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Session-Based Pivot Levels for Support and Resistance

Article MQL5 code base
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Summary

This document describes a chart indicator that calculates pivot levels for a configurable trading session. It displays a central pivot, three resistance levels, three support levels, and additional support and resistance lines. A colored background marks the session used for the calculation, helping traders see which session the levels belong to.

The inputs control the session start time and duration, along with the colors, line styles, and widths used to draw each level. The document gives implementation settings but does not explain the pivot formulas, trading rules for using the levels, or how they performed in testing. It is therefore a charting aid rather than a complete strategy. Its usefulness depends on the trader's chosen pivot methodology and session definition, and the page provides no evidence that these levels predict price moves.

Key ideas

  • The indicator calculates pivot levels from a configurable session.
  • It displays a central pivot with multiple support and resistance levels.
  • A background color identifies the session used for the calculation.
  • Session timing and the appearance of each level can be customized.
  • The document provides no trading rules or performance evidence.

Tags

Technical indicators

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.