TzPivots MetaTrader indicator should be attached the H1 or lower timeframe charts. This indicator will show the pivot points, support and resistance lines used for intraday trading. These lines are calculated using a formula that is based on previous trading sessions. The resulting lines can be used as entry and exit points. All data are also exported by the indicator to the MetaTrader global variables. Expert advisors can access them from the terminal. TzPivots are available for MT4 as well as MT5.
Input parameters
LocalTimeZone -- The timezone for your MT4/MT5 server. This parameter should be set to -5 if your server's in New York.
DestTimeZone -- The timezone in which you trade. This parameter can be set to 0, for example, if you trade in London.
Other parameters - Modify the visual representation of lines. These should not be changed.
How to trade with TzPivots indicator
This indicator is easy to use if you know the pivot points, support and resistance lines. There is a high probability of the central pivot line being reversed. The distance from the central pivot line makes the support and resistance lines weaker. Breaking a line is easier if it is weaker.
How to download and install an indicator
In order to install the indicator on your MT4 or MT5 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 MT5>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the "TzPivots" indicator template to apply it on the chart.
Note: This indicator was developed by a third party. AtoZ Markets does not carry any copyrights over this trading tool.
