The Pivot Point set contains two indicators: Daily Shifting PP and MWD Pivot Points. The indicator plots horizontal pivot point and levels for R3, R2, R1, Pivot, S1, S2, S3, shifting the levels each day.
How to trade with Daily Shifting Pivot Point
The calculation is based on the time the server operates, thus “ShiftHrs” input is needed. For example, if the server is on New York time (GMT-5) and you want pivot points in London time (GMT), then “ShiftHrs” is set to +5. Daily Shifting Pivot Point indicator can be applied to any chart and period.
Moreover, labels are shown for the latest day and customization of level colors is possible. The formulas for the level calculations are:
- Pivot = (High + Low + Close) / 3
- Range = High – Low;
- Resistance 1 = 2 * Pivot – Low;
- Resistance 2 = Pivot + Range;
- Resistance 3 = Resistance1 + Range;
- Support 1 = 2 * Pivot – High;
- Support 2 = Pivot – Range;
- Support 3 = Support1 – Range.
MWD Pivot Points
The indicator draws monthly, weekly and daily pivot levels without the resistance/support levels. Daily pivot level is updated every day, while the weekly and the monthly pivot points are updated at the closing of the weekly and monthly candles respectively.
How to Install MWD PP Daily Shifting Pivot Point indicator
How to install your indicator on MT4:
1. Click on Download button below;
2. Save the “Pivot Point set” .rar file;
3. Extract the two .ex4 file into the following folder: meta traderexpertsindicators;
4. Restart your Metatrader platform;
5. Click the “Indicators” button in Metatrader toolbar;
6. Select “Custom”;
7. Search and select the custom Indicator in “Custom” list;
8. Adjust settings or press OK to add the indicator to your selected chart.
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