------------------------------------------+
void SetLevel(string text, double level, color col1, int linestyle, datetime startofday)
{
int digits= Digits;
string labelname= "[PIVOT] " + text + " Label",
linename= "[PIVOT] " + text + " Line",
pricelabel;
// create or move the horizontal line
if (ObjectFind(linename) != 0) {
ObjectCreate(linename, OBJ_TREND, 0, startofday, level, Time[0],level);
ObjectSet(linename, OBJPROP_STYLE, linestyle);
ObjectSet(linename, OBJPROP_COLOR, col1);
}
else {
ObjectMove(linename, 1, Time[0],level);
ObjectMove(linename, 0, startofday, level);
}
// put a label on the line
if (ObjectFind(labelname) != 0) {
ObjectCreate(labelname, OBJ_TEXT, 0, MathMin(Time[BarForLabels], startofday + 2*Period()*60), level);
}
else {
ObjectMove(labelname, 0, MathMin(Time[BarForLabels], startofday+2*Period()*60), level);
}
pricelabel= " " + text;
if (ShowLevelPrices && StrToInteger(text)==0)
pricelabel= pricelabel + ": "+DoubleToStr(level, Digits);
ObjectSetText(labelname, pricelabel, 8, "Arial", White);
}
//+------------------------------------------------------------------+
//| Helper |
//+------------------------------------------------------------------+
void SetTimeLine(string objname, string text, int idx, color col1, double vleveltext)
{
string name= "[PIVOT] " + objname;
int x= iTime(NULL, PERIOD_H1, idx);
if (ObjectFind(name) != 0)
ObjectCreate(name, OBJ_TREND, 0, x, 0, x, 100);
else {
ObjectMove(name, 0, x, 0);
ObjectMove(name, 1, x, 100);
}
ObjectSet(name, OBJPROP_STYLE, STYLE_DOT);
ObjectSet(name, OBJPROP_COLOR, DarkGray);
if (ObjectFind(name + " Label") != 0)
ObjectCreate(name + " Label", OBJ_TEXT, 0, x, vleveltext);
else
ObjectMove(name + " Label", 0, x, vleveltext);
ObjectSetText(name + " Label", text, 8, "Arial", col1);
}
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