The All Pivot Points Indicator for MT4 is an automated pivot calculating machine. It shows daily pivots and possible future swinging areas of the price.
When we think about price-level analysis, the first thing that comes to mind is support and resistance levels. However, not everyone draws it right since it requires experience and meticulousness. Thankfully, the All Pivot Points indicator offers an alternative approach to identify sold price levels for placing breakout and pullback entries.
All Pivot Points Indicator for MT4 Overview
The All Pivot Points Indicator for MT4 automatically determines the pivot level and plots several S/R lines to guide you through the trade entry to exits.
Moreover, trading based on pivot points requires basic knowledge of price action and candlestick patterns, thus suits well to newbie speculators.
All Pivot Points Indicator for MT4 Explanation
This indicator plots nine horizontal levels on the chart. The central line represents the daily pivot point which plays a crucial role in determining the method of entry and the activation level.
For example, the price moves above the central pivot to offer a “buy” opportunity following the bullish price breakout. On the other hand, if the price fails to break above the pivot line and respects the level as resistance, we can assume the price is in a bearish trend and consider a sell entry.
The support and resistance levels are drawn above and below the central pivot, representing the possible target zones for long and short entries.
All Pivot Points Indicator for MT4: Buy Conditions
- The price breaks above the daily pivot point
- The price treats the pivot line as support
- Exit long when the price rejects to move above a resistance
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All Pivot Points Indicator for MT4: Sell Conditions
- The price moves below the daily pivot line
- The price respecting the pivot point as resistance
- Exit short when the price rebounds upwards from the support levels