Waddah_Attar_Pivot_Fibo_Second

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Author: Copyright � 2007, www.metaforex.net
Waddah_Attar_Pivot_Fibo_Second

This script is a specialized technical analysis tool designed to identify key price levels on a trading chart. It automates the calculation of "Pivot Points," which are specific horizontal price markers that traders use to anticipate potential areas of support (where prices might stop falling) and resistance (where prices might stop rising).

Core Logic and Functionality

The logic operates primarily on a daily timeframe to establish these boundaries. Here is a breakdown of how the tool processes information:

1. Data Collection The script looks back at the previous day's trading activity. It specifically gathers four pieces of data from that period:

  • The highest price reached.
  • The lowest price reached.
  • The opening price.
  • The closing price.

2. The Central Pivot Calculation Using these four data points, the script calculates a "Central Pivot Point." This is essentially the average balance of the previous day's movement. It serves as the primary anchor for all other levels generated by the tool.

3. Range Measurement The script then calculates the "Range"—the total distance between the previous day's high and low prices. This range determines how far away the subsequent support and resistance lines will be placed.

4. Multi-Level Projection Once the Central Pivot and the Range are established, the script projects eight distinct price levels:

  • Resistance Levels (R4, R5, R6, R7): These are calculated by adding specific multipliers of the daily range to the Central Pivot. These represent "ceilings" where the price may face difficulty pushing higher.
  • Support Levels (S4, S5, S6, S7): These are calculated by subtracting those same multipliers from the Central Pivot. These represent "floors" where the price may find買う support and bounce back up.

Visual Representation

To make this information easy for a trader to read at a glance, the script handles the visual layout automatically:

  • Dynamic Lines: It draws continuous lines on your chart corresponding to these eight levels.
  • Color Coding: To distinguish between "ceiling" and "floor" prices, it uses a color system where Resistance levels are typically marked in Green and Support levels in Red.
  • Labels and Anchors: The script automatically places text labels (e.g., "R4", "S5") next to the price points so you can identify each level instantly without guessing which line is which.
  • Automatic Cleanup: When you remove the indicator, the script is programmed to automatically clear these lines and labels from your chart to keep your workspace clean.
Price Data Components
Series array that contains the highest prices of each barSeries array that contains the lowest prices of each barSeries array that contains close prices for each barSeries array that contains open prices of each bar
Miscellaneous
Implements a curve of type %1
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Waddah_Attar_Pivot_Fibo_Second 
//+------------------------------------------------------------------+
//|                                               Waddah Attar Pivot |
//|                               Copyright © 2007, ww.metaforex.net |
//|                                   Waddah Attar www.metaforex.net |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2007, www.metaforex.net"
#property link      "www.metaforex.net"
//----
#property indicator_chart_window
#property indicator_buffers 8
#property indicator_color1 Green
#property indicator_color2 Red
#property indicator_color3 Green
#property indicator_color4 Red
#property indicator_color5 Green
#property indicator_color6 Red
#property indicator_color7 Green
#property indicator_color8 Red
//---- buffers
double P1Buffer[];
double P2Buffer[];
double P3Buffer[];
double P4Buffer[];
double P5Buffer[];
double P6Buffer[];
double P7Buffer[];
double P8Buffer[];
//----
int myPeriod = PERIOD_D1;
//----
double PP, R4, S4, R5, S5, R6, S6, R7, S7, Q;
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
   SetIndexBuffer(0, P1Buffer);
   SetIndexBuffer(1, P2Buffer);
   SetIndexBuffer(2, P3Buffer);
   SetIndexBuffer(3, P4Buffer);
   SetIndexBuffer(4, P5Buffer);
   SetIndexBuffer(5, P6Buffer);
   SetIndexBuffer(6, P7Buffer);
   SetIndexBuffer(7, P8Buffer);
//----   
   SetIndexStyle(0, DRAW_LINE, STYLE_SOLID, 1);
   SetIndexStyle(1, DRAW_LINE, STYLE_SOLID, 1);
   SetIndexStyle(2, DRAW_LINE, STYLE_SOLID, 1);
   SetIndexStyle(3, DRAW_LINE, STYLE_SOLID, 1);
   SetIndexStyle(4, DRAW_LINE, STYLE_SOLID, 1);
   SetIndexStyle(5, DRAW_LINE, STYLE_SOLID, 1);
   SetIndexStyle(6, DRAW_LINE, STYLE_SOLID, 1);
   SetIndexStyle(7, DRAW_LINE, STYLE_SOLID, 1);
//----   
   return(0);
  }
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
   ObjectDelete("DayR4");
   ObjectDelete("DayR5");
   ObjectDelete("DayR6");
   ObjectDelete("DayR7");
//----
   ObjectDelete("DayS4");
   ObjectDelete("DayS5");
   ObjectDelete("DayS6");
   ObjectDelete("DayS7");
//----
   ObjectDelete("txtDayR4");
   ObjectDelete("txtDayR5");
   ObjectDelete("txtDayR6");
   ObjectDelete("txtDayR7");
//----   
   ObjectDelete("txtDayS4");
   ObjectDelete("txtDayS5");
   ObjectDelete("txtDayS6");
   ObjectDelete("txtDayS7");
//----   
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
   int i, dayi, counted_bars = IndicatorCounted();
//---- check for possible errors
   if(counted_bars < 0) 
       return(-1);
//---- last counted bar will be recounted
   if(counted_bars > 0) 
       counted_bars--;  
   int limit = Bars - counted_bars;
//----   
   for(i = limit - 1; i >= 0; i--)
     {
       dayi = iBarShift(Symbol(), myPeriod, Time[i], false);
       Q = (iHigh(Symbol(), myPeriod,dayi+1) - iLow(Symbol(), myPeriod, 
            dayi + 1));
       //----
       PP=(iHigh(Symbol(), myPeriod, dayi + 1) + 
           iLow(Symbol(), myPeriod, dayi + 1) +
           iClose(Symbol(), myPeriod, dayi + 1) +
           iOpen(Symbol(), myPeriod,dayi)) / 4;
       //----    
       R4 = PP + (Q * 0.62);
       S4 = PP - (Q * 0.62);
       //----
       R5 = PP + (Q * 0.76);
       S5 = PP - (Q * 0.76);
       //----
       R6 = PP + (Q * 1);
       S6 = PP - (Q * 1);
       //----
       R7 = PP + (Q * 1.23);
       S7 = PP - (Q * 1.23);

       P1Buffer[i] = R4;
       SetPrice("DayR4", Time[i], R4, Green);
       SetText("txtDayR4", "R4", Time[i], R4, Green);
       //----
       P2Buffer[i] = S4;
       SetPrice("DayS4", Time[i], S4, Red);
       SetText("txtDayS4", "S4", Time[i], S4, Red);
       //----
       P3Buffer[i] = R5;
       SetPrice("DayR5", Time[i], R5, Green);
       SetText("txtDayR5", "R5", Time[i], R5, Green);
       //----
       P4Buffer[i] = S5;
       SetPrice("DayS5", Time[i], S5, Red);
       SetText("txtDayS5", "S5", Time[i], S5, Red);
       //----
       P5Buffer[i] = R6;
       SetPrice("DayR6", Time[i], R6, Green);
       SetText("txtDayR6", "R6", Time[i], R6, Green);
       //----
       P6Buffer[i] = S6;
       SetPrice("DayS6", Time[i], S6, Red);
       SetText("txtDayS6", "S6", Time[i], S6, Red);
       //----
       P7Buffer[i] = R7;
       SetPrice("DayR7", Time[i], R7, Green);
       SetText("txtDayR7", "R7", Time[i], R7, Green);
       //----
       P8Buffer[i] = S7;
       SetPrice("DayS7", Time[i], S7, Red);
       SetText("txtDayS7", "S7", Time[i], S7, Red);
    }
//----
   return(0);
  }
//+------------------------------------------------------------------+
//|                                                                  |
//+------------------------------------------------------------------+
void SetPrice(string name, datetime Tm, double Prc, color clr)
  {
   if(ObjectFind(name) == -1)
     {
       ObjectCreate(name, OBJ_ARROW, 0, Tm, Prc);
       ObjectSet(name, OBJPROP_COLOR, clr);
       ObjectSet(name, OBJPROP_WIDTH, 1);
       ObjectSet(name, OBJPROP_ARROWCODE, SYMBOL_RIGHTPRICE);
     }
   else
     {
       ObjectSet(name, OBJPROP_TIME1, Tm);
       ObjectSet(name, OBJPROP_PRICE1, Prc);
       ObjectSet(name, OBJPROP_COLOR, clr);
       ObjectSet(name, OBJPROP_WIDTH, 1);
       ObjectSet(name, OBJPROP_ARROWCODE, SYMBOL_RIGHTPRICE);
     } 
  }
//+------------------------------------------------------------------+
//|                                                                  |
//+------------------------------------------------------------------+
void SetText(string name,string txt, datetime Tm, double Prc, color clr)
  {
   if(ObjectFind(name) == -1)
     {
       ObjectCreate(name, OBJ_TEXT, 0, Tm, Prc);
       ObjectSetText(name, txt, 10, "Times New Roman", clr);
       ObjectSet(name, OBJPROP_CORNER, 2);
     }
   else
     {
       ObjectSet(name, OBJPROP_TIME1, Tm);
       ObjectSet(name, OBJPROP_PRICE1, Prc);
       ObjectSetText(name, txt, 10, "Times New Roman", clr);
       ObjectSet(name, OBJPROP_CORNER, 2);
     } 
  }
//+------------------------------------------------------------------+

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