The Shifted Daily Pivot Points Indicator is an automated MT4 support/resistance tool. The specialty of this indicator is, it doesn’t remove pas pivot points. Instead, it just shifts to new pivot points and keeps the old pivot levels as a reference.
Analyzing the market levels and finding key trading areas are equally important for all traders. Determining the correct trade level prevents you from making early or late entries. If you’re looking for perfection in analyzing the market S/R level, the Shifted Daily Pivot Points Indicator can be the right MT4 tool for you.
Shifted Daily Pivot Points Indicator Overview
Shifted Daily Pivot Points Indicator updates the pivot points on a regular basis. This indicator identifies seven different pivot points for each day. The highlighted pivot levels can be used support/resistance for making breakout, swinging, and trend-following trade entries.
Besides market entries, the Shifted Daily Pivot Points can also be used as potential target levels. We recommend traders target at least 2R profit while trading based on pivot points.
Shifted Daily Pivot Points Indicator Explained
The indicator calculates the daily pivot points and plots at least seven S/R levels during each trading day. After the New York session closes, the indicator automatically starts to calculate new pivot points and shifts to new support/resistance levels.
The “Daily PP” at the middle of the chart indicates the possible intraday breakout level of the price. There are three more horizontal levels above and below the daily pp. The horizontal levels at the top works as resistance which shows possible take profit levels for long orders. The levels at the bottom represent the support areas.
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Shifted Daily Pivot Points Indicator: Buy Conditions
- Trigger buy order when the price breaks above the daily PP
- SL below the nearest pivot point support
- Take profit whenever the price resists the break above a pivot resistance
Shifted Daily Pivot Points Indicator: Sell Conditions
- Open sell orders whenever the price breaks below the daily PP level
- SL above the immediate resistance
- Take profit whenever the price rejects to move below a pivot support
