Shifted Daily Pivot Points Indicator

Shifted Daily Pivot Points Indicator for MT4

Introduction to the Shifted Daily Pivot Points Indicator

The Shifted Daily Pivot Points Indicator automatically draws a support/resistance on the charts. An important feature of that indicator is, that it doesn’t remove past pivot points, but instead, it just shifts to new pivot points. Old pivot levels are kept as a reference. You can use it successfully for backtesting your trading strategies.

The Shifted Daily Pivot Points Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.

How does it work? How to apply Shifted Daily Pivot Points Indicator in trading?

Trading Rules Explanation

The Shifted Daily Pivot Points Indicator recognizes seven different pivot points for each day. The highlighted pivot levels act as support/resistance and can be used for making rejection, breakout, swinging, and trend-following trade entries. They can also be used as potential target levels. We recommend using a target of at least 1:2 R:R while trading based on pivot points.

The most important level is called “Daily PP” which is located in the middle of all levels for a given day. That gray line indicates the possible breakout level of the price. There are three more horizontal levels above and below the Daily PP. The horizontal levels at the top work as resistance which defines potential take profit levels for long orders. Similarly, the levels at the bottom represent the support areas and take profit targets for short orders.

Shifted Daily Pivot Points Indicator: Buy Signal

Follow these steps for a long trade:

  • Wait for the London session to start
  • Open buy order when the price breaks above the daily PP
  • Set stop loss at some pips below the daily PP
  • Take profit when price rises to nearest upward pivot level

Shifted Daily Pivot Points Indicator Example of Buy Trade

Shifted Daily Pivot Points: Sell Signal

Follow these steps for a short trade:

  • Wait for the London session to start
  • Open sell order when the price breaks below the daily PP
  • Set stop loss at some pips above the daily PP
  • Take profit when price falls to nearest downward pivot level

Shifted Daily Pivot Points Indicator Example of Sell Trade

As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.

How to set up the Shifted Daily Pivot Points indicator in MetaTrader (MT4)?

Installation Guide

Download the Shifted Daily Pivot Points.rar archive at the bottom of this post, unpack it, then copy and paste the Shifted Daily Pivot Points.ex4 or Shifted Daily Pivot Points.mq4 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, which 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.

Summary Of That Forex Indicator

The Shifted Daily Pivot Points indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, 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 provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.

Download Free Forex MT4 Shifted Daily Pivot Points Indicator

To download the Shifted Daily Pivot Points Indicator for Metatrader 4 (MT4) for free just click the button below:

Shifted Daily Pivot Points Indicator Free Download

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