The Auto Pivot Point Forex indicator for Metatrader 4 draws the daily, weekly and monthly pivot point on the activity chart.
After loading the indicator to the chart, all aforementioned pivot points will appear directly on the chart.
The indicator also plots the accompanied support and resistance levels on the chart for the daily, weekly and monthly pivot point.
The idea behind pivot points:
- A bullish trend will occur when price is trading above the pivot point.
- A bearish trend will occur when price is trading below the pivot point.
The indicator works on all trading instruments (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..).
Free Download
Download the “Auto Pivot.mq4” indicator for MT4
Indicator Example Chart (EUR/USD M15)
How to trade with it (example)?
Open a buy trade position as soon as the candlestick closes above the daily pivot point and the overall trend is upwards.
Open a sell trade position as soon as the candlestick closes below the daily pivot point and the overall trend is downwards.
Take profit at the recommended support and resistance levels or use your own preferred take profit method.
Feel free to use your own favorite trading method to open and close trades with the Auto Pivot Point Forex indicator.
Indicator Specifications
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Daily, weekly, monthly, show support & resistance levels, color settings & style
Indicator type: Pivot point
Repaint? Does not repaint the colored Auto Pivot Points on the chart.
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Download the “Auto Pivot.mq4” indicator for Metatrader 4
Usage:
Works for scalping, day trading and swing trading style.
It’s advised to use the Auto Pivot Point Forex indicator in agreement with price action for best performance.
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the Auto Pivot.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.