Best Pivot Points for 4 Hour Stock Indices Chart
Adding MetaTrader 4 Pivot Point Technical Indicator
Step 1: Open Navigator Window Panel on Stock Indices Trading Platform
Open Navigator panel as illustrated and shown below: Navigate to 'View' menu (click it) and then choose 'Navigator' window (click), or From Standard Toolbar click on 'Navigator' button key or press short-cut key-board keys 'Ctrl+N'
On Navigator window, choose 'Technical Indicators', (Double-Click)
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Adding Pivot Points MT4 Technical Indicator
Expand the menu by clicking the expand button marker (+) or double click the 'indicators' menu, after this the button will appear as (-) and will now display a list of indices indicators as shown below - select the Pivot Points indicator from this list of stock indices indicators so as to add the Pivot Points indicator on the stock indices chart.
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How to Install MT4 Pivot Points Indicator
If the Pivot Points technical indicator you want to add is a custom indicator - for example if the Pivot Points technical indicator you want to add is a custom Pivot Points indicator you will need to first add this indices custom Pivot Points indicator on the MetaTrader 4 software & then compile the custom Pivot Points indicator so that the newly added Pivot Points indices custom technical indicator pops up on the list of custom indicators on the MetaTrader 4 software.
To learn how to install Pivot Points indicator on MetaTrader 4, how to add Pivot Points indicator window to MT4 and how to add Pivot Points custom indices indicator in MT4 - How to add custom Pivot Points indicator in MetaTrader 4.
About Pivot Points Stock Indices Technical Indicator Guide
Pivot Points Indices Technical Analysis & Pivot Points Trading Signals
Pivot Points indicator consists of a central pivot point central area that is surrounded by 3 resistance zones above and 3 support zones below.
Pivot Points technical indicator is considered to be a leading indices technical indicator rather than a lagging indices indicator.
Pivot Points provide a quick way for stock indices traders to analyze the indices trend of how the stock indices price is going to be moving during the day. A few simple calculations are used to plot the Pivot Points resistance & support levels.
To calculate these Pivot Points for coming trading day - the previous day's
- high,
- low, and
- close indices prices are used
The stock indices trading day closes & this daily closing time is when the Pivot Points indicator is updated.
The 24 hour cycle for this Pivot Points indicator are calculated using a complex formula. The central pivot-point is then used to calculate the support & resistance levels as follows:
Resistance 3
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
Support 3
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Pivot Points Analysis & How to Generate Pivot Points Trading Signals
Pivot Points indicator can be used in different ways to generate indices signals. The following strategies are the most common Pivot Points indicator analysis:
Pivot Points Indices Trend Identification Signals
The central pivot point is used by stock indices traders to determine the indices trend direction. The trades taken will only be in direction of the stock indices trend.
- Buy indices signal - stock indices price is above the central pivot point
- Sell indices signal - stock indices price is below the central pivot point
Pivot Points Indices Price Break-out Signals
Indices price break-out trading signals are generated as follows
- Buy indices signal - is generated when stock indices trading price breaks out upwards through the central pivot-point.
- Sell indices signal - is generated when stock indices trading price breaks out downward through the central pivot-point.
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Pivot Points Indices Price Reversal Trading Signal
Indices price reversal stock indices trading signals are generated as follows
Buy indices signal - when stock indices trading price moves downwards towards one of the pivot point support area, then touches support level or moves slightly through it then quickly reverses & moves upward.
Sell indices signal - when stock indices price moves up towards one of the resistance level, then touches the resistance area or moves slightly through it then quickly reverses and moves downwards.
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Setting Stop-loss & Take Profit Indices Order Areas using Pivot Points
The central pivot point & the other support and resistance levels are used by stock indices traders to ascertain suitable stop loss & take profit levels.
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If a buy indices trade is placed above central pivot-point Resistance 1 or Resistance 2 can be used to set the take profit level, and the Support 1 can be set as a StopLoss Indices Order Level for the indices trade.
To download Pivot points:
https://c.mql5.com/21/9/pro4x_pivot_lines.mq4
Once you download Pivot Points indicator open it with MQL4 Language Editor, Then Compile it by pressing the Compile Button Key and it will be added to your MetaTrader 4 stock indices trading software.
NB: Once you add Pivot Points to your MetaTrader 4, Pivot Points indicator has additional lines named Mid Points, to remove these additional lines open MQL4 Language MetaEditor(shortcut key board key - press F4), and change line 16 from:
Extern bool midpivots = true:
To
Extern bool midpivots = false:
Then Press Compile again, and it will then appear as exactly illustrated on this site.
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