Daily Support Resistance Indicator

Adding MetaTrader 4 Pivot Point Indicator

Step 1: Open MetaTrader 4 Software Navigator Window Panel

Open MetaTrader 4 Navigator window as shown below: Go to "View" menu (click), then choose the "Navigator" window (click), or from MT4 Standard Toolbar click the "Navigator" button or use keyboard short cut keys "Ctrl+N"

On MetaTrader 4 Navigator panel, select "Technical Indicators", (DoubleClick)

Opening Range Breakout Indicator MetaTrader 4 - Daily Support Resistance Technical Indicator

Adding Pivot Points MT4 Technical Indicator

Expand the menu by clicking the expand button marker (+) or double click the "indicators" MT4 menu, after this the button will appear as (-) and will now display a list of stock indices trading MT4 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 in MetaTrader 4 stock index chart.

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How to Install Pivot Points MT4 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 in MetaTrader 4 platform & then compile custom Pivot Points indicator so that the newly added Pivot Points custom MT4 indicator appears on the listing of custom stock indices 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 & how to add Pivot Points custom stock indices indicator on MT4 - How to add custom Pivot Points indicator in MetaTrader 4.

About Pivot Points Stock Indices Technical Indicator Guide

Pivot Points Indices Trading Analysis & Pivot Points Stock Indices Signals

Pivot Points indicator consists of a central pivot which is surrounded by three pivot-points resistance levels below and Three pivot-points support levels above.

Pivot Points technical indicator is considered to be a leading stock indices technical indicator rather than a lagging stock index technical technical indicator.

Pivot Points provide a quick way for stock index traders to analyze the stock index trading price trend of how the stock index trading price is going to be moving during the day. A few simple calculations are used to plot the Pivot Points pivot points resistance and pivot points 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

Pivot points support levels & pivot-points resistance levels:

Resistance 3

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

Support 3

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Indices Trading Pivot Points Technical Analysis & How to Generate Pivot Points Stock Indices Signals

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

Pivot Points Stock Indices Trend Identification Signals

The central pivot point is used by traders to determine the stock index trading price trend direction. The trades taken will only be in the direction of the stock index trading 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 price breaks upwards through the central pivot point.
• Sell stock indices signal - is generated when price breaks-out downward through the central pivot point.

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Pivot Points Indices Price Reversal Stock Indices Signal

Indices price reversal stock index signals are generated as follows

Buy stock indices trading signal - when price moves down towards one of the pivot points pivot points support level, then touches the pivot points support level or moves slightly through it then quickly reverses and moves upwards.

Sell stock indices trading signal - when price moves up towards one of the pivot points resistance level, then touches the pivot points resistance level or moves slightly through it then quickly reverses and moves downwards.

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Setting Stoploss and Take Profit Stock Indices Order Levels using Pivot Points

The central pivot-point & the other pivot points support and pivots resistance zones are used by traders to determine suitable stop loss & take profit areas.

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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.

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 and it'll be added to your MT4 software.

Note: Once you add Pivot Points to your MetaTrader 4, the Pivot Points technical indicator has additional lines named Mid-Points, to remove these additional lines open MQL4 Language MetaEditor(short cut key board key - press F4), & change line 16 from:

Extern bool midpivots = true:

To

Extern bool midpivots = false:

Then Press Compile again, & it'll then appear as is exactly displayed on this site.

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