How to Add Pivot Points Indicator on MT4 Charts

Step 1: Open Navigator Window on Software

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

On Navigator panel, choose 'Indicators', (DoubleClick)

How to Add Pivot Points Indicator on MT4 - 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 chart indicator from this list of indicators so as to add the Pivot Points indicator on the chart.

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

How to Add Custom Pivot Points Indicator to MetaTrader 4

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 MT4.

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

About Pivot Points Technical Indicator Tutorial Explained

Pivot Points Analysis and Pivot Points Signals

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

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

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

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

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

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

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

Resistance 3

Resistance 2

Resistance 1

Pivot Points

Support 1

Support 2

Support 3

FX Analysis and Generating Signals

This indicator can be used in different ways to generate 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 only will be in direction of the market trend.

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

Price Breakout Signals

Price breakout signals are generated as follows

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

Price Breakout

Price Reversal Signal

Price reversals are generated as follows

Buy 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 Signal- when the 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 and Limit Profit Values

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

Setting Stop loss and Limit Profit

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

To download Pivot points technical Indicator:

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

Once you download it. Open it with the MQL4 Language MetaEditor, Then Compile the indicator by clicking Compile Button & it will be added to your Meta Trader 4 Platform Software.

NB: Once you add it to your Meta Trader 4 Software, the indicator has extra lines referred to as MidPoints, to remove the extra lines open MQ4 MetaEditor(shortcut key-board key - tap F4), and change line 16 from:

Extern bool mid-pivots = true:

To

Extern bool mid-pivots = false:

Then Press Compile Button again, & it will then appear as shown on this site.