Professional Pivot Points
This tool gives you the opportunity to display pivot point support and resistance levels as well as the daily open levels on your chart with high levels of customization.
Pivot points are important horizontal support and resistance levels that get calculated using the high, low and closing price of the previous period (for example D1). With this indicator, you can choose between hourly to monthly timeframes to base your pivot point calculation on.
There is a variety of trading strategies taking advantage of pivot points and daily opens, which is partly why they are so important: they simply get used by a lot of traders!
Why "Professional Pivot Points"?
As I have already mentioned, pivot point levels are highly important support and resistance levels. But as every chart reacts differently to often the same signals, it is extremely important to understand how you can trade those signals for each chart individually.
Most other pivot point and daily open indicators do simply not offer the option to show historical levels and select a time shift, although that can be vitally important for your understanding of the markets and therefore for your trading success. This ability to view historical pivot points and daily open levels, even from different time zones, can be crucial to help you find a trading strategy that suits you and the market best.
Of course, you want to view your charts just the way that suits your personal taste the best. That is why this indicator offers various personalization options. I will explain everything you need to know about the customization options further below in the section "Input Parameters".
In addition to that, you can easily show different levels of multiple timeframes on one chart by simultaneously running the program side by side as many times as you want, each time with different timeframe settings (see screenshots). If levels of different timeframes overlap, this tells you that there is an especially strong support or resistance in this area.
- Pivot Point Method - Select a method for calculating the pivot points (Standard, Woodie, Camarilla, Fibonacci and DeMark).
- Timeframe - Choose a timeframe for the calculation (H1, H4, D1, W1, MN1).
- Time Shift - This Option lets you mimic the way the daily pivot points would be displayed in different time zones. For example, a Time Shift of 1 would simulate pivot points from a time zone that is one hour "behind" your own time zone.
- Save Object Resources - This option lets you reduce the history size (number of levels on the chart) and therefore reduce loading times and use of resources.
- Draw as Background - Lets you draw the pivot levels as the background of the chart, so that they cannot cover up the charts.
- Exclude Weekend Data (Sunday) - If you live in a time zone where the (forex) market opens on Sundays or have selected a time shift to imitate a time zone where that is the case, this option will prevent you from getting wrong pivot points displayed on Mondays.
- Exclude Weekend Data (Saturday) - If you live in a time zone where the (forex) market closes on Saturdays or have selected a time shift to imitate a time zone where that is the case, you can use this option to draw the pivot points over the weekend.
- Visible - Set if the levels should be visible. This is helpful if you quickly want to have free sight on the charts without having to delete the indicator from your terminal and then reload again shortly after.
- Show History - Set if historical levels should be displayed on your chart.
- Show Mid Levels - Set if mid-pivot levels should be displayed on your chart.
- Show Daily Open - Set if the daily open line should be displayed on your chart.
- Only Show Daily Open - Do you only want to display the Daily Open levels on your chart? This option lets you do that.
- Current and Historical Level Width, Style and Color - Choose your current and historical level width, style and color individually.
- If you want to get an impression of how it works, you can download my product 'Easy Daily Open' for free: https://www.mql5.com/en/market/product/23852
It uses mainly the same algorithms and is only reduced to the Daily Open function.
- If you experience any problems with the program, please write me a message so that we can solve it.
Removed feature: Option to draw the levels as indicator buffers instead of objects removed. This option made the file a lot bigger than it needed to be and did not offer an advantage to be worth keeping.
New feature: Time Shift - Now, you can set a time shift to imitate the levels that would be drawn in other time zones. Of course, the pivot points of your time zone might not be the only ones relevant to you, as you may trade at times where trading in other time zones is more active than trading in your own time zone. Or you might just be curious how the prices usually react to the levels of a specific time zone and want to build a trading strategy around that. For all these purposes, this feature is vitally important and incredibly useful.
New feature: Exclude Weekend Data (Saturday) - Now, you can also select to draw the levels from Saturdays over the weekend. That means that the levels from Saturday get extended to the Monday after the weekend. This option is useful if you either live in an area where the market closes on Saturdays or use the 'Time Shift' feature to simulate these conditions.
New feature: Only Show Daily Open - If you only want the daily open levels to be displayed on your charts, this feature will make this an easy task. Just switch this option to “Yes” and it will automatically only show the daily open levels. You don’t even have to activate those first.
Revised feature: Save Object Resources - Now, you can select a specific history size. That means that you can now choose much more precisely how long the history should be. For example: if you don’t have a powerful computer and you want the quickest possible loading time while still being able to see the history, select “Reduce History Length to 100”. That limits the max. size of your history to 100 levels and therefore reduces the resources that are needed to run load the program at a reasonable speed (for example when changing the charts timeframe).
The programs performance was also improved.
All other options and possibilities of customization remain the same.
The functionality remains the same.