Pivot For Scalper
- Indicators
- Version: 2.7
- Activations: 5
MtfTargetLevel (v2.07) — Indicator Description & Input Guide
Overview
MtfTargetLevel is a chart-window indicator that overlays multi-timeframe Pivot Point levels (PP, R1–R3, S1–S3 plus six intermediate "M" mid-levels) onto the current chart, together with a custom Moving Average and an optional Fractals overlay. The pivot levels are calculated from the previous closed bar of a chosen higher timeframe (LevelTimeframe), then projected onto the current (lower) chart. It is a visual analysis tool only — it does not trade.
The combination of Pivot levels + MA + Fractals makes it a "decision zone" tool: pivots define where to act, the MA defines trend direction, and fractals mark swing structure.
Below is an explanation of only the inputs visible in the parameter dialog.
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🟩 Group: Main Settings
LevelTimeframe (default: PERIOD_H2)
· Function: The higher timeframe whose previous closed bar's H/L/C is used to compute all pivot levels.
· Use: Determines the "source" of the pivot math. Example: chart on M15 with LevelTimeframe = H2 → shows H2-based pivots on the M15 chart.
· Constraint: The current chart timeframe must be lower than LevelTimeframe (Period() < LevelTimeframe). If not, pivot levels are not drawn (short name will show "TF too high"). The MA and Fractals still work regardless.
LabelBarOffset (default: 3)
· Function: Number of current-chart bars the right-price labels are shifted to the right of the current candle.
· Use: Keeps the level price tags visible slightly ahead of live price for planning.
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🟩 Group: Individual M Level Controls
These six toggles control the visibility of the intermediate (mid) levels — the "M" levels — that sit between the main pivots. Useful for scalpers looking for micro-zones between the classic PP/R/S levels.
ShowM_R2R3 (default: true)
· Function: Show/hide the M5 mid-level between R2 and R3.
· Use: Micro-resistance above R2 — good for extended-run targets or fade zones.
ShowM_S2S3 (default: true)
· Function: Show/hide the M6 mid-level between S2 and S3.
· Use: Micro-support below S2 — extended-downside target zone.
ShowM_S1PP (default: false)
· Function: Show/hide the M2 mid-level between S1 and PP.
· Use: Mid-zone between S1 and pivot — often a decision area near equilibrium.
ShowM_PPR1 (default: false)
· Function: Show/hide the M3 mid-level between PP and R1.
· Use: Bullish mid-zone just above the pivot.
ShowM_R1R2 (default: false)
· Function: Show/hide the M4 mid-level between R1 and R2.
· Use: Confirmation target above R1.
ShowM_S2S1 (default: false)
· Function: Show/hide the M1 mid-level between S2 and S1.
· Use: Support mid-zone below S1.
Note: The 7 main levels (PP, R1, R2, R3, S1, S2, S3) are always shown — only the 6 mid-levels are toggleable.
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🟩 Group: Width Settings
Label_Width (default: 1)
· Function: Thickness of the right-price arrow labels (the price tags at the right edge).
· Use: Increase if the labels are hard to spot.
Line_Main_Width (default: 1)
· Function: Thickness of the main pivot lines (PP, R1–R3, S1–S3).
· Use: Emphasize major levels.
Line_M_Width (default: 1)
· Function: Thickness of the mid-level (M) lines.
· Use: Keep thinner than main lines for visual hierarchy.
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🟩 Group: Trend Line Mode
ShowTrendLine (default: true)
· Function: Master toggle for drawing horizontal trend lines across the chart for each visible level.
· Use: Disable to show only the price labels (cleaner look).
ExtendLeftBars (default: 5)
· Function: Number of current-chart bars the level lines extend to the left of the current candle.
· Use: Larger = more historical context; smaller = a neat right-side-only view.
Main_Style (default: STYLE_SOLID)
· Function: Line style for the 7 main pivot levels.
· Use: Solid = strong emphasis; dashed/dotted = lighter.
M_Style (default: STYLE_DASH)
· Function: Line style for the 6 mid-level lines.
· Use: Dashed helps visually separate them from the main solid levels.
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🟩 Group: Colors
Standard color customization for each level. These only affect the line color and the price label color on the chart.
R3_Color (default: clrRed)
· Function: Color of the R3 resistance line/label.
· Use: Typically reserved for the most extreme resistance.
R2_Color (default: clrCrimson)
· Function: Color of R2.
R1_Color (default: clrIndianRed)
· Function: Color of R1.
PP_Color (default: clrYellow)
· Function: Color of the Pivot Point (PP) — usually the neutral/bias line.
S1_Color (default: clrSeaGreen)
· Function: Color of S1.
S2_Color (default: clrSpringGreen)
· Function: Color of S2.
S3_Color (default: clrLime)
· Function: Color of S3.
M_Color (default: clrMagenta)
· Function: Shared color for all six mid (M) levels.
· Use: If you want to differentiate M levels, you'd need to edit the source (single shared color in this version).
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🟩 Group: Moving Average
ShowMA (default: true)
· Function: Master toggle for drawing the moving average.
· Use: Disable for a "pure pivot" chart.
MaPeriod (default: 11)
· Function: Period of the moving average.
· Use: Smaller = faster, better for scalping; larger = smoother trend anchor.
MaShift (default: 0)
· Function: Horizontal shift of the MA in bars.
· Use: Cosmetic overlay adjustment.
MaMethod (default: MODE_SMMA)
· Function: MA calculation method: SMA / EMA / SMMA / LWMA.
· Use: SMMA is very smooth and slow — good as a trend filter. EMA/LWMA react faster for momentum entries.
MaPrice (default: PRICE_MEDIAN)
· Function: Applied price for MA: Close, Open, High, Low, Median (H+L)/2, Typical (H+L+C)/3, Weighted (H+L+2C)/4.
· Use: Median reduces candle bias; Typical/Weighted emphasize close.
MaColor (default: clrMagenta)
· Function: Color of the MA line.
· Use: Contrast against pivots.
MaStyle (default: STYLE_SOLID)
· Function: Line style of the MA.
· Use: Solid is cleanest for an MA; dashed works if you want subtlety.
MaWidth (default: 1)
· Function: Thickness of the MA (clamped to 1–5).
· Use: Increase to emphasize.
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🟩 Group: Fractals
ShowFractals (default: false)
· Function: Master toggle for drawing fractal swing-high and swing-low arrows.
· Use: Enable when you want structure references on top of the pivots.
FracHighColor (default: clrLightCoral)
· Function: Color of the fractal-high arrow (drawn above swing highs).
· Use: Visual separation from fractal lows.
FracLowColor (default: clrDarkSeaGreen)
· Function: Color of the fractal-low arrow (drawn below swing lows).
· Use: Visual separation from fractal highs.
FractalArrowSize (default: 1)
· Function: Thickness of the fractal arrow glyph (clamped 1–5).
· Use: Increase for high-DPI displays.
FractalArrowShift (default: 15)
· Function: Pixel offset that pushes the arrow tip exactly to the candle high/low.
· Direction:
· Fractal-high arrow shifts upward (negative offset) — triangle's bottom tip touches the high.
· Fractal-low arrow shifts downward (positive offset) — triangle's top tip touches the low.
· Use: Increase if arrows overlap the body; decrease if they drift too far from the wick.
FractalBars (constant: 2 — not user-editable)
· Function: Number of bars on each side required to confirm a fractal (fixed at 2, matching the classic Fractals indicator).
· Note: Not visible in the dialog. Mentioned only for completeness.
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💡 Recommended Scalping Settings
For scalping (typically M1–M5 charts), use these settings. The idea is faster reaction, tighter zones, and clearer signal levels.
Timeframe Setup
· Chart: M1 or M5.
· LevelTimeframe = PERIOD_H1 — H1 pivots are tight enough to be actionable intraday but still respected by liquidity. (Alternative: PERIOD_M30 for very fast scalping days, or PERIOD_H4 for wider intraday context on M5.)
Pivot Level Visibility
· ShowM_S1PP = true ✅ — critical decision zone around equilibrium.
· ShowM_PPR1 = true ✅ — first bullish target zone.
· ShowM_R1R2 = true ✅ — extension target when momentum is strong.
· ShowM_S2S1 = true ✅ — first bearish target zone.
· ShowM_R2R3 = false — optional; only enable if you expect large-range days.
· ShowM_S2S3 = false — same as above.
Lines & Labels
· Label_Width = 2 — thicker price tags for fast-reading on small timeframes.
· Line_Main_Width = 2, Line_M_Width = 1 — keep mid-levels visually lighter.
· ExtendLeftBars = 10 — enough context to see recent interactions without clutter.
Trend Line Mode
· ShowTrendLine = true
· Main_Style = STYLE_SOLID — main levels must stand out.
· M_Style = STYLE_DOT — cleaner against fast candles than DASH.
Moving Average (Scalper's Anchor)
· ShowMA = true
· MaPeriod = 8 — faster than default (11) for M1–M5 reaction.
· MaMethod = MODE_EMA — faster reaction than SMMA for scalping.
· MaPrice = PRICE_MEDIAN — reduces noise from single-candle spikes.
· MaColor = clrDodgerBlue — clear against pivot colors.
· MaWidth = 2 — visible at a glance.
Why EMA over SMMA for scalping? EMA responds to recent price faster, so the trend bias flips sooner — critical on M1/M5 when you need to be on the correct side quickly.
Fractals (Structure Scalping)
· ShowFractals = true ✅ — useful for micro-support/resistance and stop placement.
· FractalArrowSize = 1 — small, non-distracting.
· FractalArrowShift = 12 — tighter offset since M1/M5 candles are small.
Colors (Fast-Read Palette)
Keep the default palette — it's already well-separated:
· Reds above PP, greens below PP, yellow at PP, magenta for mid-zones.
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🎯 Scalping Playbook with These Settings
1. Bias check (MA): Price above MA = look for longs; below MA = look for shorts.
2. Entry zone (M levels): Wait for price to reach an M-level (e.g., M_S1PP for longs near PP, M_PPR1 for shorts near PP).
3. Confirmation (Fractals): Watch for a fractal low (▲) forming at the M-level for longs, or a fractal high (▼) for shorts.
4. Targets (Main pivots): First target = next main pivot (e.g., PP → R1). Second target = R2 or next M level (M_R1R2).
5. Stop placement: Below the fractal low (longs) / above the fractal high (shorts), or just beyond the M-level that triggered the entry.
6. PP as pivot filter: Above PP = long bias only; below PP = short bias only. Trade counter-PP only with strong MA + fractal confirmation.
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