Best Pivot Points for 1 Hour Crude Oil Trading Chart
Adding MetaTrader 4 Pivot Point Technical Indicator
Step 1: Open the Navigator Window Panel on Oil Trading Platform
Open the Navigator window as shown below - Go to 'View' menu (then click it) & then select 'Navigator' window (click), or From the Standard Tool Bar click the 'Navigator' button or press keyboard short cut keys 'Ctrl+N'
On Navigator panel, choose "Technical Indicators", (Double-Click)
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Adding Pivot Points MT4 Indicator
Expand menu by clicking the expand button key marker (+) or double-click the 'indicators' menu, after this the button will appear as (-) and will now display a list of oil indicators as shown below - select the Pivot Points indicator from this list of oil indicators so as to add the Pivot Points indicator on the crude oil trading chart.
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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 oil custom Pivot Points indicator on the MetaTrader 4 software and then compile custom Pivot Points indicator so that the newly added Pivot Points oil custom technical indicator appears on the listing of custom crude oil indicators on the MetaTrader 4 software.
To learn how to install Pivot Points indicator on MT4 platform, how to add Pivot Points indicator window panel to MT4 & how to add Pivot Points custom oil indicator on MT4 platform - How to add custom Pivot Points indicator in MetaTrader 4.
About Pivot Points Oil Trading Indicator Guide
Pivot Points Crude Oil Analysis & Pivot Points Trading Signals
Pivot Points oil trading technical indicator consists of a center pivot point that is surrounded by Three resistance levels above and 3 support levels below.
Pivot Points technical indicator is considered to be a leading oil technical indicator rather than a lagging oil indicator.
Pivot Points provide a quick way for crude oil traders to analyze the oil trend of how the crude oil price is going to be moving during the day. A few simple calculations are used to plot 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 oil prices are used
The oil trading day closes and this daily closing time is when the Pivot Points 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
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Crude Oil Trading Pivot Points Technical Analysis & How to Generate Pivot Points Trading Signals
Pivot Points indicator can be used in different ways to generate oil signals. Following strategies are most common Pivot Points indicator analysis:
Pivot Points Oil Trend Identification Signals
The central pivot point is used by crude oil traders to determine the oil trend direction. Trades taken will only be in the direction of the crude oil trend.
- Buy oil signal -price is above the central pivot
- Sell oil signal -price is below the central pivot
Pivot Points Oil Trading Price Break out Signals
Oil Trading price break-out signals are generated as follows
- Buy oil signal - is generated when the crude oil price breaks-out upward through the center pivot point.
- Sell oil signal - is generated when the crude oil price breaks-out downward through the center pivot point.
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Pivot Points Oil Trading Price Reversal Trading Signal
Oil Trading price reversal oil signals are generated as follows
Buy oil trade signal - when crude oil price moves down towards one of the pivot support area, then touches the support level or moves slightly through it then quickly reverses and moves upwards.
Sell oil trade signal - when crude oil 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.
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Setting Stoploss and Take Profit Oil Order Levels using Pivot Points
The central pivot point and the other support and resistance levels are used by crude oil traders to determine suitable stop loss & take profit areas.
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If a buy oil trade is placed above the central pivot point the Resistance 1 or Resistance 2 can be used to set the take profit level, & Support 1 can be set as the Stop Loss Oil Trading Order Level for the oil 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 and it'll be added to your MetaTrader 4 crude oil trading platform.
Note: Once you add Pivot Points to your MT4, Pivot Points technical indicator has additional lines named Mid Points, to remove these additional lines open MQL4 Language MetaEditor(shortcut key-board key - press F4), and 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.
Best Pivot Points for 1H Crude Oil Trading Chart - Best Pivot Points for 4 H Crude Oil Trading Chart - Best Pivot Points for Daily Crude Oil Trading Chart - Best Pivot Points for 15 Minute Oil Trading Chart - Best Pivot Points for 5 Minute Oil Trading Chart
