The true essence of trading with Pivot Points is based on the idea that the price tends to reach yesterday's close point much more often than to overcome the previous day range. That's why the most popular calculation period for Pivot Points is Daily.
For calculating levels, HIGH (H), LOW (L) and CLOSE (C) data for the previous period are used, usually, it is a day, week, month or hour.
While calculating Pivots the concept of RANGE (R) is also used. Its value is determined by the formula: H – L.
PP – Pivot Point;
S1-S4 – Support levels;
R1-R4 – Resistance levels.
All-in-One Pivot Point MT4 Indicator Indicator Settings
The indicator is designed in the "All In One" format. This means you can customize it according to your wishes, as we did our best to include all of the most popular functions in this MT4 indicator.
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Calculation Method – select the method of Pivot Points calculation: Classical, Camarilla, Woodie, Fibonacci. The formulas for each method are described above.
Calculation Period – It determines the period for which the values of High, Low, Close will be taken.
Available periods:
- Hourly;
- Daily;
- Weekly;
- Monthly.
Number of Periods to show. The number of previous periods to be displayed on the chart. This parameter is not taken into account if the option "Show only the current period" is set.
Show Only Recent Period. Display one or more calculation periods.
Depth of Levels – limits the number of displayed support and resistance lines on the chart.
Right Shift – continue the line to the full length of the right indent on the chart.
Color Scheme – automatic detection of the color scheme for the indicator. It is also possible to change the background color manually.
How to download and install an indicator?
In order to install the indicator on your MT4 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT4>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “All-in-One Pivot Point MT4 Indicator” template to apply it to the chart.
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Note: This indicator was developed by third party. AtoZ Markets does not carry any copyrights over this trading tool.
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