Best Pivot Points Setting for H1 Crude Oil Trading Chart
Adding MT4 Pivot Point Indicator
Step 1: Open the MetaTrader 4 Platform Navigator Panel
Open the MetaTrader 4 Navigator window as shown below - Go to "View" menu (then click it) and then choose the "Navigator" window (click), or From the Standard Tool Bar click the "Navigator" button or use keyboard short cut keys "Ctrl+N"
On the MetaTrader 4 Navigator window, select "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 MT4 technical indicators so as to add the Pivot Points indicator on the crude oil chart.
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How to Add Pivot Points Custom Indicator on MT4
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 MT4 software and then compile custom Pivot Points indicator so that the newly added Pivot Points oil custom MetaTrader 4 indicator pops up on the list of custom indicators in MetaTrader 4 software.
To learn how to install Pivot Points indicator on MT4 platform, how to add Pivot Points indicator window panel to MetaTrader 4 and how to add Pivot Points custom oil indicator on MT4 platform - How to add custom Pivot Points oil Indicator on MT4.
About Pivot Points Oil Technical Indicator Guide
Pivot Points Crude Oil Trading Technical Analysis & Pivot Points Trading Signals
Pivot Points technical indicator consists of a center pivot point which is surrounded by 3 resistance areas above and 3 support areas below.
Pivot Points technical indicator is considered to be a leading oil technical indicator rather than a lagging oil technical indicator.
Pivot Points provide a quick way for crude oil traders to analyze the crude oil price trend of how the crude oil 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 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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Pivot Points Technical Analysis & Generating Pivot Points Trading Signals
Pivot Points indicator can be used in different ways to generate oil signals. The following strategies are most common Pivot Points indicator technical analysis:
Pivot Points Oil Trading Trend Identification Trading Signals
The central pivot point is used by crude oil traders to determine the crude oil price trend direction. Trades taken will only be in the direction of the oil price trend.
- Buy oil signal -price is above the central pivot-point
- Sell oil signal -price is below the central pivot-point
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 upwards through the center pivot point.
- Sell oil signal - is generated when the crude oil price breaks-out downwards through the center pivot point.
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Pivot Points Oil Trading Price Reversal Trading Signal
Oil Trading price reversal oil trading signals are generated as is explained below
Buy oil signal - when crude oil price moves downward towards one of the pivot points indicator support level, then touches the support level or moves slightly through it then quickly reverses and moves upwards.
Sell oil 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, and Support 1 can be set as the Stop Loss Oil Trading Order Level for the oil trade transaction.
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 crude oil 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 MQL4 Language Meta Editor(short cut keyboard key - press F4), & change line 16 from:
Extern bool midpivots = true:
To
Extern bool midpivots = false:
Then Press Compile again, and it'll then appear as is exactly displayed on this site.
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