The Pivot Trading Session indicator for Metatrader 5 provides an easy solution for creating your own pivot point strategy based on trading sessions.
With this indicator, you can define the start time and duration of your trading session.
Using this information, the indicator calculates and displays the pivot point, along with the corresponding support and resistance levels, on the price chart.
Interpreting the Pivot Point session indicator is straightforward:
- Bullish market sentiment is indicated when price action remains above the pivot point.
- Bearish market sentiment is indicated when price action remains below the pivot point.
- The various support levels can serve as profit-taking levels for short trades.
- The various resistance levels can serve as profit-taking levels for long trades.
The following indicator inputs and parameters can be modified: hour of start session, minute of start session, session time in minutes, colors, line style for support levels, line style for resistance levels.
The Pivot Trading Session indicator is suitable for scalpers, day traders, and swing traders alike.
It can be applied to any time frame and is compatible with all trading instruments supported by the charting platform.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
Download Indicator 🆓
The following picture shows how the Pivot Trading Session indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Pivot Trading Session Indicator?
Find a simple trading example below:
- A buy signal is confirmed when the candle crosses above the violet dashed Pivot line from below.
- Open a buy trade and place a stop loss order below any of the green colored support lines.
- Exit the buy trade for a fixed take profit, or close the trade at any of the provided resistance lines.
- A sell signal is confirmed when the candle crosses below the violet dashed Pivot line from above.
- Open a sell trade and place a stop loss order above any of the red colored resistance lines.
- Exit the sell trade for a fixed take profit, or close the trade at any of the provided support lines.
Download Now 🆓
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_rs_session.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