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2015.03.20 12:20
Indicators

Fibonacci Pivot Points - indicator for MetaTrader 5

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The indicator uses Fibonacci multiples to determine significant levels of support and resistance for the current trading session.

It is displayed as a solid line between the support and resistance lines, the Pivot Point is the average of the high, low and close from the prior period.

From this Pivot Point, Fibonacci multiples of the high-low differential are added to form resistance levels and subtracted to form support levels. Once calculated, the Pivot Point will remain constant for the entire trading day.

The formula for the Pivot Point is as follows:

Pivot Point = (Period High + Period Low + Period Close) / 3

EUR/CAD M15

Screen Shot - USD/CAD, M15

EUR/USD H1:

Screen Shot - USD/CAD, H1

Time Frames

  • Pivot Points for Minute, Hourly, and Daily Charts use the prior day's data and remain fixed the entire day
  • Pivot Points for Weekly Charts use the prior week's data and remain fixed the entire week
  • Pivot Points for Monthly Charts use the prior month's data and remain fixed the entire month
  • Pivot Points for Yearly Charts use the prior year's data and remain fixed the entire year

Update the UTC offset of your trade server to ensure correct calculation of the Pivot Points.

Customization

To change the "UTC Offset of trade server", "End of Trading day in UTC", and other values use the indicator's input parameters.

This window appears when you first attach the indicator to your chart. Left single-click the [Inputs] tab to access and modify the input values.

Screen Shot - Fibonacci_Pivot_Points v3.1 Inputs

Updates

  • Works with Minute, Hourly, and Daily charts;
  • Customize the display of your Pivot Points via the input parameters;
  • "Magic Numbers" in the code have been replaced with constant values;
  • Hard coded language text in the code have been replaced with constant string values;
  • Additional comments have been added to improve readability;
  • The code was re-factored to improve the understanding of the algorithm.

All the values for Pivot Points, and Fibonacci Levels are stored in 7 indicator buffers which can be accessed via code.

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