Best Pivot Points Settings for Commodities Day Trading
Adding MT4 Pivot Point Indicator
Step 1: Open MT4 Software Navigator Window Panel
Open MetaTrader 4 Navigator window as illustrated and shown below: Go to "View" menu (click it) & then choose the "Navigator" window (click), or From Standard Tool Bar click on the "Navigator" button key or use short cut keyboard keys "Ctrl+N"
On MT4 Navigator window, select 'Technical Indicators', (Double Click)
Best Pivot Points Settings for 4 H Commodities Trading Chart - Best Pivot Points Setting for Commodities Day Trading
Adding Pivot Points MT4 Indicator
Expand the menu by clicking on the expand button key marker (+) or double click "indicators" menu, after this the button will appear as (-) and will now display a list of commodity indicators as shown below - select the Pivot Points indicator from this list of commodity MT4 indicators so as to add the Pivot Points indicator on the commodity chart.
Best Pivot Points Settings for 4 H Commodities Trading Chart - Best Pivot Points Setting for Commodities Day Trading
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 commodity custom Pivot Points indicator in MetaTrader 4 platform & then compile custom Pivot Points indicator so that the newly added Pivot Points commodity custom MT4 indicator appears on the listing of custom commodities indicators in MetaTrader 4 software.
To learn how to install Pivot Points indicator on MT4 platform, how to add Pivot Points indicator window to MetaTrader 4 & how to add Pivot Points custom commodity indicator on MT4 platform - How to add custom Pivot Points commodity Indicator in MetaTrader 4.
Pivot Points Commodity Technical Indicator Described
Pivot Points Commodity Trading Technical Analysis & Pivot Points Trading Signals
Pivot Points indicator consists of a central pivot point which is surrounded by Three resistance areas above and Three support levels below.
Pivot Points technical indicator is considered to be a leading commodity technical indicator rather than a lagging commodity indicator.
Pivot Points provide a quick way for commodities traders to analyze the commodity price trend of how the commodity 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 commodity prices are used
The commodity trading day closes & this daily closing time is when the Pivot Points indicator is updated.
The 24 hour cycle for this Pivot Points 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
Best Pivot Points Settings for 4 H Commodities Trading Chart - Best Pivot Points Setting for Commodities Day Trading
Commodity Trading Pivot Points Analysis & Generating Pivot Points Trading Signals
Pivot Points indicator can be used in different ways to generate commodity signals. Following strategies are most common Pivot Points indicator technical analysis:
Pivot Points Commodity Trend Identification Trading Signals
The central pivot point is used by traders to determine the commodity price trend direction. The trades taken will only be in direction of the commodity price trend.
- Buy commodity signal - commodity price is above the central pivot point
- Sell commodity signal - commodity price is below the central pivot point
Pivot Points Commodity Trading Price Break-out Signals
Commodity Trading price break-out signals are generated as follows
- Buy commodity signal - is generated when price breaks upwards through the central pivot point.
- Sell commodity signal - is generated when price breaks-out downward through the central pivot point.
Best Pivot Points for Scalping Commodities Trading - Best Pivot Points Settings for Commodity Trading
Pivot Points Commodity Trading Price Reversal Trading Signal
Commodity Trading price reversal commodity trade signals are generated as follows
Buy commodity signal - when price moves downward towards one of the pivot point support area, then touches the support level or moves slightly through it then quickly reverses and moves upwards.
Sell commodity signal - when 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.
Best Pivot Points for Scalping Commodities Trading - Best Pivot Points Settings for Commodity Trading
Setting Stoploss & Take Profit Commodity Trading Order Areas using Pivot Points
The central pivot point & the other support & resistance levels are used by traders to determine suitable stoploss and take profit areas.
Best Pivot Points for Scalping Commodities Trading - Best Pivot Points Settings for Commodity Trading
If a buy commodity trade is placed above the central pivot point Resistance 1 or Resistance 2 can be used to set the take profit level, and the Support 1 can be set as the Stop-Loss Commodity Trading Order Level for the commodity 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 and it will be added to your MT4 software.
Note: Once you add Pivot Points to your MetaTrader 4, 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), and change line 16 from:
Extern bool midpivots = true:
To
Extern bool midpivots = false:
Then Press Compile again, and it will then appear as is exactly displayed on this site.
Best Pivot Points Settings for 4 H Commodities Trading Chart - Best Pivot Points Setting for Commodities Day Trading - Best Pivot Points Settings for Commodity Swing Trading - Best Pivot Points for Scalping Commodities Trading - Best Pivot Points Settings for Commodity Trading
