Weekly Pivot Indicator For MT5

The Weekly Pivot Forex indicator for Metatrader 5 draws the weekly pivot point + 3 support & resistance levels on the price chart.

The indicator recalculates and updates the weekly pivot point on a weekly basis.

The long-term trend is bullish above the pivot while bearish below.

The accompanying support and resistance levels can be used for both trade entry as well as take profit.

Please find a simple trade example more down the page.

The following inputs can be modified to suit your preferences: colors, horizontal shift.

Make yourself familiar with the Weekly Pivot indicator and test it first on a demo account.

It supports Forex pairs and time frames.

Worth noting: the weekly pivot point indicator is most useful for traders looking at the 1-hour, 4-hour, daily and weekly charts.

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weeklypivot.mq5 Indicator (MT5)

Chart Example

The following chart shows how the Weekly Pivot indicator looks like when applied to the MT5 chart.

How To Buy And Sell Forex Pairs With The Weekly Pivot Indicator?

Find a simple trading example below:

Buy Signal

  • A buy signal is given when the candle closes above the purple colored weekly pivot point line from below.
  • Open a buy trade and place your stop loss below the blue colored support line (S1).
  • Exit the buy trade at the blue or red colored “long level” resistance line.

Sell Signal

  • A sell signal is given when the candle closes below the purple colored weekly pivot point line from above.
  • Open a sell trade and place your stop loss above the blue colored resistance line (R1).
  • Exit the sell trade at the blue or red colored “short level” support line.

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weeklypivot.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 weeklypivot.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