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Important Lines

This indicator displays Pivot-Lines, preday high and low, preday close and the minimum and maximum of the previous hour. You just have to put this single indicator to the chart to have all these important lines, no need to setup many single indicators.


Why certain lines are important

Preday high and low: These are watched by traders who trade in a daily chart. Very often, if price climbs over or falls under a preday low/high there is an acceleration in buying/selling. It is a breakout out of a daily range.

Prehour high and low: Are watched by breakout traders who trade in the hourly chart. The opening range breakout strategy (see Toby Crabel) uses the hourly range of the past hourly candle and trades the breakout at the market opening. Placing stop loss near the hour lines may be very effective.

Pivot Points: Pivots stem from the former pit traders who needed a quick and rough orientation of the situation of the price. Today still many traders look at these points. When trading, the pivot point, the supports (s1, s2, s3) or resistances (r1, r2, r3) cause the price to slow down or even turn.


Calculation Methods

Pivots:

Pivot Point = (high + close + low)/3 (preday)

r1 = (2 * pivot) - low

s1 = (2 * pivot) - high

r2 = pivot + (r1 - s1)

r3 = high + (2* (pivot - low))

s2 = pivot - (r1 - s1)

s3 = low - (2*(high - pivot));


All the other lines are derived from the history of MetaTrader 5.


Customization

The colors of the lines and labels can be customized.

  • pivotColor
  • s1Color
  • s2Color
  • s3Color
  • r1Color
  • r2Color
  • r3Color
  • lowH1Color
  • hiH1Color
  • PDHColor
  • PDLColor
  • PDCColor


Why did I program this indicator

As I started with MetaTrader 5 about a year ago I did not find any matching indicator. As I used it every day, I thought that it could be of use for other traders too.

This indicator is used in conjunction of my Opening Range Breakout robot I will publish soon. I plan to make this indicator "speaking". So it will be possible to "trade what you see and hear".


Issues and disclaimer

I use this indicator for about half a year, in general, it runs well.

On Mondays it might show wrong numbers, it might be, that it takes data from Saturday.

There is no guarantee for this product in no way.


12.7.2018, Terence V. Gronowski "SwissTrader"

Comentários 8
contraror
64
contraror 2020.08.06 09:32 
 

Thank you, just what I am looking for!

Giulio Braga
286
Giulio Braga 2020.03.08 20:28 
 

very useful job

thank you

Detleff Böhmer
1178
Detleff Böhmer 2019.09.24 10:52 
 

Danke für das teilen. Ein sehr gutes Hilfsmittel.

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Robert Tello
25
Robert Tello 2020.09.21 02:44 
 

Me parece muy bueno tu indicador en que temporalidad de preferencia lo trabajas? Asimismo lo trabajas junto con otro indicador?

contraror
64
contraror 2020.08.06 09:32 
 

Thank you, just what I am looking for!

Valentin Butorin
3724
Valentin Butorin 2020.07.23 14:23 
 

Usuário não fez qualquer comentário quanto a classificação

Giulio Braga
286
Giulio Braga 2020.03.08 20:28 
 

very useful job

thank you

Detleff Böhmer
1178
Detleff Böhmer 2019.09.24 10:52 
 

Danke für das teilen. Ein sehr gutes Hilfsmittel.

sunnychow
8612
sunnychow 2019.01.12 16:24 
 

Thanks for share

[Excluído] 2019.01.07 17:44 
 

Usuário não fez qualquer comentário quanto a classificação

Mohammad Yousaf Hameedi
543
Mohammad Yousaf Hameedi 2018.08.27 08:22 
 

Thank you so much. I was looking for such indicator for long time.

Responder ao comentário
Versão 1.20 2019.02.15
One per bar introcuced. There was a flicker on some pcs.
Versão 1.10 2019.01.27
Correction of error: Lines were not deleted when indicator was removed. Now they are gone when the indicator is removed from chart (if they are still there just change the timeframe up and down).