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Pivot Custom

Are you a for high risk reward forex trades? Pivot Custom MT4 Indicator plots hourly, daily, weekly and monthly pivots on any chart time frame. Keep the higher time frame support and resistance on the current chart and look for rewarding forex trading signals.

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Description

The Pivot custom MT4 indicator enables the forex traders to apply hourly, daily, weekly and monthly pivot points on any chart time frame. Additionally, traders can enable mid pivot points to enhance technical analysis and reassess the market conditions using these intermediate points.

Features of Pivot Custom MT4 Indicator

The indicator plots light blue pivot and R1, R2, R3 is red and S1, S2, and S3 in blue thick lines. Mid points are lines in between two pivot and support and resistance line and between consecutive support and resistance lines. They act as intermediate support and resistance and help the forex traders to confirm the direction of price movement.

The indicator clearly labels the pivot, support and resistance lines and midpoints to enable identification. Pivot trading strategy is based on support and resistance. So, traders can buy and sell upon the breakout of support and resistance or breakout failure.

Benefits of Pivot Custom MT4 Indicator

Though there are many pivot level indicators available, this indicator enables the trader to display a pivot line independent of the current time frame. In fact the trader can have a different trading time frame than the pivot time frame. This helps the trader to draw the higher time frame pivot on the current chart.  As a result, the trader always has a view of the higher time frame support and resistance.

Trading using a higher time frame support, resistance or pivot level in a lower time frame chart provides trading signals with good risk-reward ratio. So, forex technical traders looking for a higher risk-reward ratio to formulate trading strategy or technical analysis will benefit the most.

Indicator Settings Description

Midpivots: Enables mid pivot points.

Fhr:, daily:, weekly:, monthly: Enables the pivot points of hourly, daily, weekly and monthly pivots, support and resistances.

Period1: Default period for pivot point calculation.

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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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