How to Add Pivot Points Indicator on MetaTrader 4 Charts

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)

How to Add Pivot Points Indicator on MetaTrader 4 - MT4 Pivot Points Indicator

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

How to Add Pivot Points Indicator - From the Above window you can then place Pivot Points indicator that you want on the Forex chart

How to Add Custom Pivot Points FX Indicator to MT4

If the 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 indicator you will need to first add this custom Pivot Points indicator on the MT4 platform & then compile custom Pivot Points indicator so that the newly added Pivot Points custom indicator pops up on the list of custom indicators in MetaTrader 4 software.

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

About Pivot Points Technical Indicator Tutorial Explained

Pivot Points Technical Analysis & Pivot Points Signals

This indicator consists of a central pivot which is surrounded by 3 resistance areas above and 3 support levels below.

Initially these points were used by floor traders to analyze and trade the equities & futures exchange markets. This technical indicator is considered to be leading rather than lagging.

Pivots provide a quick way for forex traders to analyze the general trend of how the market is going to be moving during the course of the day. A few simple calculations are used to plot the resistance and support levels.

To calculate these points for the coming trading day is the previous day's

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

The Forex trading day closes at 5:00PM EST this daily market closing time is when the technical indicator is updated.

The 24-hour cycle for this indicator are calculated using a complex formula. The central pivot is then used to calculate the support and resistance levels as follows:

Resistance 3

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

Support 3

Forex Technical Analysis & Generating FX Signals

This indicator can be used in different ways to generate Forex signals. The following techniques are the most common technical analysis:

Trend Identification Signals

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

• Buy signal - price is above the central point
• Sell signal - price is below the central point

Price Breakout Signals

Price breakout trading signals are generated as follows

• Buy signal - is generated when price breaks-out upward through the central point.
• Sell signal - is generated when price breaks out downward through the central point.

Price Breakout

Price Reversal Signal

Price reversals are generated as follows

Buy Forex Signal- when the price moves down toward one of the support area, then touches support or moves just slightly through it then quickly reverses and moves upward.

Sell Trading Signal- when price moves up toward one of the resistance level, then touches the resistance or moves slightly through it then quickly reverses and moves downward.

Price Reversal Signal

Setting Stop loss & Limit Profit Values

The central pivot & the other support and resistance zones are used by traders to determine suitable stop loss & limit profit levels.

Setting Stop loss & Limit Profit

If a buy is placed above the central point the Resistance 1 or Resistance 2 can be used to set the take profit level, & the Support 1 can be set as a StopLoss Level for the trade.

To download Pivot points:

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

Once you download it open it with MQL4 Language Meta Editor, Then Compile the technical indicator by pressing the Compile Button and it will be added to your MT4.

NB: Once you add it to your MT4, the technical indicator has additional lines named Mid-Points, to remove the additional lines open MQL4 Meta Editor(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 exactly illustrated on this site.