The Floating Pivot Point indicator for Metatrader 5 follows the most profitable trend with the help of floating pivot point levels.
The indicator appears in the main screen as a white & violet colored pivot points indicator.
Key takeaways:
- Price action is considered bullish above the gray colored middle line.
- Price action is considered bearish below the gray colored middle line.
- A bullish trend occurs when the Floating Pivot Point indicator is sloping up.
- A bearish trend occurs when the Floating Pivot Point indicator is sloping down.
The indicator can be used for any trading style (scalping, day trading, swing trading).
The following indicator inputs can be modified to suit your preferences: colors, period, price median, and style.
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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Float_Pivot_Digit.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Floating Pivot Point indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Floating Pivot Point Forex Indicator?
Find a simple trading example below:
Buy Signal
- A bullish trend occurs when price closes above the middle gray line from below and the floating pivot point indicator is sloping up.
- Open a buy transaction and place a stop loss below the lower green colored line.
- Exit the buy trade when price touches the upper green colored line (resistance).
Sell Signal
- A bearish trend occurs when price closes below the middle gray line from above and the floating pivot point indicator is sloping down.
- Open a sell transaction and place a stop loss above the upper green colored line.
- Exit the sell trade when price touches the lower green colored line (support).
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Float_Pivot_Digit.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 Float_Pivot_Digit.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