Pure Pivot Point Forex Indicator For Metatrader 4
The Pure Pivot Point MT4 indicator calculates a wide range of useful and profitable Pivot Points and displays them on the chart.
Pivots can be turned ON and OFF by editing the input parameters.
The pure Pivot Point indicator displays the normal Pivot Point for the current day and yesterday, the Camarilla Pivot Point and the most popular Fibonacci retracement levels.
It provides a lot of useful price action data that can be used for your daily currency trading.
Please note that the indicator works on pure price action, there’s no lag whatsoever.
The general basics of Pivot Point trading:
- The currency trend is considered bullish when price trades above the daily Pivot Point.
- The currency trend is considered bearish when price trades below the daily Pivot Point.
You can also use the pure Pivots MT4 indicator to trade on Fibonacci retracement levels.
Tip: Keep an eye on the 38.2% Fibonacci retracement level, it might give you good entry levels in both up and downtrending markets.
Pivot Point trading is useful for scalping, day trading and swing trading.
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Pure Pivot Point Forex 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 Pure Pivot Point Forex Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy trade order when price closes above its daily Pivot Point level from below. The trend is now bullish.
Place initial stop loss 3 pips below short-term support, or use your own stop loss placement method.
Close the Pivot Point buy trade for a reward/risk ratio of 1.8 or better.
Alternatively, take profit at predetermined profit target level, for example 30 pips on the M5 trading chart.
Sell Trigger: Open a sell trade order when price closes below its daily Pivot Point level from above. The trend is now bearish.
Place initial stop loss 3 pips above short-term resistance, or use your own stop loss placement method.
Close the Pivot Point sell trade for a reward/risk ratio of 1.8 or better.
Alternatively, take profit at predetermined profit target level, for example 15 pips on the M1 trading chart.
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Local time zone, show Fibonacci, show pivots, show camarilla, show sweet spots, 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,…)
- 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
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.