DailyPivot Shift - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

The DailyPivot_Shift indicator differs from the common DailyPivot indicator in that the main levels can be calculated from the start of the day's shift. Therefore, levels can be calculated based on local time rather than server time (e.g. GMT-8). In addition, the indicator does not take into account information about Saturday and Sunday quotes when generating levels on Monday.

The Pivot Point (PP) is the equilibrium point - the level to which price is attracted throughout the day. With three values ​​from the previous day: high, low and close, it is possible to calculate 13 levels for smaller time frames: equilibrium, 6 resistance and 6 support levels. This level is called a checkpoint. Checkpoints offer the possibility to easily determine the direction of a minor trend. Three values ​​are the most important - the equilibrium point level, Resistance 1 (RES1.0) and Support 1 (SUP1.0). While price moves between these values, it is common to see pauses in the movement, or even rollbacks.

In this way, the DailyPivot indicator:

If the market opens above the equilibrium point that day, it is a signal to open a long position. If the market opens below the equilibrium point, then the day is favorable for opening short positions.

The checkpoint approach consists in monitoring the possibility of a reversal and breakout when the price collides with the resistance level RES1.0 or the support level SUP1.0. When the price reaches the RES2.0, RES3.0 or SUP2.0, SUP3.0 levels, the market is usually overbought or oversold, so these levels are mostly used as exit levels.

The indicator was first implemented in MQL4 and published in the code base of mql4.com on July 28, 2006

Attachment download

📎 dailypivotshift.mq5 (16.39 KB)

Source: MQL5 #492