Introduction to the Premium Pivot Indicator
The Pivot Point Indicator is one of the most effective technical indicators that professional traders use. The Premium Pivot Indicator is an improvement over the basic Pivot Point Indicator as it gives traders a bigger picture view of where price may reverse or breakout.
What is the Premium Pivot Indicator?
The Premium Pivot Indicator is a modification of the basic Pivot Point Indicator. The basic Pivot Point Indicator can either be a Daily Pivot Point, Weekly Pivot Point, or Monthly Pivot Point, all of which can be very useful. The Premium Pivot Indicator improves on the basic Pivot Point Indicator by displaying all three Pivot Point types, daily, weekly, and monthly, all at the same time.
This indicator plots lines to represent the Pivot Point levels. It plots maroon lines for the Daily Pivot Points, violet lines for the Weekly Pivot Points, and teal lines for the Monthly Pivot Points.
This indicator plots several lines since it plots the main Pivot Point (PP), three Support lines (S1, S2, and S3), and three Resistance lines (R1, R2, and R3), for the daily, weekly, and monthly Pivot Points.
How the Premium Pivot Indicator Works?
The Premium Pivot Indicator uses the same algorithm used for the basic Pivot Point Indicator. However, it repeats this process for all three time horizons. This allows the indicator to plot all the Pivot Points based on the daily, weekly, and monthly candle.
The formulas that the indicator uses are as follows:
Pivot Point = (High + Low + Close) / 3
Resistance 1 = (Pivot Point x 2) – Low
Resistance 2 = Pivot Point + (High – Low)
Support 1 = (Pivot Point x 2) – High
Support 2 = Pivot Point – (High – Low)
The High, Low, and Close price points are based on the High, Low, and Close of the previous daily, weekly, and monthly candle.
How to use the Premium Pivot Indicator for MT4
The Premium Pivot Indicator has several options which can be modified within its settings.
“Refresh Period” allows users to select the time interval of the indicators refresh.
“Enable Pivot 1”, “Enable Pivot 2”, and “Enable Pivot 3” toggles the three different Pivot Points on and off.
“Period” allows users to select the timeframe on which the Pivot Point is based on.
“Display Lines P” toggles the Pivot Point line on and off, while “Display Lines S/R” toggles the Support and Resistance lines on and off.
All the other options are visual options which the user can modify.
Buy Trade Setup
When to Enter?
Open a buy order if price action starts to show signs of a bullish reversal rejecting a Support (S1, S2, or S3) or Pivot Point (PP) level.
When to Exit?
Set the target take profit on the next Pivot Point level above the entry candle.
Sell Trade Setup
When to Enter?
Open a sell order if price action starts to show signs of a bearish reversal rejecting a Resistance (R1, R2, or R3) or Pivot Point (PP) level.
When to Exit?
Set the target take profit on the next Pivot Point level below the entry candle.
This indicator is an excellent Pivot Point indicator. This is because it allows traders to see the big picture and take note of all the possible price levels where the market may reverse based on Pivot Points.
MT4 Indicators – Download Instructions
This is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.
This MT4 Indicator 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. Click here for MT4 Strategies
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How to install MT4 Indicator?
- Download the mq4 file.
- Copy mq4 file 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 the mq4 file
- Attach to a chart
- Modify settings or press ok
- And Indicator will be available on your Chart
How to remove MT4 Indicator 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
Click here below to download: