Best Pivot Points Setting for H4 BTCUSD Chart
Adding MT4 Pivot Point Indicator
Step 1: Open the MT4 Software Navigator Window
Open the MetaTrader 4 Navigator window as shown below: Navigate to 'View' menu (click) & then choose 'Navigator' window (click), or From Standard Tool Bar click 'Navigator' button or use keyboard short cut keys 'Ctrl+N'
On the MetaTrader 4 Navigator window panel, choose "Technical Indicators", (DoubleClick)
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Adding Pivot Points MT4 Indicator
Expand the menu by clicking the expand button marker (+) or double click the 'indicators' menu, after this the button will appear as (-) and will now display a list of bitcoin indicators as shown below - select the Pivot Points indicator from this list of MT4 cryptocurrency indicators so as to add the Pivot Points indicator on the bitcoin chart.
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How to Add Pivot Points Custom Indicator on MT4
If the Pivot Points technical indicator you want to add is a custom indicator - for example if the Pivot Points technical indicator you want to add is a custom Pivot Points indicator you will need to first add this bitcoin custom Pivot Points indicator on the MT4 software and then compile custom Pivot Points indicator so that the newly added Pivot Points bitcoin custom MT4 cryptocurrency indicator appears on the list of custom cryptocurrency indicators on the MT4 software.
To learn how to install Pivot Points indicator on MetaTrader 4, how to add Pivot Points indicator window to MetaTrader 4 & how to add Pivot Points custom bitcoin indicator on MetaTrader 4 - How to add custom Pivot Points indicator in MetaTrader 4.
Pivot Points Crypto Technical Indicator Described
Pivot Points BTCUSD Technical Analysis and Pivot Points Trading Signals
Pivot Points indicator consists of a central pivot point which is surrounded by Three resistance areas above and 3 support levels below.
Pivot Points technical indicator is considered to be a leading bitcoin technical indicator rather than a lagging bitcoin technical indicator.
Pivot Points provide a quick way for cryptocurrency traders to analyze the bitcoin price trend of how the bitcoin price is going to be moving during the day. A few simple calculations are used to draw the Pivot Points resistance & support levels.
To calculate these Pivot Points for the coming trading day - the previous day's
- high,
- low, and
- close bitcoin prices are used
The cryptocurrency trading day closes and this daily closing time is when Pivot Points technical indicator is updated.
The 24 hour cycle for this Pivot Points technical indicator are calculated using a complex formula. The central pivot point is then used to calculate the support & resistance areas as follows:
Resistance 3
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
Support 3
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Pivot Points Analysis and Generating Pivot Points Trading Signals
Pivot Points technical indicator can be used in different ways to generate btcusd signals. Following strategies are most common Pivot Points indicator technical analysis:
Pivot Points Bitcoin Trend Identification Trading Signals
The central pivot point is used by cryptocurrency traders to determine the bitcoin price trend direction. Trades taken will only be in direction of the bitcoin price trend.
- Buy bitcoin signal -price is above the central pivot
- Sell bitcoin signal -price is below the central pivot
Pivot Points Bitcoin Price Breakout Signals
Bitcoin price breakout signals are generated as follows
- Buy bitcoin signal - is generated when bitcoin price breaks upwards through the center pivot point.
- Sell bitcoin signal - is generated when bitcoin price breaks-out downward through the center pivot point.
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Pivot Points Bitcoin Price Reversal Trading Signal
Bitcoin price reversal bitcoin signals are generated as is described below
Buy bitcoin signal - when bitcoin price moves downward towards one of the pivot points indicator support area, then touches the support level or moves slightly through it then quickly reverses and moves upwards.
Sell bitcoin signal - when bitcoin price moves up towards one of the resistance area, then touches the resistance area or moves slightly through it then quickly reverses and moves downwards.
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Setting Stoploss & Take Profit Bitcoin Order Areas using Pivot Points
The central pivot-point & the other support and resistance levels are used by cryptocurrency traders to ascertain suitable stop loss and take profit areas.
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If a buy bitcoin trade is placed above the central pivot point Resistance 1 or Resistance 2 can be used to set the take profit level, & the Support 1 can be set as the Stop-Loss Bitcoin Order Level for the bitcoin trade transaction.
To download Pivot points:
https://c.mql5.com/21/9/pro4x_pivot_lines.mq4
Once you download Pivot Points technical indicator open it with MQL4 Language Editor, Then Compile it by pressing the Compile Button Key and it will be added to your MT4 bitcoin trading software.
Note: Once you add Pivot Points to your MT4, the Pivot Points technical indicator has additional lines named MidPoints, to remove these additional lines open the MQL4 Language Meta Editor(short cut keyboard key - press F4), & change line 16 from:
Extern bool midpivots = true:
To
Extern bool midpivots = false:
Then Press Compile again, & it'll then appear as exactly shown on this web site.
Best Pivot Points Setting for 4 H BTCUSD Chart - Best Pivot Points Setting for BTCUSD Day Trading - Best Pivot Points Settings for Bitcoin Swing Trading - Best Pivot Points for Scalping BTCUSD Trading
