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This indicator plots horizontal lines at daily pivot levels R3, R2, R1

MQL5 Experts

Specification

Pivot Points are always very useful for trading, this is a simple way to have some idea of where the market is heading during the day.

The indicator also provides the first three supports and resistances.

The formulae I used are:

Resistance 3 = High + 2*(Pivot - Low)
Resistance 2 = Pivot + (R1 - S1)
Resistance 1 = 2 * Pivot - Low
Pivot Point = ( High + Close + Low )/3
Support 1 = 2 * Pivot - High
Support 2 = Pivot - (R1 - S1)
Support 3 = Low - 2*(High - Pivot)

This indicator plots horizontal lines at daily pivot levels R3, R2, R1, Pivot, S1, S2 & S3, using a day that is advanced (or retarded) from the server time (called Pivot Day). You can see in the illustration, that the pivot lines start earlier than the server time days (except for the most recent day, because it was a weekend). The only input is the integer 'ShiftHrs', which gives the number of hours to advance the pivot day. A negative value delays the day for pivot calculation. For example, if your server is on New York time (GMT-5) and you want pivot points in London time (GMT), then ShiftHrs is set to +5 (the default in the code). Saturday and Sunday trading is not ignored (after all it was real trading). If the pivot day shift results in data appearing on Saturday, it was really Friday where it occured, so the indicator treats it as part of Friday. If the pivot day shift results in data appearing on Sunday, it was really Monday where it occured, so the indicator treats it as...

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Project information

Budget
60+ USD
For the developer
54 USD
Deadline
from 5 to 10 day(s)