Best Pivot Points Settings for Stock Index Day Trading
Adding MT4 Pivot Point Indicator
Step 1: Open MT4 Software Navigator Window
Open MetaTrader 4 Navigator window as shown below: Go to 'View' menu (click), then choose the 'Navigator' window (click), or From Standard Tool Bar click the 'Navigator' button or use keyboard short cut keys 'Ctrl+N'
On MT4 Navigator panel, choose "Technical Indicators", (DoubleClick)
Best Pivot Points Settings for 1 Hour Stock Index Chart - Best Pivot Points Settings for 4 H Stock Index Chart
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 of stock indices indicators as shown below - select the Pivot Points indicator from this list of stock indices trading MT4 indicators so as to add the Pivot Points indicator on the stock index chart.
Best Pivot Points Settings for 1 Hour Stock Index Chart - Best Pivot Points Settings for 4 H Stock Index Chart
How to Setup MetaTrader 4 Pivot Points 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 indices custom Pivot Points indicator on the MT4 platform & then compile custom Pivot Points indicator so that the newly added Pivot Points indices custom MT4 indicator pops up on the list of custom indicators on the MT4 software.
To learn how to install Pivot Points indicator on MetaTrader 4, how to add Pivot Points indicator window panel to MT4 & how to add Pivot Points custom stock indices indicator on MetaTrader 4 - How to add custom Pivot Points indicator on MetaTrader 4.
About Pivot Points Indices Technical Indicator Tutorial
Pivot Points Stock Indices Trading Analysis & Pivot Points Indices Signals
Pivot Points indicator consists of a central pivot point which is surrounded by Three resistance areas above & 3 support levels below.
Pivot Points technical indicator is considered to be a leading stock indices technical indicator rather than a lagging stock index technical indicator.
Pivot Points provide a quick way for stock index traders to analyze the stock index price trend of how the stock index price is going to be moving during the day. A few simple calculations are used to draw the Pivot Points resistance and support levels.
To calculate these Pivot Points for the coming trading day - the previous day's
- high,
- low, and
- close stock index prices are used
The stock index 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 technical indicator are calculated using a complex formula. The central pivot point 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 Settings for 1 Hour Stock Index Chart - Best Pivot Points Settings for 4 H Stock Index Chart
Stock Indices Trading Pivot Points Analysis & How to Generate Pivot Points Indices Signals
Pivot Points indicator can be used in different ways to generate stock index signals. Following strategies are most common Pivot Points indicator technical analysis:
Pivot Points Stock Indices Trend Identification Trading Signals
The central pivot point is used by traders to determine the stock index price trend direction. Trades taken will only be in direction of the stock index price trend.
- Buy stock indices signal -price is above the central pivot
- Sell stock indices signal -price is below the central pivot
Pivot Points Indices Price Break-out Signals
Indices price break-out signals are generated as follows
- Buy stock indices signal - is generated when the price breaks upwards through the center pivot point.
- Sell stock indices signal - is generated when the price breaks-out downward through the center pivot point.
Best Pivot Points for Scalping Stock Index - Best Pivot Points Settings for Stock Indices
Pivot Points Indices Price Reversal Stock Indices Signal
Indices price reversal stock index signals are generated as is explained below
Buy stock indices signal - when 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 stock indices trading signal - when the price moves up towards one of the resistance level, then touches resistance area or moves just slightly through it then quickly reverses and moves downwards.
Best Pivot Points for Scalping Stock Index - Best Pivot Points Settings for Stock Indices
Setting Stoploss & Take Profit Stock Indices Order Areas using Pivot Points
The central pivot point & the other support & resistance zones are used by traders to determine suitable stoploss and take profit areas.
Best Pivot Points for Scalping Stock Index - Best Pivot Points Settings for Stock Indices
If a buy stock indices trade is placed above the central pivot point the Resistance 1 or Resistance 2 can be used to set the take profit level, and the Support 1 can be set as a Stop-Loss Stock Indices Order Level for the stock index trade transaction.
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 will be added to your MT4 stock index 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 the 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, & it will then appear as is exactly displayed on this site.
Best Pivot Points Settings for 1 Hour Stock Index Chart - Best Pivot Points Setting for Stock Index Day Trading - Best Pivot Points Settings for Stock Index Swing Trading - Best Pivot Points for Scalping Stock Index - Best Pivot Points Settings for Stock Indices
