Introduction to the All Pivot Points Indicator
Table of Contents
Support and Resistance levels are interesting price points where price could either reverse or break out from. However, identifying such levels objectively can be very difficult for new traders.
The All Pivot Points Indicator can help traders objectively identify such levels by automatically plotting Support and Resistance levels based on a Pivot Point indicator.
What is the All Pivot Points Indicator?
The All Pivot Points indicator is exactly just what its name suggests. It is a Pivot Point indicator that can be modified to plot all the various types of Pivot Points. It can plot daily, weekly, and monthly Pivot Points. It can also compute the Pivot Point levels using various computation methods, such as the Classic Pivot Points, Camarilla, Fibonacci, and more.
How the All Pivot Points Indicator Works?
As mentioned earlier, the All Pivot Points indicator can use various computations to plot the different types of Pivot Points. It will also plot the Pivot Points based on the selected timeframe as basis.
For example, if the selected timeframe is the daily chart using a Classic Pivot Point, the All Pivot Points indicator would compute for the Daily Pivot Point (PP) based on the average of the high, low, and close of the previous day. The various Support (S1, S2, S3 and S4) and Resistance (R1, R2, R3 and R4) points will also be computed based on the main Pivot Point (PP). These lines will be displayed on the timeframes lower than the daily chart.
This indicator plots the lines based on a color coding.
- Pivot Point (PP): Light Gray
- Support 1 (S1): Red
- Support 2 (S2): Crimson
- Support 3 (S3): Fire Brick
- Support 4 (S4): Maroon
- Resistance 1 (R1): Lime
- Resistance 2 (R2): Lime Green
- Resistance 3 (R3): Medium Sea Green
- Resistance 4 (R4): Sea Green
Other important modifications would be the “Show Mode”, “Calculation Mode” and the “Time Frame”.
How to Use the All Pivot Points Indicator for MT4
Pivot Points based on a Pivot Point indicator can be effective support and resistance levels where price action can reverse or break out from.
The most popular method of trading based on Pivot Points is to trade reversals as price touches its levels. Traders can open a reversal trade based on reversal signals developing as price touches the said levels.
Buy Trade Setup
When to Enter?
Enter a buy order as soon as a bullish reversal candlestick forms after touching one of the Support levels of the All Pivot Points indicator. Set the stop loss below the bullish reversal candlestick pattern.
When to Exit?
Set the take profit target on the next Pivot Points level above the entry level and allow price to move towards the take profit target.
Sell Trade Setup
When to Enter?
Enter a sell order as soon as a bearish reversal candlestick forms after touching one of the Resistance levels of the All Pivot Points indicator. Set the stop loss above the bearish reversal candlestick pattern.
When to Exit?
Set the take profit target on the next Pivot Points level below the entry level and allow price to move towards the take profit target.
Pivot Points indicator are effective tools for identifying interesting points where price may reverse. However, it is not a standalone technical indicator. Traders should have an objective strategy in order to qualify reversal trade setups on these levels.
MT4 Indicators – Download Instructions
All Pivot Points Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.
All Pivot Points Indicator for MT4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
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How to install All Pivot Points Indicator for MT4.mq4?
- Download All Pivot Points Indicator for MT4.mq4
- Copy All Pivot Points Indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 4 Client
- Select Chart and Timeframe where you want to test your MT4 indicators
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
- Right click on All Pivot Points Indicator for MT4.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator All Pivot Points Indicator for MT4.mq4 is available on your Chart
How to remove All Pivot Points Indicator for MT4.mq4 from your Metatrader Chart?
- Select the Chart where is the Indicator running in your Metatrader 4 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
All Pivot Points Indicator for MT4 (Free Download)
Click here below to download: