The All Pivot Points indicator for Metatrader 5 draws the pivot point and 4 accompanying support & resistance levels on the chart.
The indicator can be used for both trade entry and trade exit.
Generally speaking, price action above the pivot point is considered bullish while bearish below.
The 4 support and resistance levels can be used for take profit or for identifying price reversals in exhausted currency trends.
The following inputs can be modified to suit your preferences: time frames, calculation, displaying mode, show labels, show price tags, include Sundays, Fibonacci levels, active lines, line color, line style and line width.
Make yourself familiar with this indicator and test it first on a demo account. It supports all time frames and Forex pairs.
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The following chart shows how the All Pivot Points Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The All Pivot Points Indicator?
Find a simple trading example below:
- A buy signal occurs when the currency pair crosses above the pivot point from below.
- Open a buy trade and place your stop loss below S1 support.
- Close the buy trade at R2 or higher.
- A sell signal occurs when the currency pair crosses below the pivot point from above.
- Open a sell trade and place your stop loss above R1 resistance.
- Close the sell trade at S2 or lower.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the All Pivot Points.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration