The Pivot Point Lines Indicator outlines the critical price levels guiding traders through trade levels, stop-loss limits, and take-profit zones. It plots the automatic pivot lines in all timeframes of MT4 and suits all types of forex, stocks, and crypto trading charts.
This indicator offers excellent technical assistance to novice traders. It doesn’t require manually drawing any extra support/resistance line, keeping you worrying less about daily price level analysis.
Pivot Point Lines Indicator applies pivot lines with different styles so that you can distinguish between long-term and intraday S/R levels. It also shows period separators to compare last day’s price waves with present market conditions.
If you’re good with candlestick patterns, you’ll be able to anticipate highly potential price-action-based trading signals at the key market levels.
The dashed lines at the top and bottom of the chart represent the ultimate pivot levels. These lines show the long-term support/resistance levels based on daily, weekly, and monthly timeframes. On the other hand, the horizontal levels inside the highest pivot boundaries show the intraday or short-term S/R of the price.
The buy/sell signal depends on how the price interacts while touching the pivot lines. For instance, the price repeatedly rejecting to break above a pivot resistance implies a possible sell opportunity. In the same way, when the price refuses to break below pivot support, it is time for planning long entries and exit shorts.
- A bullish pin bar or inside bar break takes place right above the pivot support line.
- Place SL below the immediate support level.
- Exit long whenever the price hits the ultimate pivot resistance.
Also read: Exness Review – Is it The Best Forex Broker?
- A bearish pin bar or inside bar break occurs right below the pivot resistance level.
- Set the SL above the current support line.
- Exit short whenever the price hits ultimate pivot support.