WeeklyPivot
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This indicator is designed to provide traders with a visual roadmap of key price levels based on the previous week's market activity. By identifying these specific points, it helps users anticipate potential areas of support and resistance where the price might react or reverse during the current trading week.
Core Logic and Functionality
The script operates by analyzing historical data from the preceding week to calculate a series of "Pivot Points." These are essentially equilibrium levels that define the structure of the current week's price movement.
How the calculations work: Each week, the indicator scans the historical price action to identify four primary variables: the highest price reached, the lowest price hit, the opening price, and the closing price of the previous week. Using these figures, the script automatically generates seven distinct horizontal levels:
- The Weekly Pivot Point: This serves as the central "balance" line for the week. It is calculated by averaging the high, low, open, and close of the previous week.
- Resistance Levels (R1, R2, R3): These represent "ceilings." They indicate areas where upward momentum may face pressure or where sellers might enter the market to push the price back down.
- Support Levels (S1, S2, S3): These represent "floors." They indicate areas where downward momentum may stall or where buyers might step in to prevent further price drops.
Visual Presentation
To ensure clarity for the user, the indicator organizes these levels using a color-coded system:
- Magenta: Highlights the main Weekly Pivot Point.
- Royal Blue & Crimson: Used to distinguish between different tiers of Resistance and Support.
- Sea Green: Specifically identifies the deeper Support levels (S3).
Dynamic Updates
The logic is programmed to be "aware" of time. Every time a new week begins (specifically detecting the transition to Monday), the script automatically recalculates all levels based on the newly completed data from the week prior. As the current week progresses, the indicator continuously updates the highest and lowest points reached so far, ensuring that the visual lines remain accurate and relevant to real-time market fluctuations.
By providing these automated levels, the tool removes the manual guesswork of calculating complex price milestones, allowing traders to focus on identifying high-probability entries and exits based on established weekly structures.
//+------------------------------------------------------------------+
//| WeeklyPivot.mq4 |
//| |
//+------------------------------------------------------------------+
#property indicator_chart_window
#property indicator_buffers 7
#property indicator_color1 Magenta
#property indicator_color2 RoyalBlue
#property indicator_color3 Crimson
#property indicator_color4 RoyalBlue
#property indicator_color5 Crimson
#property indicator_color6 SeaGreen
#property indicator_color7 SeaGreen
//---- input parameters
//---- buffers
double PBuffer[];
double S1Buffer[];
double R1Buffer[];
double S2Buffer[];
double R2Buffer[];
double S3Buffer[];
double R3Buffer[];
string Pivot="WeeklyPivotPoint",Sup1="W_S 1", Res1="W_R 1";
string Sup2="W_S 2", Res2="W_R 2", Sup3="W_S 3", Res3="W_R 3";
int fontsize=10;
double P,S1,R1,S2,R2,S3,R3;
double last_week_high, last_week_low, this_week_open, last_week_close;
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//---- TODO: add your code here
ObjectDelete("WeeklyPivot");
ObjectDelete("Sup1");
ObjectDelete("Res1");
ObjectDelete("Sup2");
ObjectDelete("Res2");
ObjectDelete("Sup3");
ObjectDelete("Res3");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
string short_name;
//---- indicator line
SetIndexStyle(0,DRAW_LINE,0,2,Magenta);
SetIndexStyle(1,DRAW_LINE,0,2,RoyalBlue);
SetIndexStyle(2,DRAW_LINE,0,2,Crimson);
SetIndexStyle(3,DRAW_LINE,0,2,RoyalBlue);
SetIndexStyle(4,DRAW_LINE,0,2,Crimson);
SetIndexStyle(5,DRAW_LINE,0,2,SeaGreen);
SetIndexStyle(6,DRAW_LINE,0,2,SeaGreen);
SetIndexBuffer(0,PBuffer);
SetIndexBuffer(1,S1Buffer);
SetIndexBuffer(2,R1Buffer);
SetIndexBuffer(3,S2Buffer);
SetIndexBuffer(4,R2Buffer);
SetIndexBuffer(5,S3Buffer);
SetIndexBuffer(6,R3Buffer);
//---- name for DataWindow and indicator subwindow label
short_name="WeeklyPivotPoint";
IndicatorShortName(short_name);
SetIndexLabel(0,short_name);
//----
SetIndexDrawBegin(0,1);
//----
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
int limit, i;
//---- indicator calculation
if (counted_bars==0)
{
ObjectCreate("WeeklyPivot", OBJ_TEXT, 0, 0,0);
ObjectSetText("WeeklyPivot", " Weekly Pivot Point",fontsize,"Arial",Red);
ObjectCreate("Sup1", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Sup1", " wS 1",fontsize,"Arial",Red);
ObjectCreate("Res1", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Res1", " wR 1",fontsize,"Arial",Red);
ObjectCreate("Sup2", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Sup2", " wS 2",fontsize,"Arial",Red);
ObjectCreate("Res2", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Res2", " wR 2",fontsize,"Arial",Red);
ObjectCreate("Sup3", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Sup3", " wS 3",fontsize,"Arial",Red);
ObjectCreate("Res3", OBJ_TEXT, 0, 0, 0);
ObjectSetText("Res3", " wR 3",fontsize,"Arial",Red);
}
if(counted_bars<0) return(-1);
limit=(Bars-counted_bars)-1;
for (i=limit; i>=0;i--)
{
// Monday
if ( 1 == TimeDayOfWeek(Time[i]) && 1 != TimeDayOfWeek(Time[i+1]) )
{
last_week_close = Close[i+1];
this_week_open = Open[i];
// WeeklyPivot
P = (last_week_high + last_week_low + this_week_open + last_week_close) / 4;
R1 = (2*P)-last_week_low;
S1 = (2*P)-last_week_high;
R2 = P+(last_week_high - last_week_low);
S2 = P-(last_week_high - last_week_low);
R3 = (2*P)+(last_week_high-(2*last_week_low));
S3 = (2*P)-((2* last_week_high)-last_week_low);
last_week_low=Low[i]; last_week_high=High[i];
ObjectMove("WeeklyPivot", 0, Time[i],P);
ObjectMove("Sup1", 0, Time[i],S1);
ObjectMove("Res1", 0, Time[i],R1);
ObjectMove("Sup2", 0, Time[i],S2);
ObjectMove("Res2", 0, Time[i],R2);
ObjectMove("Sup3", 0, Time[i],S3);
ObjectMove("Res3", 0, Time[i],R3);
}
last_week_high = MathMax(last_week_high, High[i]);
last_week_low = MathMin(last_week_low, Low[i]);
PBuffer[i]=P;
S1Buffer[i]=S1;
R1Buffer[i]=R1;
S2Buffer[i]=S2;
R2Buffer[i]=R2;
S3Buffer[i]=S3;
R3Buffer[i]=R3;
}
//----
return(0);
}
//+------------------------------------------------------------------+
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