The Pivot With Support & Resistance Levels Forex indicator for Metatrader 4 calculates the pivot point and accompanying support & resistance levels.
The indicator appears in the main chart window and draws all levels on the chart.
The pivot with S&R levels is beginner friendly and can be used for both trade entry and exit.
In essence, price action above the pivot point is bullish while bearish below.
- Based on pivot points
- Calculates support and resistance levels
- Works best for any time frame
- Works for trade entry and exit
- Developed for Metatrader 4
Indicator Chart Example
The picture below shows the Pivot With Support & Resistance Levels indicator attached to the Euro / U.S. Dollar H1 chart.
How to use this Forex indicator?
This Forex indicator can be used in multiple ways, find an example below:
- Open a buy transaction when price crosses above the pivot point from below.
- Place your stop loss at S1 or S2 (support levels)
- Exit the buy trade for a fixed profit target or at R1, R2, R3 levels.
- Open a sell transaction when price crosses below the pivot point from above.
- Place your stop loss at R1 or R2 (resistance levels)
- Exit the sell trade for a fixed profit target or at S1, S2, S3 levels.
How to install the Pivot With Support & Resistance Levels Forex indicator to the Metatrader 4 platform?
- Download the LC-Pivots.mq4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration