Shifted Daily Pivot Points Indicator for MT4

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Shifted Daily Pivot Points Indicator for MT4

Introduction to the Shifted Daily Pivot Points Indicator

Pivot Point indicators are some of the most reliable technical indicators that professional and institutional traders use. It is very logical for retail traders to trade using this indicator so that we may see what levels the professionals are looking at. However, the levels that regular Pivot Point indicators plots are not the same as what the professionals use. This is because the start of day used by regular Pivot Point indicators are based on the broker’s server time. On the other hand, professionals use the start of day of major markets. The Shifted Daily Pivot Points indicator can remedy this because it can shift the start of day used forward or back. Thus, we can adjust it to align our Pivot Point levels with that of the major markets.

What is the Shifted Daily Pivot Points Indicator?

The Shifted Daily Pivot Points indicator is a custom Pivot Point indicator. It is a modified version of the traditional Pivot Point which allows shifting of the hour used as the start of day for the Pivot Point computation.

Just as with most Pivot Point indicators, it plots dashed lines to indicate the Pivot Point levels including the support and resistance levels. It also labels the current day’s Pivot Points at the start of the dashed line. The Pivot Point (PP) line is grey. The Support (S1, S2, and S3) lines are lime green, while the Resistance (R1, R2, and R3) lines are red.

Shifted Daily Pivot Points Indicator for MT4

How the Shifted Daily Pivot Points Indicator Works?

There are various ways methods to compute for the Pivot Point lines. The most basic is adding the high, low, and close of the previous period’s price, then dividing it by three. For example, a Daily Pivot would be the average of yesterday’s high, low, and close price. The main Pivot Point line is based on this formula. The other Support and Resistance lines have various formulas which are also derived from the main Pivot Point line.

How to use the Shifted Daily Pivot Points Indicator for MT4

The Shifted Daily Pivot Points indicator allows traders to shift the starting hour used for the computation of the Pivot Points. This can be modified on the “ShiftHrs” variable within the indicator’s settings.

How the Shifted Daily Pivot Points Indicator Works

The Support and Resistance lines, as well as the main Pivot Point line, can be used as a regular horizontal support and resistance line is traded. Traders can trade reversals and breakouts using these support and resistance levels.

Buy Trade Setup

When to Enter?

Identify a bullish reversal candlestick pattern signifying price rejection on a Support level or the Pivot Point line. Open a buy order on the confirmation of the price rejection. Set the stop loss below the pattern.

When to Exit?

Set the take profit target on the next Pivot Point level above the pattern.

How to use the Shifted Daily Pivot Points Indicator for MT4 - Buy Trade

Sell Trade Setup

When to Enter?

Identify a bearish reversal candlestick pattern signifying price rejection on a Resistance level or the Pivot Point line. Open a sell order on the confirmation of the price rejection. Set the stop loss above the pattern.

When to Exit?

Set the take profit target on the next Pivot Point level below the pattern.

How to use the Shifted Daily Pivot Points Indicator for MT4 - Sell Trade

Conclusion

Pivot Point indicators are one of the most useful indicators available for traders. This version makes it even more reliable as we could adjust its start of day basis forward or back.

MT4 Indicators – Download Instructions

Shifted Daily 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.

Shifted Daily 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. Click here for MT4 Strategies

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How to install Shifted Daily Pivot Points Indicator for MT4.mq4?

  • Download Shifted Daily Pivot Points Indicator for MT4.mq4
  • Copy Shifted Daily 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 Shifted Daily Pivot Points Indicator for MT4.mq4
  • Attach to a chart
  • Modify settings or press ok
  • Indicator Shifted Daily Pivot Points Indicator for MT4.mq4 is available on your Chart

How to remove Shifted Daily 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

Shifted Daily Pivot Points Indicator for MT4 (Free Download)

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