The Daily Pivot Points Indicator for MT5 displays the potential support and resistance levels for the previous trading day, which tend to act as a trend reversal/continuation zone. It highlights pivot points and several support and resistance zones using the data from the previous day’s high, low, and closing prices.
The indicator assists traders in anticipating the potential trend reversal zones or direction of the market, providing valuable insight and trading opportunities for scalpers and day traders.
Features of the Daily Pivot Points Indicator for MT5
The dark-orchid line of the indicator depicts the pivot point, while the medium-sea green and red line resistance and support zones, respectively. The indicator calculates the pivot points (P) using the high, close, and low of the previous day. Conversely, the support levels (S0.5, S1.0, S1.5, S2.0, S2.5, and S3.0) and the resistance levels (R0.5, R1.0, R1.5, R2.0, R2.5, and R3.0) are calculated using data from the previous daily high/low and pivot zones.
The Benefits of Using the Indicator
- Identifying Key Levels: The indicator helps traders identify key support and resistance zones for trend reversal or continuation trading opportunities.
- Buy/Sell Entries: The indicator can assist traders in identifying optimal zones to buy or sell an asset. For example, a trader may consider buying/selling an asset if price action prints a reversal pattern at a pivot level.
- Trade Management: The indicator is also valuable for aiding traders in effectively managing their active trades. For example, traders may consider closing a trade position or trail their stop loss if the price shows reversal signs at a pivot level.
Indicator Settings Description
The indicator comes with the following customizable settings:
ExtFormula: Formula for pivot calculation.
ExtHowManyDays: Determine the number of days for pivot calculation.
ExtDraw: Enables/Disables pivot point drawing.
R30 level color: Determines the color for resistance level 30.
R25 level color: Determines the color for resistance level 25.
R20 level color: Determines the color for resistance level 20.
R15 level color: Determines the color for resistance level 15.
R10 level color: Determines the color for resistance level 10.
R05 level color: Determines the color for resistance level 5.
P level color: Determine the pivot level.
S05 level color: Color of the support level 5.
S10 level color: Color of the support level 10.
S15 level color: Color of the support level 15.
S20 level color: Color of the support level 20.
S25 level color: Color of the support level 25.
S30 level color: Color of the support level 30.
R30 level line style: Determines the line style of resistance level 30.
R25 level line style: Determines the line style of resistance level 25.
R20 level line style: Determines the line style of resistance level 20.
R15 level line style: Determines the line style of resistance level 15.
R10 level line style: Determines the line style of resistance level 10.
R05 level line style: Determines the line style of resistance level 5.
P level line style: Determines the line style of the pivot levels.
S05 level line style: Determines the line style of support level 5.
S10 level line style: Determines the line style of support level 10.
S15 level line style: Determines the line style of support level 15.
S20 level line style: Determines the line style of support level 20.
S25 level line style: Determines the line style of support level 25.
S30 level line style: Determines the line style of support level 30.
R30 level line width: Determines the line width of resistance level 30.
R25 level line width: Determines the line width of resistance level 25.
R20 level line width: Determines the line width of resistance level 20.
R15 level line width: Determines the line width of resistance level 15.
R10 level line width: Determines the line width of resistance level 10.
R05 level line width: Determines the line width of resistance level 5.
P level line width: Determines the line width of the pivotal levels.
S05 level line width: Determines the line width of support level 5.
S10 level line width: Determines the line width of support level 10.
S15 level line width: Determines the line width of support level 15.
S20 level line width: Determines the line width of support level 20.
S25 level line width: Determines the line width of support level 25.
S30 level line width: Determines the line width of support level 30.
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