Oil Trading Pivot Points Oil Technical Analysis and Oil Trading Pivot Points Trading Signals

Pivot Points Crude Oil Technical Indicator consists of a central oil pivot-point which is surrounded by Three resistance levels above & 3 support levels below the center pivot-point.

Pivot Points Crude Oil Technical Indicator is considered to be leading technical indicator.

Pivot Points Oil Technical Indicator provides a quick method for crude oil traders to analyze the general oil trend and analyze how the crude oil market is going to be moving during the day. A few calculations are used to draw the resistance & support levels for the pivot point indicator.

To calculate these support and resistance levels for coming trading day - the previous day's

• high,
• low, and
• closing oil prices are used

The oil trading day closes at 5:00PM EST & this daily closing time is when the Pivot Points Crude Oil Indicator is updated.

24 hour cycle for this Pivot Points Oil Technical Indicator are calculated using a complex formula - the central oil pivot-point is then used to calculate the support and resistance areas as follows:

Resistance Level 3

Resistance Level 2

Resistance Level 1

Oil Pivot Point Technical Analysis

Support Level 1

Support Level 2

Support Level 3

Pivot Points Indicator

Pivot Points Oil Technical Indicator can be used in different techniques to generate crude oil signals. The following strategies are the most commonly used technical analysis strategies:

Pivot Points Oil Indicator Trend Identification

The central oil pivot point is used by crude oil traders to determine the oil trend direction. The crude oil trades opened by traders will only be in the direction of this crude oil trend.

• Buy oil signal - bullish oil trend -price is above the central oil pivot point
• Sell oil signal - bearish oil trend -price is below the central oil pivot point

Pivot Points Oil Technical Indicator 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 central oil pivot point.
• Sell oil signal is generated when the crude oil price breaks-out downwards through the central oil pivot point.

Pivot Points Oil Technical Indicator Oil Price Break-out

Pivot Points Oil Technical Indicator Oil Trading Price Reversal Trading Signal

Pivot Points Oil Trading Indicator Trading Oil 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 levels or moves slightly through this support area then quickly reverses and moves upwards.

Sell oil signal - when oil price moving up towards one of the pivot point resistance level, then touches the resistance level or moves slightly through this resistance area then quickly reverses & moves downward.

Pivot Points Oil Technical Indicator Oil Trading Price Reversal Trading Signal

Setting Stoploss and Take Profit Oil Trading Order Levels

The central oil pivot point and the other support levels and resistance levels of this pivot points indicator are used by crude oil traders to determine suitable oil stop loss setting levels & oil take profit areas.

Setting Oil Trading Stop Loss Order Levels & Setting Take Profit Oil Trading Order Levels

If a buy order is placed above the central oil pivot point the Resistance Level 1 or Resistance Level 2 can be used to set the take profit level, and the Support Level 1 can be used to set the StopLoss Oil Trading Order Level for the oil trade transaction.

To download Trading Oil Pivot Points MT4 Indicator: https://c.mql5.com/21/9/pro4x_pivot_lines.mq4 Once you download the Pivot Points Crude Oil Indicator - open the indicator with MQL4 Language Editor, Then Compile Pivot Points MT4 Indicator by pressing the Compile Button and Pivot Points MT4 Indicator will be added to your MT4 crude oil trading platform. NB: Once you add Pivot Points MT4 Indicator to your MetaTrader 4, the indicator has additional lines named Mid Points, to remove these additional Pivot Points MT4 Indicator lines open MQL4 Language Editor(shortcut keyboard key - press F4), and change line 16 from: extern bool midpivots = true: to extern bool midpivots = false: Then Press Compile again, and Pivot Points MT4 Indicator will then appear as exactly shown on this learn oil website.