Float Pivot for mt4 (Metatrader 4) is a floating pivot point indicator that updates its values in real-time with every Forex tick.
The indicator pops up in the main MT4 chart window as a complete pivot point trading tool with two boundaries that act as support and resistance.
Buy & Sell Trade Example
- A new buy position should be opened as soon as the candlestick closes above the yellow pivot point line.
- A new sell position should be opened as soon as the candlestick closes below the yellow pivot point line.
The Float Pivot indicator can be used for both trade entry and exit, or as an additional confirmation filter for other strategies and systems.
The indicator works equally well on all currency pairs (majors, minors, and exotics) and shows promising results when used correctly.
Free Download
Download the “float-pivot-indicator.mq4” indicator for MT4
Indicator Chart (EUR/USD Daily)
The example chart below displays the Float Pivot mt4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Float Pivot Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Pivot point
Does the indicator repaint? No.
MT4 Day Trading Strategy: Float Pivot + Mega FX Profit
This strategy pairs the Float Pivot Indicator with the Mega FX Profit Indicator to obtain trend context plus precise entry signals.
The Float Pivot shows a pivot line (yellow) and a pivot channel.
When the price is above the yellow pivot and the pivot channel slopes upward, that’s a bullish context.
Conversely, when the price is below the pivot and the channel slopes downward, that suggests bearish.
The Mega FX Profit adds confirmation by plotting arrows (green arrow = bullish, red arrow = bearish) in a separate subchart.
Use this as an intraday or day trading method on timeframes like M15 or M30 during the London and New York sessions.
Buy Entry Rules
- Price must be above the yellow pivot point line on the Float Pivot, and the pivot point channel must slope upward (bullish structure).
- Mega FX Profit must display a green arrow (bullish signal) in its subchart.
- Enter a buy order at the close of the candle where the green arrow appears (provided price remains above the pivot and channel holds bullish).
- Set stop loss a few pips below the recent swing low or below the pivot line if appropriate.
- Set take profit at a reasonable intraday target (e.g., next resistance, Fibonacci extension, or 1.5:1 to 2:1 risk-reward ratio, whichever comes first).
Sell Entry Rules
- Price must be below the yellow pivot point line on the Float Pivot, and the pivot channel must slope downward (bearish structure).
- Mega FX Profit must show a red arrow (bearish signal) in its subchart.
- Enter a sell order at the close of the candle that prints the red arrow (if the price remains below the pivot and the pivot channel is downward).
- Place a stop loss a few pips above the recent swing high or above the pivot line (if that acts as resistance).
- Set take profit at intraday support, or at a target consistent with 1.5:1 or 2:1 risk-reward or other technical level.
Advantages
- Combines structure (pivot and channel) with a signal filter (arrow) to reduce false entries.
- Clear visual cues make it easier to see where trend context is honored.
- Works on intraday timeframes and can adapt to momentum shifts within the day.
- You can adjust profit target strategies (fixed R:R, pivot levels, price zones) rather than rigid pips.
Drawbacks
- Pivot channel slope may lag in fast reversals, so signals might appear late.
- In choppy or range markets, the price can cross the pivot often, leading to more false signals.
- You might miss parts of a move if waiting for the perfect alignment of both indicators.
- Requires discipline not to override signals with impulse or bias—follow rules strictly.
Case Study 1: AUD/USD on 30-Minute Chart
During the London–New York overlap, the Float Pivot indicator showed price drifting above the yellow pivot line, and the pivot channel started sloping upward.
Then the Mega FX Profit indicator printed a green arrow.
A buy trade was entered at 0.6712 at candle close.
The swing low was at 0.6700, so the stop loss was placed at 0.6698 (14 pips risk).
For take profit, a resistance zone was nearby at 0.6735, giving a potential gain of 23 pips (about a 1.6:1 reward to risk).
The market moved in that direction and hit the zone within that session, netting 23 pips.
Case Study 2: USD/CAD on 15-Minute Chart
Later in the day, Float Pivot showed a price below the yellow pivot line, and the pivot channel was trending downward.
Mega FX Profit printed a red arrow, confirming bearish pressure.
A sell order was executed at 1.3475 at candle close.
The swing high was 1.3488, so the stop loss was placed at 1.3490 (15 pips risk).
A support zone was located around 1.3452, so the take profit was set there for 23 pips potential (≈1.5:1).
Price moved down and hit that support zone, giving 23 pips profit.
Strategy Tips
- Prefer major currency pairs (EUR/USD, GBP/USD, AUD/USD, USD/CAD, etc.) with good liquidity to reduce spreads and slippage.
- Check a higher timeframe (e.g., H1) pivot direction or trend to avoid fighting a dominant longer-term trend.
- Avoid entering just before major economic news or during news windows—price can spike and flip pivot context quickly.
- Consider scaling out partial profits if price moves strongly, and trail your stop to lock gains.
- Backtest this strategy on the specific pairs and sessions you like to trade, to fine-tune indicator settings or risk
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Download the “float-pivot-indicator.mq4” indicator for Metatrader 4
