The Hourly Pivot Points Indicator was delivered by Dean Feng. The indicator is designed for scalping and day trading on low timeframes.
The indicator calculates and draws hourly pivot points together with the accompanying support (S1, S2, S3) and resistance levels (R1, R2, R3) directly on your Metatrader chart. You can choose between 2 formulas for support and resistence calculation: normal and Fibonacci.
It’s most profitable on the 1 minute, 5 minute and 15 minute timeframes.
The indicator can be sucessfully used with any currency pair including the majors, cross pairs and exotics.
How to trade with Hourly Pivot Points Indicator?
Below you can find the rules for trading with this indicator.
- Buy Signal: Open long order when price is above the Hourly Pivot Point (H1 PP)
- Sell Signal: Open short order when price is below the Hourly Pivot Point (H1 PP)
- Trade exit: For longs – close a trade at resistance R1, R2 or R3. For shorts – close a trade at S1, S2 or S3.
You can trade with the indicator standalone or with support of other trading tools.
How to install this indicator on your Metatrader 4 / 5 trading plaftform?
- Download the indicator by clicking “LINK” button at the bottom of this post.
- Copy and paste the Hourly Pivot Points indicator files into following folder of your Metatrader 4 platform: MQL4 > Indicators.
- You can gain access to the folders this way: File > Open Data Folder > MQL4 > Indicators (paste files here).
- Restart your Metatrader 4 Client.
- Select Chart and Timeframe where you want to test the indicator
- Browse “Custom Indicators” in your Navigator that is located on the left in your Metatrader 4 platform.
- Right click on HourlyPivotPoints_ColorFilling_1.1.mq4 and than click “Attach to the chart”.
- You can modify settings if you need and than click ok.
- The indicator is ready and running on the chart.