Indicator Name: Pivots.mq4

This MetaTrader 4 (MT4) indicator script calculates and displays Pivot Points along with additional levels (like support, resistance, and midpoints) on the trading chart. Pivot points are widely used in forex trading as reference levels to determine potential price movement and areas of interest.

Key Features

1. Pivot Point Calculation:

   • The indicator calculates the central Pivot Point (P) using the previous day’s high, low, and close prices: $$P = \frac{\text{Yesterday's High + Low + Close}}{3}$$

2. Support and Resistance Levels:

   • Resistance Levels (R1, R2, R3) and Support Levels (S1, S2, S3) are calculated based on the Pivot Point and the previous day’s price range.
     • R1, R2, R3 are potential upward resistance levels.
     • S1, S2, S3 are potential downward support levels.
     • 
       

3. Midpoint Levels:

   • Midpoints between pivot levels (e.g., M1, M2, etc.) are calculated to provide intermediate support/resistance levels.
   • 
     

4. Camarilla Levels (optional):

   • Calculates additional levels like H4, H3, L4, L3 based on the Camarilla Equation, which provides a unique support/resistance framework.
   • 
     

5. Dynamic Line Display:

   • The indicator plots horizontal lines (with labels) on the chart for:
     • Pivot Point
     • Support and Resistance levels
     • Midpoint levels
     • Camarilla levels (if enabled)
     • 
       

6. Customization Options:

   • Users can enable or disable:
     • Pivot levels (pivots).
     • Camarilla levels (camarilla).
     • Midpoints (midpivots).
     • 
       

7. Daily Timeframe Basis:

   • The script is designed to work with daily charts. If applied to a lower timeframe (e.g., 4H or 1H), it still uses the daily data for calculations.

Visual Representation

• Pivot Points and Levels:

  • Central Pivot Point is displayed as a horizontal dashed line.
  • Resistance levels (R1, R2, R3) are shown above the Pivot Point.
  • Support levels (S1, S2, S3) are displayed below the Pivot Point.
  • Each level is labeled for clarity (e.g., "R1", "S2", "Pivot").
  • 
    

• Midpoint Lines:

  • Optional dashed lines between main pivot levels to indicate intermediate zones.
  • 
    

• Camarilla Levels:

  • If enabled, additional levels (H4, H3, L3, L4) are displayed with distinct colors.

Usage in Forex Trading

• Pivot Points and support/resistance levels are critical for:
  • Identifying key price levels where the market may reverse or consolidate.
  • Planning entry/exit points.
  • Setting stop-loss and take-profit levels.
• Camarilla and midpoint levels provide additional granularity, allowing traders to fine-tune their strategies.

This indicator is ideal for traders looking to combine price action with reliable, pre-calculated levels to enhance decision-making.