Dynamic Pivot Point Metatrader 4 Forex Indicator
The Dynamic Pivot Point indicator for MT4 is one of the best Pivot Point indicators I’ve ever used.
Why is it called dynamic?
From the indicator’s inputs menu, the Pivot Points time frame can be changed to whatever PP time frame you prefer to use.
It supports Pivot Points time frames from M1 up to the monthly chart.
For instance, Pivot Points generated on the H1 chart can be deployed to the M1 chart or any other chart of your preference.
How to use Pivot Points (Gold line on the chart):
- Price is considered to be positive above the Pivot Point.
- Price is considered to be negative below the Pivot Point.
Take profit levels for buy trades: resistance 1,2 and 3 (Aqua lines).
Take profit levels for sell trades: support 1,2 and 3 (Magenta lines).
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
The EUR/USD 5-Minute chart below displays the Dynamic Pivot Point Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Dynamic Pivot Point MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Go long the currency pair when its price closes above the Dynamic Pivot Point from below.
Place a stop loss below support or use your own preferred SL method.
Take profit at resistance levels 1,2 and 3.
Sell Signal: Go short the currency pair when its price closes below the Dynamic Pivot Point from above.
Place a stop loss above resistance or use your own preferred SL method.
Take profit at support levels 1,2 and 3.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (Pivot Time Frame) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: Pivot Point
Copy and paste the Dynamic Pivot.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)