The Pivot Oscillator Extended indicator for Metatrader 5 draws the pivot point and accompanying support and resistance levels in a separate chart window.
The indicator consists of the pivot point and 3 support/resistance levels.
How to interpret the indicator?
- Price action above the pivot point is considered bullish.
- Price action below the pivot point is considered bearish.
- The support levels can be used as take profit levels for short trades.
- The resistance levels can be used as take profit levels for long trades.
The following indicator inputs and parameters can be modified: time frame, pivot calculated as, support line colors, resistance line colors, pivot line color, style.
The Pivot Oscillator Extended indicator should work equally well for scalpers, day traders and swing traders.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
It supports all time frames and Forex pairs.
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The following chart shows how the Pivot Oscillator Extended indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Pivot Oscillator Extended Indicator?
Find a simple trading example below:
- A buy signal is given when price crosses the pivot point bottom up.
- Open a buy trade and place a stop loss order below one of the green colored support lines.
- Exit the buy trade for a fixed take profit, or close the trade at one of the red colored resistance lines.
- A sell signal is given when price crosses the pivot point top down.
- Open a sell trade and place a stop loss order above one of the red colored resistance lines.
- Exit the sell trade for a fixed take profit, or close the trade at one of the green colored support lines.
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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 Pivot oscillator extended.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