Forex Pivot Trading MT4 Indicator:
About the Forex Pivot Trading MT4 Indicator
Pivot Points are a type of support and resistance levels that are used by many intraday and short term traders. When trading pivot points, many of the same rules are in force as with other types of support and resistance trading techniques.
Many traders keep a watchful eye on daily pivot points, as they are considered to be key levels at the intraday timeframe.
Forex pivot points are calculated horizontal price levels on the chart. These levels show potential areas where the price can reverse, especially during the first touch of these levels. Many Forex traders make their intraday trading decisions based on daily pivot levels, and as such it is important for intraday traders to watch price action at these levels closely.
- LIMIT – maximum bars
- ALERT/SOUND – enable alerts
Copy and paste the file into the MQL4 Indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)