Introduction to the Pivot Darma Indicator
The Pivot Darma Indicator is a forex trading tool that shows a daily open line with support and resistance levels.
This indicator is a great fit for breakout traders.
It is relatively easy to use. Look for buy trades when is the price is above the daily open line. Similarly, look for sell trades when is the price is below the daily open line.
Pay attention to how price reacts at support/resistance levels.
The Pivot Darma fits all kinds of currency pairs and timeframes up to daily chart.
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.
Related: Daily Pivot Points Indicator
How to set up the Pivot Darma indicator in MT4?
Copy and paste the pivot-darma-indicator.mq4 or pivot-darma-indicator.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.
Click the link below:
The Pivot Darma 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, it 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.