Customised Pivot Point Indicator

• 05/11/2016 at 2:01 PM #6806
  Henry

  A request that was addressed to ProRealTime:

  It would be great if you could help me with a customised indicator I need.

  I’m looking for a customised pivot indicator (on price).

  – As a starting point the default indicator on the system is fine with standard pivot levels based on yesterdays data, eg P+([H+L+C]/3), R1=(2*P)-L etc
  – In addition I need 2 additional horizontal lines placed above and below the ‘P’ line I will describe as the ‘TC’/top channel and ‘BC’ bottom channel.
  – These are again both based on yesterdays data.
  – The ‘TC’ sits horizontally >P and <R1 and is defined as (P-BC)+P
  – The ‘BC’ sits horizontally <P and >S1 and is defined as (H+L)/2
  – Core priority is for a daily setting but ideally option for weekly and monthly timeframe

  As well :
  – ideally option for colour code or if easier to be pre set, eg for TC and BC to both be dotted blue lines or a shaded box?
  – Sunday open data to be merged into Monday
  – As with default pivot indicator I need to be able to display more than one time period at the same time, eg ‘today’ Mon 1 May (based on Fri 29 data) and ‘yesterday’ Fri 29 (based on Thurs 28 data) etc
  – Also need the actual numbers to be displayed on the chart or cursor?

  Many thanks

   

  Suggestion for an answer:

  • Adding texts, shaded boxes etc is only possible with version 10.3 (this request has not been taken into account for this reason)
  • This indicator has to be added directly on the price chart and load at least a month’s historical data
  • You can adjust style and line types by clicking on wrench icon (v10.3 will also allow to pre-set line styles in the code)

  //Pivot calculation method Once mode = 1 Once dailyPivot = undefined Once dailyR1 = undefined Once dailyS1 = undefined Once dailyR2 = undefined Once dailyS2 = undefined Once dailyR3 = undefined Once dailyS3 = undefined Once lastWeekBarIndex = 0 Once weeklyHigh = undefined Once weeklyLow = undefined Once weeklyPivot = undefined Once weeklyR1 = undefined Once weeklyS1 = undefined Once weeklyR2 = undefined Once weeklyS2 = undefined Once weeklyR3 = undefined Once weeklyS3 = undefined Once lastMonthBarIndex = 0 Once monthlyHigh = undefined Once monthlyLow = undefined Once monthlyPivot = undefined Once monthlyR1 = undefined Once monthlyS1 = undefined Once monthlyR2 = undefined Once monthlyS2 = undefined Once monthlyR3 = undefined Once monthlyS3 = undefined If Day>Day[1] then If mode = 0 then dailyPivot = (DHigh(1) + DLow(1) + Close[1]) / 3 Elsif mode = 1 then dailyPivot = (Open + DHigh(1) + DLow(1) + Close[1]) / 4 Elsif mode = 2 then dailyPivot = (DHigh(1) + DLow(1) + Close[1]*2) / 4 Else dailyPivot = (Open*2 + DHigh(1) + DLow(1)) / 4 Endif dailyR1 = 2*dailyPivot - DLow(1) dailyS1 = 2*dailyPivot - DHigh(1) dailyR2 = dailyPivot + (DHigh(1) - DLow(1)) dailyS2 = dailyPivot - (DHigh(1) - DLow(1)) dailyR3 = dailyR1 + (DHigh(1) - DLow(1)) dailyS3 = dailyS1 - (DHigh(1) - DLow(1)) Endif If DayOfWeek<DayOfWeek[1] then weeklyHigh = Highest[BarIndex - lastWeekBarIndex](High)[1] weeklyLow = Lowest[BarIndex - lastWeekBarIndex](Low)[1] lastWeekBarIndex = BarIndex If mode = 0 then weeklyPivot = (weeklyHigh + weeklyLow + Close[1]) / 3 Elsif mode = 1 then weeklyPivot = (Open + weeklyHigh + weeklyLow + Close[1]) / 4 Elsif mode = 2 then weeklyPivot = (weeklyHigh + weeklyLow + Close[1]*2) / 4 Else weeklyPivot = (Open*2 + weeklyHigh + weeklyLow) / 4 Endif weeklyR1 = 2*weeklyPivot - weeklyLow weeklyS1 = 2*weeklyPivot - weeklyHigh weeklyR2 = weeklyPivot + (weeklyHigh - weeklyLow) weeklyS2 = weeklyPivot - (weeklyHigh - weeklyLow) weeklyR3 = weeklyR1 + (weeklyHigh - weeklyLow) weeklyS3 = weeklyS1 - (weeklyHigh - weeklyLow) Endif If Month<>Month[1] then monthlyHigh = Highest[BarIndex - lastMonthBarIndex](High)[1] monthlyLow = Lowest[BarIndex - lastMonthBarIndex](Low)[1] lastMonthBarIndex = BarIndex If mode = 0 then monthlyPivot = (monthlyHigh + monthlyLow + Close[1]) / 3 Elsif mode = 1 then monthlyPivot = (Open + monthlyHigh + monthlyLow + Close[1]) / 4 Elsif mode = 2 then monthlyPivot = (monthlyHigh + monthlyLow + Close[1]*2) / 4 Else monthlyPivot = (Open*2 + monthlyHigh + monthlyLow) / 4 Endif monthlyR1 = 2*monthlyPivot - monthlyLow monthlyS1 = 2*monthlyPivot - monthlyHigh monthlyR2 = monthlyPivot + (monthlyHigh - monthlyLow) monthlyS2 = monthlyPivot - (monthlyHigh - monthlyLow) monthlyR3 = monthlyR1 + (monthlyHigh - monthlyLow) monthlyS3 = monthlyS1 - (monthlyHigh - monthlyLow) Endif Return dailyPivot as "Daily P", dailyR1 as "Daily R1", dailyS1 as "Daily S1", dailyR2 as "Daily R2", dailyS2 as "Daily S2", dailyR3 as "Daily R3", dailyS3 as "Daily S3", weeklyPivot as "Weekly P", weeklyR1 as "Weekly R1", weeklyS1 as "Weekly S1", weeklyR2 as "Weekly R2", weeklyS2 as "Weekly S2", weeklyR3 as "Weekly R3", weeklyS3 as "Weekly S3", monthlyPivot as "Monthly P", monthlyR1 as "Monthly R1", monthlyS1 as "Monthly S1", monthlyR2 as "Monthly R2", monthlyS2 as "Monthly S2", monthlyR3 as "Monthly R3", monthlyS3 as "Monthly S3"

  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97

  //Pivot calculation method Once mode = 1   Once dailyPivot = undefined Once dailyR1 = undefined Once dailyS1 = undefined Once dailyR2 = undefined Once dailyS2 = undefined Once dailyR3 = undefined Once dailyS3 = undefined   Once lastWeekBarIndex = 0 Once weeklyHigh = undefined Once weeklyLow = undefined Once weeklyPivot = undefined Once weeklyR1 = undefined Once weeklyS1 = undefined Once weeklyR2 = undefined Once weeklyS2 = undefined Once weeklyR3 = undefined Once weeklyS3 = undefined   Once lastMonthBarIndex = 0 Once monthlyHigh = undefined Once monthlyLow = undefined Once monthlyPivot = undefined Once monthlyR1 = undefined Once monthlyS1 = undefined Once monthlyR2 = undefined Once monthlyS2 = undefined Once monthlyR3 = undefined Once monthlyS3 = undefined   If Day>Day[1] then    If mode = 0 then       dailyPivot = (DHigh(1) + DLow(1) + Close[1]) / 3    Elsif mode = 1 then       dailyPivot = (Open + DHigh(1) + DLow(1) + Close[1]) / 4    Elsif mode = 2 then       dailyPivot = (DHigh(1) + DLow(1) + Close[1]*2) / 4    Else       dailyPivot = (Open*2 + DHigh(1) + DLow(1)) / 4    Endif    dailyR1 = 2*dailyPivot - DLow(1)    dailyS1 = 2*dailyPivot - DHigh(1)    dailyR2 = dailyPivot + (DHigh(1) - DLow(1))    dailyS2 = dailyPivot - (DHigh(1) - DLow(1))    dailyR3 = dailyR1 + (DHigh(1) - DLow(1))    dailyS3 = dailyS1 - (DHigh(1) - DLow(1)) Endif   If DayOfWeek<DayOfWeek[1] then    weeklyHigh = Highest[BarIndex - lastWeekBarIndex](High)[1]    weeklyLow = Lowest[BarIndex - lastWeekBarIndex](Low)[1]    lastWeekBarIndex = BarIndex       If mode = 0 then       weeklyPivot = (weeklyHigh + weeklyLow + Close[1]) / 3    Elsif mode = 1 then       weeklyPivot = (Open + weeklyHigh + weeklyLow + Close[1]) / 4    Elsif mode = 2 then       weeklyPivot = (weeklyHigh + weeklyLow + Close[1]*2) / 4    Else       weeklyPivot = (Open*2 + weeklyHigh + weeklyLow) / 4    Endif    weeklyR1 = 2*weeklyPivot - weeklyLow    weeklyS1 = 2*weeklyPivot - weeklyHigh    weeklyR2 = weeklyPivot + (weeklyHigh - weeklyLow)    weeklyS2 = weeklyPivot - (weeklyHigh - weeklyLow)    weeklyR3 = weeklyR1 + (weeklyHigh - weeklyLow)    weeklyS3 = weeklyS1 - (weeklyHigh - weeklyLow) Endif   If Month<>Month[1] then    monthlyHigh = Highest[BarIndex - lastMonthBarIndex](High)[1]    monthlyLow = Lowest[BarIndex - lastMonthBarIndex](Low)[1]    lastMonthBarIndex = BarIndex       If mode = 0 then       monthlyPivot = (monthlyHigh + monthlyLow + Close[1]) / 3    Elsif mode = 1 then       monthlyPivot = (Open + monthlyHigh + monthlyLow + Close[1]) / 4    Elsif mode = 2 then       monthlyPivot = (monthlyHigh + monthlyLow + Close[1]*2) / 4    Else       monthlyPivot = (Open*2 + monthlyHigh + monthlyLow) / 4    Endif    monthlyR1 = 2*monthlyPivot - monthlyLow    monthlyS1 = 2*monthlyPivot - monthlyHigh    monthlyR2 = monthlyPivot + (monthlyHigh - monthlyLow)    monthlyS2 = monthlyPivot - (monthlyHigh - monthlyLow)    monthlyR3 = monthlyR1 + (monthlyHigh - monthlyLow)    monthlyS3 = monthlyS1 - (monthlyHigh - monthlyLow) Endif     Return dailyPivot as "Daily P", dailyR1 as "Daily R1", dailyS1 as "Daily S1", dailyR2 as "Daily R2", dailyS2 as "Daily S2", dailyR3 as "Daily R3", dailyS3 as "Daily S3", weeklyPivot as "Weekly P", weeklyR1 as "Weekly R1", weeklyS1 as "Weekly S1", weeklyR2 as "Weekly R2", weeklyS2 as "Weekly S2", weeklyR3 as "Weekly R3", weeklyS3 as "Weekly S3", monthlyPivot as "Monthly P", monthlyR1 as "Monthly R1", monthlyS1 as "Monthly S1", monthlyR2 as "Monthly R2", monthlyS2 as "Monthly S2", monthlyR3 as "Monthly R3", monthlyS3 as "Monthly S3"

   

  

  Henry

  Participant

  Topics: 36

  Replies: 4

  Been thanked: 13 times
  05/11/2016 at 2:06 PM #6807
  Nicolas

  This indicator is a so requested one, that I will post it in the library for future purposes! Thanks Henry.

  I also add the file for download attached to this post.

  

  Nicolas

  Keymaster

  Topics: 81

  Replies: 20863

  Been thanked: 4774 times
  09/17/2016 at 1:13 PM #13184
  pivottrader

  Hi

  Thanks for the great code. 2 Questions though…

  1. Please see attached file. When opening a chart, the price action is compressed to show all the pivot data points. How can that be fixed in the code? It would be tedious to scroll / adjust the price column all the time?
  2. Day on Day / Week on Week and Month on Month pivots are linked with a line. It would be so much cleaner if the pivots are not ‘attached’ to each other. In other words if yesterday’s pivot was 3456 and today it is 3476 then there is not a line linking the daily pivots. It gives a jagged result and makes the chart look cluttered. I hope that makes sense.

  Thanks and regards

  

  pivottrader

  Participant

  Topics: 0

  Replies: 3

  Been thanked: 0 times
  09/17/2016 at 1:31 PM #13195
  Nicolas

  Hi,

  1. The only way to get it work like this would be to only display the last pivot lines. That involve some code modifications.
  2. In v10.2, the lines are continuous, in fact they are horizontal curves, so that’s why they are all linked like this. The only solution to have them not linked together is to set the pivot lines to “dots”

  

  Nicolas

  Keymaster

  Topics: 81

  Replies: 20863

  Been thanked: 4774 times
  09/18/2016 at 10:24 AM #13221
  pivottrader

  Thanks for the reply Nicolas. I’m still finding my way in coding. How do I set the pivots to dots so that the continuous link can be broken (or better even – disappear)? Going through threads for examples but not finding any

   

  

  pivottrader

  Participant

  Topics: 0

  Replies: 3

  Been thanked: 0 times
  09/18/2016 at 1:45 PM #13227
  Nicolas

  You don’t need to recode anything, you can modify the type of any lines to dots in the indicator parameters window.

  

  Nicolas

  Keymaster

  Topics: 81

  Replies: 20863

  Been thanked: 4774 times
• Author
  Posts