Opening Range Breakout Indicator MetaTrader 4

Adding MT4 Pivot Point Indicator

Step 1: Open MT4 Platform Navigator Panel

Open MetaTrader 4 Navigator window as illustrated and shown below: Navigate to 'View' menu (click it) and then select 'Navigator' window (click), or from MetaTrader 4 Standard Toolbar click the 'Navigator' button or use short cut keyboard keys 'Ctrl+N'

On MT4 Navigator window, choose 'Technical Indicators', (Double-Click)

Opening Range Break-out Indicator MetaTrader 4 - Daily Support Resistance Technical Indicator

Adding Pivot Points MT4 Indicator

Expand the menu by clicking the expand button marker (+) or double click the 'indicators' MetaTrader 4 menu, after this the button will appear as (-) and will now display a list of indices MT4 indicators as shown below - select the Pivot Points indicator from this list of indices MT4 indicators so as to add the Pivot Points indicator on the MetaTrader 4 stock indices chart.

Opening Range Break-out Indicator MetaTrader 4 - Daily Support Resistance Technical Indicator

How to Install Pivot Points MetaTrader 4 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 custom MT4 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 Indices Trading Indicator Guide

Pivot Points Stock Indices Technical Analysis & Pivot Points Trading Signals

Pivot Points indicator consists of a central pivot-point which is surrounded by three pivot points resistance levels below and 3 pivot-points support levels above.

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 stock indices price 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 pivot points resistance and pivot points support levels.

To calculate these Pivot Points for coming trading day - the previous day's

• high,
• low, and
• close indices prices are used

Pivot points support levels & pivot-points resistance levels:

Resistance 3

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

Support 3

Opening Range Break-out Indicator MetaTrader 4 - Daily Support Resistance Technical Indicator

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 indices technical analysis:

Pivot Points Indices Trend Identification Signals

The central pivot point is used by stock indices traders to determine the stock indices price trend direction. The trades taken will only be in direction of the stock indices price 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.

Stock Indices Day Trading First 15 Min - First H Strategies Stock Indices - Indices Price Break out Indicator MT4

Pivot Points Indices Price Reversal Trading Signal

Indices price reversal stock indices trading signals are generated as follows

Buy indices signal - when stock indices price moves down towards one of the pivot points pivot points support area, then touches the pivot points support level or moves slightly through it then quickly reverses and moves upwards.

Sell indices signal - when stock indices trading price moves upwards towards one of the pivot point resistance area, then touches pivots resistance area or moves slightly through it then quickly reverses & moves downward.

Stock Indices Day Trading First 15 Min - First H Strategies Stock Indices - Indices Price Break out Indicator MT4

Setting Stop-loss & Take Profit Indices Order Areas using Pivot Points

The central pivot point & the other pivot points support and pivot points resistance levels are used by stock indices traders to ascertain suitable stop loss & take profit levels.

Stock Indices Day Trading First 15 Min - First H Strategies Stock Indices - Indices Price Break out Indicator MT4

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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