Hourly Pivot Points with Color Filling MT4 Indicator has been developed as a short-term price-action based forex trading indicator. It was launched to assist the scalpers especially the newbie traders who struggle to maintain trading accuracy on shorter timeframe charts. It mostly works on M1 & M5 charts but allows you to trade all kinds of forex currency pairs around financial markets.
Hourly Pivot Points Indicator shows you a price-action map including event areas and key support/resistance levels of the market. These levels can be used for both trend-support and breakout trading purposes.
Hourly Pivot Points with Color Filling MT4 Indicator Overview
Download and install the Indicator on your MT4 platform. After the installation, your chart will appear like the following image:
Hourly Pivot Points with Color Filling MT4 Indicator Explanation
Hourly Pivot Points with Color Filling MT4 Indicator plots the pivot levels in a Fibonacci mode based on the past 500 price bars. It enables this tool to find out the key event areas of the market.
A series of bullish price bars on a pivot level means the price is well supported at the respected level and offers for a possible long entry. Short entries must be made from the pivot levels acting as a resistance.
The green zone marked by the indicator represents the area to go for long entries and the red zone is ideal for making the short entries. These horizontal static levels can also be treated as stop levels of the market entries.
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Hourly Pivot Points: Buy Conditions
- Price is roaming within the green zone
- A bullish price candle is plotted right above the current pivot level
- A buy can be triggered when the above conditions are met
- Set stop loss below the current pivot level
- Exit long/take profit whenever the price hits the red zone and resisted by the pivot levels
Hourly Pivot Points: Sell Conditions
- Price is roaming within the red zone
- A bearish price candle is plotted right below the current pivot level
- A sell can be triggered when the above conditions are met
- Set stop loss above the current pivot level
- Exit short/take profit whenever the price hits the green zone and supported by the pivot levels
