The Day Pivot Forex indicator for Metatrader 5 calculates the daily pivot point and the accompanying support and resistance levels.
It draws the pivot point and all support and resistance levels on the main chart screen.
How to determine trend bias with the pivot point indicator?
- The trend is considered bullish when the candle is positioned above the day pivot point.
- The trend is considered bearish when the candle is positioned below the day pivot point.
The Day Pivot indicator works for any trading instrument that can be loaded on the Metatrader 5 platform.
The following indicator inputs and parameters can be modified: display alerts, email alert, display trade info, fonts, pivot line color, and width.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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DayPivotPoint.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Day Pivot indicator looks when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Day Pivot Forex Indicator?
Find a simple trading example below:
Buy Signal
- A bullish signal is given when the candle has crossed the day pivot point bottom-up.
- Open a buy trade and set your stop loss 3 pips below the previous swing low point.
- Close the buy trade at resistance 1, 2 or 3.
Sell Signal
- A bearish signal is given when the candle has crossed the day pivot point top-down.
- Open a sell trade and set your stop loss 3 pips above the previous swing high point.
- Close the sell trade at support 1, 2 or 3.
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DayPivotPoint.mq5 Indicator (MT5)
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 DayPivotPoint.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