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Hourly Pivot Points

The Hourly Pivot Points indicator for MT4 is the best Forex trading indicator for scalpers and day traders. With the Hourly Pivot Points Indicator, traders can easily identify the most important levels of the day, allowing them to maximize their trading potential.

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Description

Pivot points are significant zones in the financial markets used for technical analysis to determine potential price movements. They act as potential support and resistance zones for price reversal or continuation. Pivot zones are calculated based on previous trading sessions’ high, low, opening, and closing prices.

The Hourly Pivot Points indicator for MT4 is a technical analysis tool that calculates pivot points based on the H1 time frame. The indicator is one of the best support and resistance indicators for scalpers and day traders for identifying key levels where the price may bounce for reversal or breakout for continuation.

Features of the Hourly Pivot Points Indicator for MT4

The indicator calculates pivot points in real-time using the hourly price data, which provides traders with potential support and resistance zones as the trend progresses. It labels the support and resistance level as S1, 2, and 3, and R1, 2, and 3, enabling scalpers and day traders to find short-term trading opportunities.

Benefits of Using the Indicator

  • Automatically Identifies Key Price Levels: The indicator automatically plots the hourly pivot zones, enabling traders to identify potential support and resistance zones without hassles.
  • Intraday Trading Opportunities: The hourly pivot points highlighted by the indicator assist scalpers and day traders in identifying optimal zones to watch out for trading opportunities.

Indicator Settings Description

The indicator comes with the following customizable settings:

Pivot Mode: Determines the indicator’s mode for analysis.

currentHourOnly: Enables/Disables analysis on the current time.

CountBars: Determines the maximum number of candlesticks for analysis.

ShowPivotLines: Enables/Disables the display of pivot lines.

LineWidth: Determines the line width.

LineStyle: Determines the line style.

RColor: Determines the color of resistance zones.

PColor: Determines the color of the pivot zone.

SColor: Determines the color for support zones.

AreasFilling: Fills the support/resistance areas.

R1AreaColor: Determines the color for the first resistance level.

R2AreaColor: Determines the color for the second resistance level.

R3AreaColor: Determines the color for the third resistance level.

S1AreaColor: Determines the color for the first support level.

S2AreaColor: Determines the color for the second support level.

S3AreaColor: Determines the color for the third support level.

ShowLabels: Enables/Disables the display of pivot levels.

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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:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. 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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