Are you looking for a good pivot point indicator for MetaTrader 4 MT4? Pivot points and the various other support and resistance levels that are calculated from them are often great levels to trade from.
Price usually has at least some interaction with each level, and many trading strategies have been created to take advantage of this fact. The indicator pictured below is called Auto Pivot Plotter.
In the image below, I changed all of my resistance levels to red , my support levels to green , and my pivot point to blue. You have the option to change the color of each level individually, which can help you identify individual levels. Auto Pivot Plotter is the best pivot point indicator for MT4 in my experience, especially if you plan to use it while backtesting. I wrote about another pivot point indicator that I recommend here. You can adjust the number of historical levels that are displayed.
This pivot point indicator for MT4 also allows you to adjust the start time for the period of your pivot point calculations. Most traders will not need to use this feature. Finally, there is also a weekly pivot point version of this indicator as well as complimentary indicators that plot mid-point levels for both the daily and weekly indicators.
All of these are available in separate downloads below. The are several other MT4 pivot point indicators that can do similar things.
However, the biggest advantage of this indicator is that it displays historical pivot point levels. With the right trading system , they can be very powerful and profitable. Do you agree that this is the best pivot point indicator for MT4? Leave a comment below to let me know. Are you still looking for a profitable trading system? I recently changed my main trading system after testing a new one for over a year.
I like the fact that you can make it show multiple days and back test with it but it is not good enough because it does show the name of the level, i. Central Pivot, M1, M2, M3 etc. Simply select a separate color for each level to quickly identify each individual level. You can also try this one: Chris, oh my goodness. Been looking for a decent pivot point plotter for some time. What do you recommend for plotting Monthly pivot points?
Pivot points were originally used for daily price action. I understand why people want to use pivot points for weekly and monthly price action.
However, I personally believe that the best way to use them is to trade the 15 Minute to 1 Hour charts with the daily pivot point information. I did find a few pivot point indicators that displayed monthly pivot points, but they all created a busy, cluttered chart. None of them were similar to the one in this article. My favorite pivot point indicator is actually the one in my support and resistance indicator article.
Chris sir i have no words for thankful. This will work on any pair. That being said, I imagine the popular pairs those with more liquidity would do slightly better given the nature of pivot points. In my experience, the minute time frame works best for trading daily pivot points. The minute and 1-hour time frames also work pretty well. Notify me of followup comments via e-mail. You can also subscribe without commenting. Chris November 25, Bref December 18, Chris December 18, Matt January 9, Chris January 10, Alex February 4, Chris February 4, Thanks for reading, Alex.
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