The Daily Pivot Indicator is a popular and useful tool for forex traders using the MT4 platform. This free indicator automatically calculates daily pivot points based on the previous day’s high, low, and close prices. Pivot points are important levels that traders use to identify potential support and resistance levels in the market. The indicator plots these pivot points on the chart, making it easy for traders to see where price may reverse or continue its trend. To use the Daily Pivot Indicator, simply add it to your chart and customize the settings if needed. The indicator will then automatically calculate and plot the pivot points for the current trading day. Traders can use these pivot points to set stop losses, take profit levels, and even plan their entries and exits. Overall, the Daily Pivot Indicator is a valuable tool for forex traders looking to make informed trading decisions based on key price levels.
MT4
Dialy Pivot
The Daily Pivot Indicator is a useful tool for forex traders on the popular MT4 platform, available for free. This indicator calculates daily pivot points to help traders identify potential support and resistance levels. It works by plotting three key levels based on the previous day’s high, low, and close prices. Simply add the indicator to your chart to start using it for analysis.
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How to Install
How install MT4/5 indicator in the terminal?
To install an MT4/5 indicator in the terminal, follow these steps:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.
Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.
And if asks to confirm DLL?
If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.
DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.
If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.
It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.
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