Bitcoin Multi Chart Timeframe Support and Resistance Indicator

Adding MT4 Pivot Point Technical Indicator

Step 1: Open the MT4 Software Navigator Window

Open the MetaTrader 4 Navigator window as shown below: Navigate to "View" menu (click) & then select "Navigator" window (click), or from MT4 Standard Toolbar click the "Navigator" button or use keyboard short cut keys "Ctrl+N"

On the MT4 Navigator window panel, choose "Technical Indicators", (DoubleClick)

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Adding Pivot Points MT4 Technical Indicator

Expand the menu by clicking the expand button marker (+) or double click the "indicators" MT4 menu, after this the button will appear as (-) and will now display a list of MT4 cryptocurrency indicators as shown below - select the Pivot Points indicator from this list of MT4 cryptocurrency indicators so as to add the Pivot Points indicator in the MT4 bitcoin chart.

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How to Add Pivot Points MT4 Custom Indicator

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 in the MT4 software and then compile custom Pivot Points indicator so that the newly added Pivot Points custom MT4 indicator appears on the list of custom cryptocurrency indicators on the MT4 platform.

To learn how to install Pivot Points indicator on MT4, how to add Pivot Points indicator window panel to MT4 & how to add Pivot Points custom bitcoin indicator on MT4 - How to add custom Pivot Points bitcoin Indicator on MT4.

Pivot Points Crypto Technical Indicator Described

Pivot Points BTCUSD Technical Analysis and Pivot Points Trading Signals

Pivot Points indicator consists of a central pivot which is surrounded by 3 pivot points resistance levels below & Three pivots support levels above.

Pivot Points technical indicator is considered to be a leading bitcoin technical indicator rather than a lagging bitcoin technical technical indicator.

Pivot Points provide a quick way for cryptocurrency traders to analyze the bitcoin trading price trend of how the bitcoin trading price is going to be moving during the day. A few simple calculations are used to draw the Pivot Points pivot points resistance and pivot points support levels.

To calculate these Pivot Points for the coming trading day - the previous day's

• high,
• low, and
• close bitcoin prices are used

Pivot points support levels and pivots resistance levels:

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 bitcoin signals. The following strategies are the most common Pivot Points bitcoin technical analysis:

Pivot Points Bitcoin Trend Identification Trading Signals

The central pivot point is used by cryptocurrency traders to determine the bitcoin trading price trend direction. Trades taken will only be in direction of the bitcoin trading 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 the bitcoin price breaks upwards through the central pivot point.
• Sell bitcoin signal - is generated when the bitcoin price breaks downward through the central pivot point.

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Pivot Points Bitcoin Price Reversal Trading Signal

Bitcoin price reversal bitcoin signals are generated as follows

Buy bitcoin trade signal - when bitcoin trading price moves down towards one of the pivot points pivot points support area, then touches the pivot points support level or moves slightly through it then quickly reverses and moves upwards.

Sell bitcoin trade signal - when bitcoin price moves up towards one of the pivot points resistance area, then touches the pivot points resistance area or moves slightly through it then quickly reverses and moves downwards.

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Setting Stoploss and Take Profit Bitcoin Order Areas using Pivot Points

The central pivot point and the other pivot points support and pivot points resistance levels are used by cryptocurrency traders to determine 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, & Support 1 can be set as the Stop Loss Bitcoin Order Level for the bitcoin trade.

To download Pivot points:

https://c.mql5.com/21/9/pro4x_pivot_lines.mq4

Once you download Pivot Points indicator open it with MQL4 Language Editor, Then Compile it by pressing the Compile Button Key & it will be added to your MetaTrader 4 software.

Note: Once you add Pivot Points to your MT4, Pivot Points technical indicator has additional lines named Mid Points, to remove these additional lines open the MQL4 Language MetaEditor(shortcut keyboard key - press F4), & change line 16 from:

Extern bool midpivots = true:

To

Extern bool midpivots = false:

Then Press Compile again, & it will then appear as is exactly displayed on this site.

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