Download Weekly Pivot Indicator FREE

Pivot levels are used extensively by the professional traders in their daily trading. There are basically 3 important pivot lines: Daily, Weekly and Monthly. Daily Pivot Line is important for intraday trading. For us swing traders, Weekly Pivot line is a very important level that can tell you when a big trend is starting or not. This is the formula for calculating this level:

Weekly Pivot=(Last Week’s High+Last Week’s Low+Last Week’s Close)/3

As you can see this is a very simple formula. All the three variables used in the above formula are known. Nothing is confusing in this formula. Just add previous week’s high with the low and the close and divide the sum by 3. Pivot lines are leading indicators. These levels are calculated at the start of each week and work for the rest of the week giving you an important support and resistance level to watch.

Most new traders get confused by the 3 support levels and the 3 resistance levels associated with each pivot line. We don’t need the 3 S/R levels associated with each Pivot line. Actually we only need the Weekly Pivot line on our charts to tell us when the big trend is going to start in the market. Weekly Pivot Line acts as a magnet for price action. Price tries to catch this Weekly Pivot Line. When it misses this line and can break it, it means start of a big move in the market. Take a look at the following GBPUSD H4 Chart.

GBPUSD H4 Chart

You see the blue line. This is the weekly pivot line. Just above the red arrow you can see price bouncing off from the weekly pivot line. Price is finding support at this line. Just above the red arrow we make an entry. Price is finding support at the weekly pivot line. We are sure this means a big move. We stay in the trade as long as the price stay above the red EMA21. We close the trade when price goes below the red EMA21 just below the down red arrow in the above screenshot. We make 650 pips in 9 days. By entering a new position everytime price bounced off the red EMA21, we could have multiplied this 650 pips into 1500 pips. This is a very simple strategy that works on H4. With this strategy you just need to check the chart once or twice daily. This strategy works for stocks and commodities as well. We will explain in subsequent posts how to add more positions without increasing the risk.

For now copy the Weekly Pivot Line code below and paste in your MT4 MetaEditor. Save the file as WeeklyPivot.mq4. Then hit the Compile button which will convert this mq4 file into an exe file. You are all set now. Open the Navigator window and you will find the WeeklyPivot indicator in the custom indicator list. Double click on it and you will find the blue line plotted on your chart. Weekly pivot line works best on H4 charts. As said above, in the next posts we are going to explain in detail how easy it is to trade with this line. You can also download the mql4 file and ex4 file below. Just click on File > Open Data Folder > MQL4 > Indicators and paste ex4 file in it. After that open your MT4 terminal and click on Navigator window and you will find this indicator in the list. Just double click on the indicator and it will get installed on the chart. Since this is a weekly pivot indicator, install it on H4.

Download WeeklyPivot.mq4

Download WeeklyPivot.ex4

//+——————————————————————+
//|                                                                      WeeklyPivot.mq4 |
//|                                       Copyright © 2015, SwingTrader23 |
//|                                                                                                       |
//+——————————————————————+
#property copyright “Copyright © 2015, SwingTrader23”
#property link      “https://www.doubledoji.com/”

#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 RoyalBlue

//—- buffers

double Pivot[];

//+——————————————————————+
//| Custom indicator initialization function                               |
//+——————————————————————+
int init()
{
//—- indicators
SetIndexStyle(0,DRAW_LINE,STYLE_SOLID);
SetIndexBuffer(0,Pivot);

IndicatorDigits(Digits);
//—-
return(0);
}
//+——————————————————————+
//| Custom indicator deinitialization function                          |
//+——————————————————————+
int deinit()
{
//—-

//—-
return(0);
}
//+——————————————————————+
//| Custom indicator iteration function                                      |
//+——————————————————————+
int start()
{
int    counted_bars=IndicatorCounted();

if(counted_bars<0) return(-1);
//—- last counted bar will be recounted
if(counted_bars>0) counted_bars–;

int limit=Bars-counted_bars;
//****************************

for(int i=0; i<limit; i++)
{

//if ( (i<((DaysToPlot+1)*BarsInDay))||DaysToPlot==0)   // Used to limit the number of days
{                                                     // that are mapped out. Less waiting ;)

// *****************************************************
//    Find previous day’s opening and closing bars.
// *****************************************************

//Find Our Week date.

datetime WeekDate=Time[i];
int WeeklyBar        =  iBarShift( NULL, PERIOD_W1, WeekDate,false)+1;
double PreviousHigh  =  iHigh(NULL, PERIOD_W1,WeeklyBar);
double PreviousLow   =  iLow(NULL, PERIOD_W1,WeeklyBar);
double PreviousClose =  iClose(NULL, PERIOD_W1,WeeklyBar);

/*
int PreviousClosingBar = FindLastTimeMatchFast(CloseMinutesIntoDay,i+1);
int PreviousOpeningBar = FindLastTimeMatchFast(StartMinutesIntoDay,PreviousClosingBar+1);

double PreviousHigh= High[PreviousClosingBar];
double PreviousLow = Low [PreviousClosingBar];
double PreviousClose = Close[PreviousClosingBar];
*/
// *****************************************************
//    Find previous day’s high and low.
// *****************************************************

// ************************************************************************
//    Calculate Pivot lines and map into indicator buffers.
// ************************************************************************

double P =  (PreviousHigh+PreviousLow+PreviousClose)/3;

Pivot[i]=      NormalizeDouble( P, Digits);

}
}

// *****************************************
//    Return from Start() (Main Routine)
return(0);
}
//+——————————————————————————————————-+
//  END Custom indicator iteration function
//+——————————————————————————————————-+

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