Oil Trading Multi Timeframe Support and Resistance Indicator

Adding MetaTrader 4 Pivot Point Technical Indicator

Step 1: Open MetaTrader 4 Platform Navigator Panel

Open the MT4 Navigator window as shown below - Go to 'View' menu (then click it) & then select 'Navigator' window (click), or From MetaTrader 4 Standard Toolbar click the 'Navigator' button or use keyboard short cut keys 'Ctrl+N'

On the MetaTrader 4 Navigator window, choose "Technical Indicators", (Double Click)

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Adding Pivot Points MetaTrader 4 Indicator

Expand the menu by clicking the expand button marker (+) or double click the 'indicators' MetaTrader 4 menu, after this the button will appear as (-) and will now display a list of oil MT4 indicators as shown below - select the Pivot Points indicator from this list of oil MT4 indicators so as to add the Pivot Points indicator on the MetaTrader 4 crude oil trading chart.

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How to Add Pivot Points MetaTrader 4 Custom 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 oil custom Pivot Points indicator on the MetaTrader 4 software and then compile custom Pivot Points indicator so that the newly added Pivot Points custom MetaTrader 4 indicator pops up on the list of custom 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 Crude Oil Technical Indicator Guide

Pivot Points Oil Trading Technical Analysis & Pivot Points Trading 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 oil technical indicator rather than a lagging oil 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 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 oil 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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Oil Trading 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 the most common Pivot Points oil technical analysis:

Pivot Points Oil Trend Identification Signals

The central pivot point is used by crude oil traders to determine the crude oil price trend direction. The trades taken will only be in the direction of the oil price 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 points pivot points support level, then touches the pivot points support level or moves slightly through it then quickly reverses and moves upwards.

Sell oil trade signal - when oil price moves up toward one of the pivot point 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 Oil Order Levels using Pivot Points

The central pivot point and the other pivot points support and pivot points 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.

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