Daily Support Resistance Indicator

Adding MT4 Pivot Point Indicator

Step 1: Open MT4 Software Navigator Window

Open MetaTrader 4 Navigator window as illustrated and shown below: Go to 'View' menu (click it) & then choose the 'Navigator' window (click), or From MT4 Standard Toolbar click the 'Navigator' button or use short cut keyboard keys 'Ctrl+N'

On MetaTrader 4 Navigator window, select 'Technical Indicators', (Double Click)

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Adding Pivot Points MT4 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 commodity MT4 technical indicators as shown below - select the Pivot Points indicator from this list of commodity MT4 technical indicators so as to add the Pivot Points indicator on the MT4 commodity 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 commodity custom Pivot Points indicator on the MT4 platform & then compile custom Pivot Points indicator so that the newly added Pivot Points custom MetaTrader 4 indicator pops up on the list of custom indicators on the MT4 software.

To learn how to install Pivot Points indicator in MT4 platform, how to add Pivot Points indicator window panel to MT4 & how to add Pivot Points custom commodity indicator in MT4 platform - How to add custom Pivot Points indicator on MT4.

Pivot Points Commodity Technical Indicator Meaning

Pivot Points Commodity Trading Technical Analysis & 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 commodity technical indicator rather than a lagging commodity technical technical indicator.

Pivot Points provide a quick way for commodities traders to analyze the commodity trading price trend of how the commodity trading price is going to be moving during the day. A few simple calculations are used to plot 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 commodity prices are used

Pivot points support levels & pivots resistance levels:

Resistance 3

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

Support 3

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Commodity Trading Pivot Points Technical Analysis & How to Generate Pivot Points Trading Signals

Pivot Points indicator can be used in different ways to generate commodity signals. The following strategies are the most common Pivot Points commodity technical analysis:

Pivot Points Commodity Trend Identification Signals

The central pivot point is used by traders to determine the commodity trading price trend direction. Trades taken will only be in the direction of the commodity trading price trend.

• Buy commodity signal - commodity trading price is above the central pivot point
• Sell commodity signal - commodity trading 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 the price breaks-out upward through the center pivot point.
• Sell commodity signal - is generated when the price breaks downward through the central pivot point.

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Pivot Points Commodity Trading Price Reversal Trading Signal

Commodity Trading price reversal commodity signals are generated as follows

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

Sell commodity trade signal - when price moves up toward one of the pivot point resistance level, then touches the pivot points resistance level or moves slightly through it then quickly reverses and moves downwards.

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Setting Stoploss and Take Profit Commodity Order Levels using Pivot Points

The central pivot and the other pivot points support and pivots resistance levels are used by traders to determine suitable stop loss and take profit areas.

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If a buy commodity trade is placed above central pivot point Resistance 1 or Resistance 2 can be used to set the take profit level, and 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 technical indicator open it with MQL4 Language Editor, Then Compile it by pressing the Compile Button Key & it'll be added to your MT4 commodity trading platform.

Note: Once you add Pivot Points to your MetaTrader 4, the Pivot Points technical indicator has additional lines named Mid-Points, to remove these additional lines open the MQL4 Language Meta Editor(shortcut keyboard key - press F4), and change line 16 from:

Extern bool midpivots = true:

To

Extern bool midpivots = false:

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

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