The Pivot Points Indicator MT4 is an indicator for MetaTrader 4, specifically designed to display key pivot levels on the main chart. Several lines are drawn from a single pivot point indicating critical areas where price movement may reverse. The calculation of pivot points relies on three parameters: the high, the low, and the closing price of the prior trading session. What sets this indicator apart is its versatility as it includes all major methods for plotting reversal levels, including Classic, Woodie, Fibonacci, Camarilla, and more. Each method offers a unique approach to identifying potential support and resistance zones. Therefore it helps determine take-profit levels, entry points, and stop-loss levels for trades. Consequently, these levels create opportunities for traders to profit from potential trend changes. Additionally, the indicator is highly customizable, making it a valuable asset for traders aiming to identify potential reversal points.
This indicator is suitable for traders of all skill levels and across all time frames. Its versatility extends to trading multiple currency pairs within any forex trading system or strategy, for additional indication of potential reversal points.
Indicator Settings
How to Install Pivot Points Indicator MT4
Download and extract files in the MetaTrader “Indicators” Data Folder found in the Main Menu File section:
The “Indicators” folder is located in the “MQL4” folder.
Restart MetaTrader Platform.
