I Pip Tom Demark Pivot

I Pip Tom Demark Pivot Indicator for MT4 is a custom trading tool for identifying trend reversal and breakout zones. The indicator works based on the principle developed by Tom Demark, which highlights pivot points from previous highs, lows, and closing prices.

The pivot zones identified by the indicator are significant levels where the price tends to react for a trend reversal or continuation. Therefore, traders can monitor these levels for trend reversal and breakout trading opportunities in the market.

Features of I Pip Tom Demark Pivot Indicator for MT4

As previously noted, the indicator calculates pivot points based on the Tom Demark methodology of identifying support and resistance levels from several highs, lows, and closing prices of past trading sessions. The pivot points are then plotted on the chart, which represents zones where the price may reverse, consolidate, or break out for trend continuation.

Benefits of Using the Indicator

• Identification of Pivot Zones: The I Pip Tom Demark Pivot Indicator for MT4 makes it easy for traders to identify key support and resistance levels, which saves time and enhances decision-making.
• Decision Support Tool: The indicator can come in handy as a supporting tool during technical analysis to identify trend direction, trade entry, and exit levels. For example, traders may anticipate a potential trend reversal if the price shows weakness as it approaches a pivot level. Conversely, trades may anticipate a potential bullish movement if the price breaks above the resistance zone of the indicator.

Indicator Settings Description

The indicator comes with the following customizable settings:

ShowMidPivots: Enables/Disables mid-pivot levels.

ClPivot: Determines the color for the pivot point closing price.

ClHigh: Determines the color for pivot point closing price high.

ClLow: Determines the color for pivot point closing price low.