Watch how to download trading robots for free
Find us on Telegram!
Join our fan page
Interesting script?
So post a link to it -
let others appraise it
You liked the script? Try it in the MetaTrader 5 terminal
Views:
47171
Rating:
(11)
Published:
2008.06.29 09:38
Updated:
2014.04.21 14:52


The DailyPivot Points indicator helps to compose a picture of market future movements, in distinct from the other tools that hang behind the market. The information that became availble in the course of the previous day is used to calculate the check points of the minor trend of the current day.
Pivot Point (PP) is the equilibrium point - a level the price is attracted to throughout the day. Having three values for the previous day: maximum, minimum and close price, 13 levels for smaller timeframes are calculated: equilibrium point, 6 resistance levels and 6 support levels. This levels are called check points.The check points provide the possibilty of easy determining the direction of the minor trend. Three values are most important - levels of equilibrium point, Resistance1 (RES1.0) and Support1 (SUP1.0). The pauses in the movement, or even a roll-back, are frequently seen during the the moving of the price betweeen these values.

In such a way, the DailyPivot Points indicator:

  • forecasts the range of prices variation;

  • demonstrates the possible price stops;

  • demonstrates the possible points of changing the direction of price movement.

If the market on the current day opens above the equilibrium point, then it is the signal for opening long positions. If the market opens below the equilibrium point, then the current day is favourable for opening short positions.

The method of check points consists in the monitoring the possibility of turning and breakthrough when the price collides with the resistance level RES1.0 or with the support level SUP1.0. By the time when the price reaches the RES2.0, RES3.0 or SUP2.0, SUP3.0 levels, the market appears to be overbought or oversold as a rule, so these levels are mostly used as the exit levels.

The calculation on the basis of HIGH, LOW and CLOSE values of the previous day generates the new values Pivot Point (PP), Resistance1 (RES1.0), Resistance2 (RES2.0), Resistance3(RES3.0), Support1 (SUP1.0), Support2 (SUP2.0) and Support3 (SUP3.0), and also the intermidiate values Resistance0.5(RES0.5), Resistance1.5 (RES1.5), Resistance2.5 (RES2.5), Support0.5(SUP0.5), Support1.5 (SUP1.5) and Support2.5 (SUP2.5). In such a manner, the mapping to the future of maximums and minimums of the previous days is involved.

PP = (HIGH + LOW + CLOSE) / 3  

RES1.0 = 2*PP - LOW

RES2.0 = PP + (HIGH -LOW)

RES3.0 = 2*PP + (HIGH – 2*LOW)

SUP1.0 = 2*PP – HIGH

SUP2.0 = PP - (HIGH – LOW)

SUP3.0 = 2*PP - (2*HIGH – LOW)

RES0.5 = (PP + RES1.0) / 2

RES1.5 = (RES1.0 + RES2.0) / 2

RES2.5 = (RES2.0 + RES3.0) / 2

SUP0.5 = (PP + SUP1.0) / 2

SUP1.5 = (SUP1.0 + SUP2.0) / 2

Where:


HIGH — the maximum price of the previous day;
LOW — the minimum price of the previous day;
CLOSE — the close price of the previous day;
PP — the equilibrium point (yeserdays's typical price);
RES0.5, RES1.0, RES1.5, RES2.0, RES2.5, RES3.0 — the check points (resistance levels);
SUP0.5, SUP1.0, SUP1.5, SUP2.0, SUP2.5, SUP3.0 — the check points (support levels).



An indicator of support and resistance levels An indicator of support and resistance levels

An indicator of support and resistance levels. The levels themselves are not calculated, as for example the pivot ones, but they are read from the text file of a specific format.

b-SharingDoW b-SharingDoW

The receiving of the EA testing results by the days of week.

Waddah Attar Hidden Level Waddah Attar Hidden Level

A new High and Low Levels every day .. it is perfect levels

history data analysis history data analysis

The analysis of history data for the absence of bars, identifies their size, length and gap.