Introduction to the Daily Pivot Points Indicator
The Daily Pivot Points Indicator draws horizontal lines that act as daily pivot levels R3, R2, R1, Pivot, S1, S2 & S3. These values of the Daily Pivot Points Indicator are calculated on a custom formula of an average of significant prices (high, low, close) of the previous trading session.
You will have all these levels plotted for each day (current and past). The best way for using that forex gauge is a reversal from these pivot points. The more powerful reaction from a level, the better.
This indicator fits all kinds of currency pairs and timeframes.
The default indicator settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
The only input is the integer “ShiftHrs”, which gives the number of hours to advance the pivot day. A negative value delays the day for pivot calculation. For example, if your server is on New York time (GMT-5) and you want pivot points in London time (GMT), then ShiftHrs is set to +5 (the default in the code).
How to set up the Daily Pivot Points indicator in MT4?
Copy and paste the Pivot_Points_-_Daily_sShiftedd.mq4 or Pivot_Points_-_Daily_sShiftedd.ex4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, that goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Daily Pivot Points indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator will provide false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Daily Pivot Points Indicator Free Download
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