Technical Indicators for MetaTrader 5
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MetaTrader 5
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Overview
The Classic Pivot Points indicator is fully configurable and can be adjusted to work in different ways. If you are a manual trader and prefer a clean chart, you can configure the indicator so that it only draws pivot points for the current session. Otherwise if you are developing an expert advisor that uses pivot points, you can configure the indicator to show historical pivot points as well.
Another unique feature of this indicator is that, when calculating daily pivots, it is possible to set a custom start time for the day. Instead of calculating pivots using the usual 00:00 to 23:59 time period, you can set a custom start time for the day. For example if you choose a start time of 17:00 the indicator will calculate the pivots by regarding the bar at 17:00 as the open time of the daily session and bar at 16:59 (the next day) as the closing bar of the day.
It is also possible to choose whether to display historical pivot point values in the data window.
Indicator input parameters:
- SetTimeFrame - sets the time frame from which the pivot points will be calculated.
- ShowValuesInDataWindow - either set to true or false, this parameter sets whether to show the pivot values in the data window.
- ShowMedians - (true/false) the parameter only has effect when the ShowHistoricalIndicatorValuesOnChart parameter is set to FALSE, if set to true, the median lines between the pivot, resistance and support values will be drawn.
- UseCustomStartTime - (true/false) please note that this feature only works when SetTimeFrame is set to the daily time frame.
- StartTime - input the custom start time in the format shown i.e, hh:mm, of course this parameter has effect only if the UseCustomStartTime value is set to true.
- ShowHistoricalIndicatorValuesOnChart - (YES/NO) this parameter is for choosing whether to draw historical pivot values on the chart. In order to display pivots for the current session only set this value to NO.
- pcolor - set color for pivot point.
- scolor - set color for all support levels.
- rcolor - set color for all resistance levels.
- medianscolor - set color for all median values.
NB. Note that when setting the StartTime value, it must correspond with the open time of any bar on the current chart. For example, you cannot set a StartTime of 17:30 if the indicator is applied to the Hourly chart, as there is no bar that opens at that time on this chart.
