Pivot Points Metatrader Indicator

I just went through the time of replying to a post to include a useful indicator for adding pivot points to a metatrader chart automatically. I am guessing the user deleted his post because it included a link to a site that tells you how to calculate them manually. Maybe he was mad because the indicator I uploaded took away the need for you to learn how to manually add them yourself, hence no need for his advertising link :slight_smile: . In any case I am copying & pasting my original post into a new thread for those who want it because you canā€™t delete my post, only the mods can :smiley: . I am also not apologizing for trying to help people!!

My original post is below!

"If anyone is interested here is an indicator for MetaTrader that will plot nice colorful pivot point lines automatically on your chart :slight_smile: . Just unzip the file into the ā€œC:\Program Files\StrategyBuilderFX 4\experts\indicatorsā€ folder, then shutdown and restart MetaTrader. You can then add it to any chart by choosing ā€œInsert / Indicators / Custom / Pivot Linesā€."

Pivot Lines.zip (2.35 KB)

to which I replied "thanks Topgun! Keepā€™em cominā€™ " :smiley:

thanks Topgunā€¦the indicator worksā€¦

But the [B]Here is my original Post![/B] is not working i thinkā€¦
pls can you re-link itā€¦

thx

Pret

I guess I shouldnā€™t have underlined that text because it makes it look like a hyperlink which it isnā€™t. I updated the message because my original post is below that text :slight_smile: .

Topgun

No problem. I have lots more :). Hook my up by clicking on the reputation button in the right hand corner of my post ([B]I[I]f you want to that is![/I][/B]) :wink:

Topgun

Big Big thanks :slight_smile:

I really own you a big lunch This is exactly what i am looking for :slight_smile:

Thanks

Canā€™t delete all the M3 H3 lines, etc.
Only need R and S.
I tried deleting them from the properties box but they donā€™t come off the screen - any ideas?

Iā€™m having the same problem with removing the lines.
Anyone know the answer?

You need to change it in the chart properties window when it opens.

Hi! Thanks for the file. I seem to be having a problem though. The High Low and Close are always the same on different period charts, (2004, 2005), and sometimes the lines donā€™t appear, especially when I use a simulator. Any thoughts?

Guys,

I found some great pivot systems at fxalgotrader.com. You can get all sorts of different system. I use V2 which has variable calculation periods and does all the donkey work for you.

Better than fiddling around with MQL4 imho.

Hope this helps.

cheers

Tarrentino

what is means by the M1-M5??

M1 and M5 are the chart time periods ie M1 = 1 minute charts and M5 = 5 minute charts

TopGun,

I had a look at the pivots link you suggested - I think itā€™s worth pointing out that this indicator is VERY basic. I looked at the code and I can see several issues which are:-

  1. It wonā€™t compile

  2. There is no consideration for Monday pivot data - currently the indicator will just take the previous days high low and close data - therefore on Mondays the system will calculate the pivot data from Sundayā€™s far eastern trading session - this will create a very narrow and incorrect pivot array for monday. A decent pivot system will allow the trader to skip sunday data and use a defined calculation window based on Fridayā€™s trading data.

  3. The pivot calculation is based on the previous dayā€™s high low and close data which is derived from a daily chart. This means that no consideration is being made for the time zone in which the trader is in or the timezone for the broker chart data. This therefore means that the pivots will not be synchronised with European (GMT+1), GMT or EST pivots unless the trader is in one of these zones and the brokerā€™s chart is also synched exactly the same (very unlikely).

Using non-variable pivot calcs also precludes traders from adapting their daily pivots to the trading day. Traders should be thinking about what US traders are looking at in the European pm sessions - unless you can shift your pivots to EST in the pm European session youā€™re progressively trading into the dark as more and more eyes look at EST based pivs.

  1. The current MQ4 code has the main standard pivots commented out - ie no R1,R2,P,S1 or S2 levels. Also the S2 calculation is incorrect. It should be P-High+Low of the previous period not ā€˜P-R1+S1ā€™

In summary I think new traders should be very careful about blindly using freeby pivot systems which are poorly written. I used to do this as well and itā€™s pretty annoying when you realise youā€™re trading off levels which nobody else is looking at. Generally leads to losses!

Just thought people should tread carefully with software. Test it out against the published pivot points and if it doesnā€™t match itā€™s worth about as much as you paid - ie nothing.

Hope this helps some of the new guys out there.

Cheers

Tarrentino

Does anyone know where I can get an indicator that will draw the pivot points across multiple days, rather than just for the most recent day?

Here you go.

With a nice little add-on that shifts the timezone to anywhere you desire. :slight_smile:

Awesome, thank you so much :slight_smile:

If youā€™re looking for a historical pivot indicator which can display ā€˜Mā€™ levels try fxalgotrader. I donā€™t think their indicator goes back loads of days but from what I remember it displays on or two weeks worth of previous pivot data. Any more than that is pretty academic anyway.

Also Fibonacci trader is another high end pivot system but itā€™ll cost a good deal more.

I do not see a link?

The poster removed it on his way out ā€¦of the forum :frowning: