The Wyatts Pivots indicator for Metatrader 5 is based on pivot points and overlays support and resistance levels on the price chart.
In essence, the indicator shows the trend and accompanying support and resistance areas on the price chart.
The support and resistance areas can be used for both stop loss placement and take profit.
How to determine trend bias with the Wyatts Pivots indicator?
- The trend is considered bullish when the candle is positioned above the Wyatts Pivot.
- The trend is considered bearish when the candle is positioned below the Wyatts Pivot.
The Wyatts pivot point indicator works for any trading instrument that can be loaded on the Metatrader 5 platform.
The following indicator inputs and parameters can be modified: count periods, time period, plot pivots, plot future pivots, style, borders, color.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the Wyatts Pivots indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Wyatts Pivots Forex Indicator?
Find a simple trading example below:
- A bullish signal is given when the candle has crossed the Wyatts pivot point bottom-up.
- Open a buy trade and set your stop loss order slightly below the first green support zone.
- Close the buy trade at one of the light-red colored Wyatts resistance zones.
- A bearish signal is given when the candle has crossed the Wyatts pivot point top-down.
- Open a sell trade and set your stop loss order slightly above the first light-red resistance zone.
- Close the short trade at one of the green colored Wyatts support zones.
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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 WyattsPivots.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