RelicusRoad Scalping Pivots MT4
- Indicators
- Version: 2.297
- Activations: 10
RelicusRoad Scalping Pivots is a swing point and Fibonacci level indicator for MetaTrader 4 and MetaTrader 5 that marks alternating swing highs and lows over a 60-bar lookback and labels Fibonacci retracements and extensions of the latest swing.
The pivots in the name are these swing points, not classic floor pivot points such as PP, R1 and S1. Next to the newest swing, the indicator prints a column of percentage labels so you can read retracement and extension levels without drawing a Fibonacci tool by hand.
How it works
A bar is marked as a swing high when its high is the highest high of the last Range bars, counting the bar itself. Swing lows are found the same way. The test only looks back, so a bar is marked as soon as it is the extreme so far. A second pass keeps only the most extreme high of each up-leg and the most extreme low of each down-leg, so the marks alternate. The two sides are named as follows:
- Bull: a swing high that formed after the paired swing low, drawn as a lime green dot.
- Bear: a swing low that formed after the paired swing high, drawn as a magenta dot.
Note the naming: in this indicator Bull marks swing highs and Bear marks swing lows, which is the opposite of how many traders use the words. A Bull ladder measures an up-leg from its low to its high, and a Bear ladder measures a down-leg from its high to its low.
What it draws
- Bull dots: small lime green dots at the exact high of each swing high bar.
- Bear dots: small magenta dots at the exact low of each swing low bar.
- Bull ladder: 0.0% at the swing high, retracements of 23.6, 38.2, 50.0, 61.8 and 78.6% stepping down, and 100% at the swing low.
- Bull extensions: 23.6, 50.0, 61.8 and 78.6% of the swing, placed above the high.
- Bear ladder and extensions: the mirror layout, anchored at the swing low, with extensions below it.
- Label style: each level is a short dash followed by its percentage, starting two bars to the right of the swing.
Reading the chart
The ladder is made of text labels only. There are no horizontal lines across the chart, so the levels stay compact next to the swing they belong to. Each label shows its percentage as a tooltip when you hover over it.
Only the latest Bull ladder and the latest Bear ladder are kept. Both can be on the chart at the same time, each moving to its newest swing rather than leaving copies behind. Because 23.6% and the other extension values also appear as retracements, read each label by whether it sits beyond the swing or inside it.
The dots and ladders are not fixed. A dot can be removed when price goes further in the same direction, and the ladder then moves to the new extreme.
Inputs
Swing detection:
- Range: the lookback length for a swing, 60 bars by default.
- History: how many recent bars are calculated, 500 by default.
- Show Bull: the swing high dots and the Bull ladder.
- Show Bear: the swing low dots and the Bear ladder.
Colors and labels:
- Bull Color: lime green by default, used for the Bull dots and ladder.
- Bear Color: magenta by default, used for the Bear dots and ladder.
- Bull Size: font size of the Bull ladder labels, 8 by default.
- Bear Size: font size of the Bear ladder labels, 8 by default.
- Font Name: one shared font for both ladders, Arial Bold by default.
Recommended use
Built for forex, gold (XAUUSD) and indices, from M1 to M15 for scalping and up to W1 for slower swings. It does not draw on monthly charts. Keep Range well below History: when Range is larger than the bars available, the indicator shortens it in steps of 20 bars. The dot width is fixed, so the Size inputs change only the label text.
Common questions
Are these daily pivot points? No. They are swing highs and swing lows found over a rolling lookback, with Fibonacci labels measured from the latest swing.
Do the dots repaint? Yes. A dot appears as soon as a bar is the extreme of its lookback and is removed if a more extreme bar on the same side follows before the opposite swing forms. The last 65 bars are checked again on every new bar.
Why does Bull mark the highs? In this tool Bull names the up-leg, and an up-leg ends at its swing high, which is where the Bull ladder is anchored.
Does it work on the monthly chart? No. It stays empty on MN1.
About and support
Scalp pivot detection is the short-term swing and Fibonacci tool inside RelicusRoad Pro, released alone for traders who work one timeframe at a time. It runs standalone and needs no other RelicusRoad product.
Questions and support are handled in the product comments and through the mql5.com messaging system.
