The auto pivot point indicator for MT4 is all you need if you like to trade with pivot points. It’s a pure price action Forex indicator.
The auto pivot point Forex indicator displays the following pivot points and support/resistance levels on your chart:
- Daily pivot point
- Weekly pivot point
- Monthly pivot point
- Daily support and resistance levels
- Weekly support and resistance levels
- Monthly support and resistance levels
What can you do with pivot points in Forex trading?
As a general rule in the financial markets, price is considered bullish when it trades above the pivot point and bearish when it trades below the pivot point.
So, you can buy the currency pair when price trades above the daily/weekly/monthly pivot point and sell when price trades below the daily/weekly/monthly pivot point.
Please note that in Forex, the daily pivot point is the most interesting one to focus on.
Tip: You can enable and disable the any pivot point and its accompanying support and resistance levels by editing the indicator’s inputs.
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Auto Pivot Point With Support & Resistance Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With The Auto Pivot Point With Support & Resistance MT4 Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a new buy trade order when price closes above the daily pivot point from below.
Place a protective stop loss below the previous swing low, or use your own stop loss placement strategy.
Close the buy trade for a reward/risk ratio of 2.0 or more.
Alternatively, exit the buy trade for a fixed take profit target, for example, 100 pips on the 1-hour swing trading chart.
Sell Trigger: Open a new sell trade order when price closes below the daily pivot point from above.
Place a protective stop loss above the previous swing high, or use your own stop loss placement strategy.
Close the sell trade for a reward/risk ratio of 2.0 or more.
Alternatively, exit the sell trade for a fixed take profit target, for example, 40 pips on the 5-minute day trading chart.
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Use Sunday data, daily pivot, daily support/resistance levels, weekly pivot, monthly pivot, monthly support/resistance levels, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI, Parabolic SAR,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: pivot point with support and resistance
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.