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The Best Pivot Points Indicator Ever

  • #1
  • First Post: Edited May 16, 2015 2:53pm May 4, 2015 2:57am | Edited May 16, 2015 2:53pm
Disappointed by all of the pivot points indicators I've seen on the internet, I decided to program my own indicator with all of the functions that I needed.

Features:

  1. Pivot Points
  2. Fibonacci retracements of the previous day's range
  3. Open, high, low, and close of the previous day
  4. Plots one period in the future for making tomorrow's trade plan
  5. Price labels for all levels
  6. Works on all time frames
  7. Works with multiple instances on at the same time

Please give suggestions for any features you might want and/or problems with the indicator. If you are a programmer, you MUST post the indicator back to this thread if you make any changes as I would like them to benefit everyone.

Changelog:

2015/05/17 Graphical fixes.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 84 KB
Attached File(s)
File Type: ex4 WyattsPivots.ex4   63 KB | 22,508 downloads
File Type: mq4 WyattsPivots.mq4   16 KB | 23,830 downloads
File Type: ex4 Wyatt's Pivots 20150517.ex4   77 KB | 18,924 downloads | Uploaded May 16, 2015 2:50pm
File Type: mq4 Wyatt's Pivots 20150517.mq4   19 KB | 26,670 downloads | Uploaded May 16, 2015 2:51pm
  • #2
  • May 4, 2015 10:05am May 4, 2015 10:05am
Nice indicator, thank you Wyatt
  • #3
  • May 4, 2015 10:11am May 4, 2015 10:11am
Good work. Check out my pivot based ea developed a few years ago with Hanover. Looking to develop it and like some of your ideas. Don't use Sunday to calculate Monday pivots. Get back to me .
Attached File(s)
File Type: ex4 CWB EA.ex4   75 KB | 5,421 downloads
  • #4
  • May 15, 2015 1:57pm May 15, 2015 1:57pm
i think i found a bug. image attached.
all settings are default. when i saw this thing happen i thought maybe future pivots are placed on the same current month pivots. i changed future pivots to false (as you can see on the image), but i still get same results. other pivot time frames seems working ok.

and another thing, when i set plot zones to false and plot borders to true, R2/S2 lines are not displayed, they are covered by something (borders i assume), when plot borders change to false, then lines appears. so, maybe it would be nice to make these borders literally 1-2px higher/lower (for up/down)? or they have a crucial meaning and if it would be misplaced by 1-2px it would ruin someones strategies? i'm not strong in pivots, so don't know here

i don't know how items are draw on MT4, but if they are drawn by layers then to place S/R on the top layer (to draw it the last), it means it will never be covered by anything and always will be visible?
Attached Image (click to enlarge)
Click to Enlarge Name: pivots.jpg Size: 94 KB
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  • #5
  • May 16, 2015 3:18pm May 16, 2015 3:18pm
Thank you for the suggestions.

The PlotFuturePivots feature was actually intended to plot the pivot points of the next period in the future based on current price calculations. This is so you can use a drawing tool to draw where you think price will move in the next day, week, month, etc.. They were not intended to overlap with the current period's pivot points as future pivots start off scrunched up which would interfere with the look.

With the border overlapping the R2/S2, I actually liked the look better so I went with that.

Your suggestions have been noted and will be considered for a future update.

But I made special modification to the official release for you with the top and bottom border removed and the future pivots optionally overlapping. You're welcome.
Attached Image (click to enlarge)
Click to Enlarge Name: erikspivots.PNG Size: 52 KB
Attached File(s)
File Type: ex4 Erik's Pivots.ex4   76 KB | 9,317 downloads
File Type: mq4 Erik's Pivots.mq4   19 KB | 11,133 downloads
  • #6
  • May 17, 2015 11:26am May 17, 2015 11:26am
oh man... you are way too nice i take my hat off.


Quoting wyattgoettsc
Thank you for the suggestions. The PlotFuturePivots feature was actually intended to plot the pivot points of the next period in the future based on current price calculations. This is so you can use a drawing tool to draw where you think price will move in the next day, week, month, etc.. They were not intended to overlap with the current period's pivot points as future pivots start off scrunched up which would interfere with the look. With the border overlapping the R2/S2, I actually liked the look better so I went with that. Your suggestions...
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  • #7
  • May 19, 2015 9:45pm May 19, 2015 9:45pm
hi Wyatt,

I just noticed one thing after i enabled to display fibs values - why are you using fibs value 21.4 but not 23.6 which is the most popular one? I haven't seen anyone use 21.4, but you. So, wanted to ask what's the reason for that?
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  • #8
  • May 19, 2015 10:57pm May 19, 2015 10:57pm
21.4 is the equivalent of 78.6 on the short side (100 - 78.6 = 21.4).

I am aware that some people use the values 23.6 and 76.4 on their fibs. I almost included those in the indicator but figured not many people would want it.

Currently on the list of features to add:

 

  1. Manual high,low, and close input (users can calculate fibs based on input high,low, and close values rather than automatically)
  2. Customizable fibonacci levels
  3. Non-traditional pivot points (Camarilla, Woodies, etc.)

  • #9
  • May 20, 2015 2:12pm May 20, 2015 2:12pm
i thought so too and had my fibs set the way you did by deducting from 1, but apparently you have to square root numbers, not deduct from 1 and apparently 23.6 and 78.6 are most proven/popular fib values (i always used 76.4 before).


customizable fibs is a great idea, coz i would love to leave only 3 middle fib levels when chart is over cluttered but atm you can't remove/add off/on fibs.

apparently 21.4 isn't so significant as 23.6. when i did little research about it all roads leads there.
there is a discussion here.
then i found this:
Quote
The 23.6% ratio is found by dividing one number in the series by the number that is three places to the right. For example: 8/34 = 0.2352.

here WIKI shows how fibs are exactly calculated. there is nowhere a 21.4 could be found. apparently it's a traders' made up number which is not original fibs number.

i just thought will let you know.

ps. you are doing great job with your indicators.
ps2. personal question - do you personally prefer fibs or camarilla levels?
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  • #10
  • May 20, 2015 3:47pm May 20, 2015 3:47pm
oh and one more request
can you add time offset option to your indicator please? your indicator calculate pivots from 00:00 to 23:59, but my broker is GMT+2, so it means that my pivots been calculated not from 00 to 00, but 22 to 22, what is 2 hours too early so as a result I have wrong pivots.


thank you.
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  • #11
  • Edited 5:33pm May 21, 2015 8:30am | Edited 5:33pm
i could never understand really why do you need borders on pivots, just i believed it's the preference of a look, but today actually I paid attention at Wayne's pivots and I realized (Eureka moment), that borders actually means past/closed days and current day isn't boxed, what makes perfect sense.

of course, it's your pivots and you do the way you want, but just wanted to share with you this insight and if it makes sense to you too, maybe you wanna do the same? put borders not on everything but only on past days? and extend it from S3 to R3? now it is from S2 to R2. just to make a full complete close of a day?

again, it is just a suggestion.



thanks for all your hard work.
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  • #12
  • May 21, 2015 5:32pm May 21, 2015 5:32pm
it's me again
ok, i fixed most of my requests by myself (MQL4 is easier than i thought )
i have attached mod version:
1. i changed all settings to my defaults (to make attachment quicker). i attached my template, you can check how all looks (just if you have will).
2. i changed fibs.
3. i fixed borders (extended from S3 to R3)
4. border is drawn (box is closed) only when day is finished, current day box is open, future too.
5. did GMT shift but then removed, coz i realized that it takes broker's actual time and it doesn't really matter which GMT is my time, the most important which GMT zone i'm trading in, so left as it is.
6. i was thinking maybe to create profiles (it will calculate pivots for trading sessions only (not for the whole day). it is just an idea.
7. i found a big bug (but it's nothing to do with programming, i guess), Monthly pivots are super buggy. Switch to MN pivots and go through time frames, you will see that quite often there are gaps and overlaps. lets say february overlaps with march or there is a gap between march and april, same as 2014 august and september, one day is simply skipped/overlapped. for me personally it doesn't really affect anything (i use weekly pivots anyways), but if someone will need to use monthly pivots and for his strategy day open/close price will be crucial, then it won't work for him at all as this data is messed up. i spend a couple of hours trying to fix it, i thought maybe there is something to do with leap day and had many different theories in my head, but nothing worked. I didn't program anything for past 5 years so I'm a bit rusty with programming. at the moment I have no idea why it is that and how to fix it. maybe a monthly pivot can be added, just a line for someone who needs it? I dunno if it's a solution.

thats all for now


PS. Oh, I always wanted to ask, what does that ............. (dot dot dot dot dot) at the beginning of fibots means? fibot line is solid, but at the beginning of each line there is ... what does it stand for? I couldn't figure out the meaning of it.



thank you.
Attached File(s)
File Type: mq4 WyattsPivots_erikmod.mq4   19 KB | 12,858 downloads
File Type: ex4 WyattsPivots_erikmod.ex4   76 KB | 9,894 downloads
File Type: tpl WyattsPivots.tpl   97 KB | 9,338 downloads
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  • #13
  • May 22, 2015 2:54am May 22, 2015 2:54am
Superb job wyattgoettsc & erikerxon!
Guys, can we have fibo extensions (127.2, 138.2 & 161.8 in both directions) added to this fantastic many in one tool?
:: everything is awesome ::
  • #14
  • May 22, 2015 8:42am May 22, 2015 8:42am
i can do it later on. and i have decided to add fibo PP to this indicator (at the moment it's regular, so called, trading floor PP), because today i was playing around and noticed that PP matched FPP, R2 matches FR3 (fibo S/R is placed somehow in between) and i see price bouncing of one of those lines, if it skips R it definitely reacts to FR, if it skips FR it definitely has affect on R. it just proves that most of the people are using PP or FPP for their trading and prices respects both of them (it's especially really good by placing zones, simply drawing a rectangle between FR2 and R3 lets say, something definitely happens over there). need more research.

and I need to add monthly PP only or with S1/R1 and thats it, coz there are way too many lines, with so many lines any trading will makes sense and any price will bounce off some line anyways LoL
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  • #15
  • Edited 2:03pm May 22, 2015 1:43pm | Edited 2:03pm
wyattgoettsc, THANK YOU!!
Erik, nice job on the mod. Yes i noticed something wasn't quite right on the monthly. Would be great if you/someone could find a fix for this.

Edit: Looked through the MQL4 code, it looks simple enough so I narrowed down the issue to these lines of code:

Inserted Code
int deinit()
{
   for(shift=0;shift<=CountPeriods;shift++)
   {
      LevelsDelete(period+shift);
   }
   LevelsDelete("F"+period);
   Comment("");
   return(0);
}
int start()
{
   for(shift=0;shift<=CountPeriods;shift++)
   {
      LevelsDelete(period+shift);
   }
   LevelsDelete("F"+period);
   
   for(shift=CountPeriods-1;shift>=0;shift--)
   {
      timestart = iTime(NULL,TimePeriod,shift);
      timeend   = iTime(NULL,TimePeriod,shift)+TimePeriod*60;   
         
      LevelsDraw(shift+1,timestart,timeend,period+shift,false);                
   }
   
   if(PlotFuturePivots)
   {
      timestart=iTime(NULL,TimePeriod,0)+TimePeriod*60;
      timeend=iTime(NULL,TimePeriod,0)+TimePeriod*120;
      LevelsDraw(0,timestart,timeend,"F"+period,true);      
   }
  • #16
  • Jul 21, 2015 9:21am Jul 21, 2015 9:21am
Hi Wyatt,

I wanted to thank you for the great pivot point indicator which you provided the link in Wayne's seminar this morning.

I am wondering if you could post a good indicator which shows different trading sessions i.e. vertical line showing London open.

I have searched the Internet and mql5.com and can't find a good one.

Thanks again.


....Ezra
  • #17
  • Aug 24, 2015 1:40am Aug 24, 2015 1:40am
Superb job guys Wyatt and Erik the last indicator "Wyatt Erik" is very nice, especially on the 23.6% and 78.6 the support and resistances are lying up well thank you
  • #18
  • Sep 13, 2015 12:54pm Sep 13, 2015 12:54pm
Quoting erikerxon
it's me again ok, i fixed most of my requests by myself (MQL4 is easier than i thought ) i have attached mod version: 1. i changed all settings to my defaults (to make attachment quicker). i attached my template, you can check how all looks (just if you have will). 2. i changed fibs. 3. i fixed borders (extended from S3 to R3) 4. border is drawn (box is closed) only when day is finished, current day box is open, future too. 5. did GMT shift but then removed, coz i realized that it takes broker's actual time and it doesn't really matter which...
Hi
Can you post the one with the GMT shift
Thanks
A good trader follows his rules, but great trader knows when to break them
  • #19
  • Sep 24, 2015 1:41pm Sep 24, 2015 1:41pm
Hello, could somebody add the option to turn off using sunday data to the updated indicator in the first post here? thanks ;-)
  • #20
  • Nov 28, 2015 12:18pm Nov 28, 2015 12:18pm
Great efforts Erik & Wyatt..

Pls have a similar one for Camarilla please..

thanks
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