Pivot Point Indicator is good for showing you intraday, daily, weekly and monthly Support & Resistance calculated lines
With the advancement in technology today, there are various pivot Meta Trader (MT4) indicators available with the commonest being Pivot Point Indicator for Meta Trader 4.
If using H1 or a lower timeframe chart or if using Higher timeframes. This indicator displays the pivot points, support and resistance lines regarding intraday trading operations. It does so by calculating them by an inbuilt formula based on the previous trading session. The resulting lines are there after used as entry and exit points. In addition to this, the indicator also outputs all data into the Meta Trader global variables which are accessible to any expert advisor on the terminal at the time or at a later time.
If you have past experience with pivot points and support (and resistance) lines, using this indicator is easy. However, you need to note that the central pivot has a high chance of reversal. On the other hand, the farther away from the central line you move, the weaker the support and resistance lines become making them easy to break.
With this Pivot Point Indicator for MT4 / Meta Trader 4 you will even be able to add multi timeframe lines on the chart. Including intra day, daily, weekly and Monthly.
This are the available settings for Pivot Point Indicator:
- midpivots: turn on or off mid pivot points
- Fhr: turn on or off intra-day pivot points
- daily: turn on or off daily pivot points
- weekly: turn on or off weekly pivot points
- monthly: turn on or off monthly pivot points for pivot point indicator
How to install Pivot Point Indicator in MetaTrader 4 / MT4:
- Download/Copy/Save the MQ4/EX4 file into your C:\Program Files\MetaTrader 4\experts\indicators folder (or change the folder to your installation sometimes forex broker name)
- Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
- On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
- Locate the indicator which you have just downloaded into the folder stated in Step 1
- Drag (Click and drag) the indicator onto the chart
- Choose your settings and click OK.
- TADA and your done!