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2007.05.03 10:58
Waddah Attar Pivot Fibo Dayly Indicator

Waddah Attar Pivot Fibo Dayly Indicator - indicator for MetaTrader 4

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This indicator Draw True Pivot Line and seven levels Up ( R1,R2,R3 ... )  and seven levels Down ( S1,S2,S3 ...) with back test. This indicator consists of tow indicators Waddah_Attar_Pivot_Fibo_First.mq4 and Waddah_Attar_Pivot_Fibo_Second.mq4

I can't draw 15 lines in same indicator, so I make tow indicators. Put the tow indicators on the chart to draw all the levels.

Last comments | Go to discussion (10)
MQL4 Comments
mql4_comments | 14 May 2007 at 16:49
Hi :)

Good job.

Some users with brokers having a sunday bar have a little problem on mondays.

If you could add some feture to fix that would be great. Fo mondays you can use TimeDayOfWeek instead of simple iHigh/Ilow/iClose.

These types of indicators really need to factor in partial sessions due to holidays, not just Sundays. The rule should be to establish levels based on the last full trading day. One variant could be to include the partial session price range with the last full trading day before it. Or, the partial session range could be rolled into the next full trading day. It probably makes most sense to do the latter to accomodate weekend gaps, etc.

So, if for example a Christmas holiday falls on a Tuesday and it causes a partial day, the levels posted for Wedensday would actually be based on Monday's range. You may define a partial day as one which trades less than x hours before a new day begins. 

Would be great to see a well coded indicator handle partial days properly.
MQL4 Comments
mql4_comments | 17 May 2007 at 17:51
Thanks for the update bro. Thumbs up. And thanks to all testers too ;)
Keep up the good work.
May Allah Bless u.
MQL4 Comments
mql4_comments | 17 May 2007 at 19:33
This is much better as it solves the problem with partial sessions which fall on Sundays (which is by far the most common type of partial session), however, it still doesn't solve the problem of improper levels caused due to prior partial sessions which fall on holidays. See what I mean in the image below where the partial session on Jan 1, 2007 delivers compressed levels on Jan 2, 2007. Preferably, the indicator would grab data from the last full session on Dec. 29th.

MQL4 Comments
mql4_comments | 8 Sep 2008 at 08:31

You are a prolific writer of code.  I have a request and hopefully an easy one for you.  I would like a support and resistance indicator that when applied to any timeframe chart, would place 2 support and 2 resistance lines on the chart.  These lines would be based on the two most significant each of support and resistance, specific to that timeframe chart, and calculated from a user selected period of intervals for the data.  As each time interval for the timeframe closed, the farthest back interval of data would be dropped and the current just closed interval of data would be added, and the lines redrawn based on any change in the 2 support and 2 resistance values.  For example, the user could select 25, 50, 100, etc. time intervals of data for the calculations, which would be repeated at the close of each interval.   I can only suppose the S and R values would be at the two "most popular"  prices below and the two "most popular" prices above the current price, based on the users selected number of intervals for the calculations.  As the current price moved up or down, at some point the S1/R1 level would move once the current price hit them.  Same for the S2/R2 would move once the current price had made a big move to that level. 

I hope I have explained clearly.  The S&R lines would be calculated based on a user selected number of intervals.  There would be different levels shown on different timeframe charts.  On any timeframe chart, the displayed levels would be recalculated at the close of each interval, and with movement in the current price, these lines would tend to "float".  But big moves in the current price would cause these lines to be "hit" and then pop farther away.

Is such an indicator for timeframe specific S&R lines across the chart, based on user selected number of intervals in that timeframe for the calculations to be based on?  I suppose 3 support and 3 resistance lines are possible, but if they "float" as the price moves towards them and hits them, would 3 of each even be needed?