Weekly and Monthly Pivot Indicator
Info
The Weekly and Monthly Pivot Indicator is a Script for MetaTrader 4 that simple scripts to draw weekly and monthly pivot points, including support and resistance lines for the current week or month. Recommendations:- Accompany submitted code with a meaningful name and a brief description.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Scripts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Weekly and Monthly Pivot Indicator
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
Simple scripts to draw weekly and monthly pivot points, including support and resistance lines for the current week or month.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Script works on MetaTrader 4. Place the file in the MQL4/Scripts folder and restart the terminal.
Description & Settings
Related: extrend indicator - another powerful script for MetaTrader 4 traders.
Simple scripts to draw weekly and monthly pivot points, including support and resistance lines for the current week or month.Also recommended: close all open orders - similar script with strong performance on MetaTrader 4.
Recommendations:
- Accompany submitted code with a meaningful name and a brief description.
- Attach a brief explanation to the code for user comprehension.
- Insert illustrative images where applicable.
This indicator helps traders visualize key pivot levels for short-term and mid-term trading strategies.
It is designed for ease of use and quick integration into trading platforms.
The support and resistance lines provide additional reference points for potential price reversals or continuations.
This tool is particularly useful for day traders and swing traders who rely on pivot-based analysis.
Ensure your trading platform is compatible with custom indicator scripts before installation.
For optimal results, use this indicator in conjunction with other technical analysis tools.
Update your platform regularly to ensure compatibility and access to the latest features.
Trading involves risk, and this indicator should be used as a supplementary tool, not as the sole basis for trading decisions.
The developers strive to provide accurate tools, but market conditions can change rapidly.
Review the indicator's performance on historical data before live trading.
Feedback and suggestions for improvement are welcome to enhance future versions.
This script was last updated in 2026.
You may also like: executer ac expert advisor - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
int start()
{
double high=ihigh(symbol(),period_mn1,1);
double low=ilow(symbol(),period_mn1,1);
double close=iclose(symbol(),period_mn1,1);
double pp=(high+low+close)/3;
double range=high-low;
double s1=(2*pp)-high;.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.