The Waddah Attar Pivot V2 indicator for Metatrader 5 draws 3 pivot points on the chart that can be used for precise trade entries and exits.
It appears as a purple (long-term), orange (medium-term) and blue (short-term) colored dynamic pivot point line.
It dynamically updates the pivot point levels every day.
How to interpret the Waddah Attar Pivot V2 indicator?
- The overall trend is bullish when the candles are positioned above the purple colored pivot point line.
- The overall trend is bearish when the candles are positioned below the purple colored pivot point line.
The following indicator inputs and parameters can be modified: time frames, colors.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
This pivot point indicator is valuable, lightweight and could help you to make informed buy and sell trade decisions.
It supports all time frames and Forex pairs.
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The picture below illustrates how the Waddah Attar Pivot V2 indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Waddah Attar Pivot V2 Indicator?
Find a simple trading strategy below:
- A buy signal is confirmed when the candles cross back above the purple colored long-term Waddah Attar pivot line from below.
- Open a buy market order and place a stop loss below the previous swing low region.
- Exit the buy trade for a risk/reward ratio of at least 2.0, or higher.
- Optional: Exit the buy trade for a predetermined profit target of your preference.
- A sell signal is confirmed when the candles cross back below the purple colored long-term Waddah Attar pivot line from above.
- Open a sell market order and place a stop loss above the previous swing high region.
- Exit the sell trade for a risk/reward ratio of at least 2.0, or higher.
- Optional: Exit the sell trade for a predetermined profit target of your preference.
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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 Waddah_Attar_Pivot_V2.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