Best Pivot Points Setting for 1 Hour Chart, 4 Hour Chart and Day Trading Chart
How to Add Pivot Points Indicator on MetaTrader 4 Charts
Step 1: Open MT4 Software Navigator Window Panel
Open MetaTrader 4 Navigator window as shown below: Go to "View" menu (click), then select "Navigator" window (click), or From Standard Tool Bar click the "Navigator" button or use keyboard short cut keys "Ctrl+N"
On MetaTrader 4 Navigator panel, select "Technical Indicators", (DoubleClick)
Best Pivot Points Setting for H1, H4 and Day Trading Charts
Step 2: Expand the Forex Technical Indicators Menu on the Navigator - Adding Pivot Points MetaTrader 4 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 MT4 indicators so as to add the Pivot Points indicator on the forex chart.
Best Pivot Points Setting for H1, H4 and Day Trading Charts
How to Add Pivot Points Custom Indicator on MetaTrader 4
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 the MetaTrader 4 platform & then compile custom Pivot Points indicator so that the newly added Pivot Points forex custom MT4 indicator pops up on the list of custom indicators on the MetaTrader 4 software.
To learn how to install Pivot Points indicator on MetaTrader 4, how to add Pivot Points indicator window to MT4 & how to add Pivot Points custom forex indicator on MetaTrader 4 - How to add custom Pivot Points indicator on MetaTrader 4.
About Pivot Points FX Indicator Described
Pivot Points Technical Analysis & Pivot Points Signals
Pivot Points indicator consists of a central pivot point central area that is surrounded by 3 resistance zones above and 3 support zones below.
Pivot Points indicator is considered to be a leading forex technical indicator rather than a lagging forex indicator.
Pivot Points provide a quick way for forex traders to analyze the forex price 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.
24 hour cycle for this Pivot Points indicator are calculated using a complex formula. The central pivot 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 Setting for H1, H4 and Day Trading Charts
Pivot Points Technical Analysis & How to Generate Pivot Points Signals
Pivot Points indicator can be used in different ways to generate FX signals. The following trading strategies are the most common Pivot Points technical analysis:
Pivot Points Forex Trend Identification Signals
The central pivot point is used by traders to determine the forex price trend direction. The trades taken will only be in the direction of the forex price trend.
- Buy forex signal - forex price is above the central pivot point
- Sell forex signal - forex price is below the central pivot point
Pivot Points Price Break-out Signals
Forex price break-out signals are generated as follows
- Buy forex signal - is generated when FX price breaks upwards through the central pivot point.
- Sell forex signal - is generated when price breaks-out downward through the central pivot point.
Best Pivot Points Settings for Swing Trading - Best Pivot Points Settings for Scalping Trading
Pivot Points Forex Price Reversal Signal
Forex price reversal signals are generated as follows
Buy forex signal - when FX price moves down towards one of the pivot points support level, then touches the support level or moves slightly through it then quickly reverses and moves upwards.
Sell forex signal - when price moves up towards one of the resistance area, then touches the resistance level or moves slightly through it then quickly reverses and moves downwards.
Best Pivot Points Settings for Swing Trading - Best Pivot Points Settings for Scalping Trading
Setting Stoploss & Take Profit Levels using Pivot Points
The central pivot point & other support & resistance zones are used by traders to determine suitable stoploss & take profit areas.
Best Pivot Points Settings for Swing Trading - Best Pivot Points Settings for Scalping Trading
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 down-load 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'll be added to your MT4 fx trading platform.
Note: Once you add Pivot Points to your MT4, the Pivot Points technical indicator has additional lines named Mid Points, to remove these additional lines open 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, and it will then appear as exactly illustrated on this site.
Best Pivot Points Setting for H1, H4 and Day Trading Charts
