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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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:
- 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.
- 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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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