Best Pivot Points for 1 Hour Chart, 4 Hour Chart and Daily Chart

How to Add Pivot Points Indicator on MT4 Charts - Adding MT4 Pivot Point Indicator

Step 1: Open Navigator Window on Forex Trading Platform

Open Navigator window as shown & illustrated below: Go to 'View' menu (click on it), then select 'Navigator' window (click), or From Standard Tool Bar click the 'Navigator' button or press keyboard short cut keys 'Ctrl+N'

On Navigator window, choose 'Indicators', (Double-Click)

Best Pivot Points for 1 Hour Chart, 4 Hour Chart and Daily Chart

Step 2: Expand the FXTechnical Indicators Menu on the Navigator - Adding Pivot Points MT4 Technical 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 forex indicators as shown below - select the Pivot Points indicator from this list of forex indicators so as to add the Pivot Points indicator on the forex chart.

Best Pivot Points for 1 Hour Chart, 4 Hour Chart and Daily Chart

How to Add Custom Pivot Points FX Indicator to 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 forex custom Pivot Points indicator on MetaTrader 4 platform & then compile custom Pivot Points indicator so that the newly added Pivot Points forex custom indicator pops up on the list of custom indicators in MetaTrader 4 software.

To learn how to install Pivot Points indicator on MT4, how to add Pivot Points indicator window to MetaTrader 4 and how to add Pivot Points custom forex indicator on MT4 - How to add custom Pivot Points forex Indicator in MetaTrader 4.

About Pivot Points FX Indicator Explained

Pivot Points Technical Analysis & Pivot Points Signals

Pivot Points technical indicator consists of a center pivot point that's surrounded by 3 resistance areas above & Three support levels below.

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

Pivot Points provide a quick way for forex traders to analyze the forex trend of how the forex price is going to be moving during the day. A few simple calculations are used to plot the Pivot Points resistance & support levels.

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

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

The Forex trading day closes at 5:00PM EST this daily closing time is when Pivot Points technical 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 levels as follows:

Resistance 3

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

Support 3

Best Pivot Points for 1H Chart, 4 Hour Chart and Daily Chart

Pivot Points Analysis & How to Generate Pivot Points Signals

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

Pivot Points Forex Trend Identification Signals

The central pivot point is used by traders to determine the forex trend direction. The trades taken will only be in direction of the trend.

• Buy forex signal - forex price is above the center pivot point
• Sell forex signal - forex price is below the center pivot point

Pivot Points Price Break-out Signals

Forex price break-out trading signals are generated as follows

• Buy forex signal - is generated when FX price breaks upwards through the center pivot point.
• Sell forex signal - is generated when price breaks-out downwards through the central pivot point.

Best Pivot Points for 15 Minute Chart, 5 Min Chart and 1 Minute Chart

Pivot Points Forex Price Reversal Signal

Forex price reversal trading signals are generated as follows

Buy forex trade signal - when FX 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 forex trade signal - when price moves up towards one of the resistance level, then touches the resistance area or moves slightly through it then quickly reverses and moves downwards.

Best Pivot Points for 15 Minute Chart, 5 Min Chart and 1 Minute Chart

Setting Stop loss & Take Profit Levels using Pivot Points

The central pivot point & other support & resistance zones are used by traders to determine suitable stoploss & take profit levels.

Best Pivot Points for 15 Minute Chart, 5 Min Chart and 1 Minute Chart

If a buy forex trade is placed above 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 Level for the forex 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 & it will be added to your MT4 platform.

NB: 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 MQL4 Language MetaEditor(short cut 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 exactly illustrated on this site.

Best Pivot Points for 1H Chart - Best Pivot Points for H4 Chart - Best Pivot Points for Daily Chart