Compared to other pivot point indicators, the Dynamic Pivot Point MT4 indicator is extraordinary I’ve ever utilized.
Why is it called dynamic?
Whatever PP time span you like to utilize, the Pivot Points time period can be changed from the indicator’s data sources menu.
It holds up pivot points time spans from M1 up to the month to month chart. For example, pivot points created on the H1 graph can be established to the M1 chart or some other chart of your inclination.
How to use Pivot Points
- Price is viewed as positive over the Pivot Point.
- Price is viewed as negative underneath the Pivot Point.
Take profit levels for purchase trades: resistance 1,2, and 3 (Aqua lines).
Take profit levels for sell trades: support 1,2, and 3 (Magenta lines).
Below you can see the Dynamic Pivot Point MT4 indicator in work on the EUR/USD M5 chart.
Basic Trading Signals
Signs from the Dynamic Pivot Point MT4 forex indicator are anything but difficult to decipher and goes as follows:
Buy Signal: Look for the currency pair to closes over the Dynamic Pivot Point from beneath, then enter a buy trade. Place a stop-loss beneath the support, or you can use your own SL placing technique. Take the profit by targeting resistance levels 1,2, and 3.
Sell Signal: Look for the currency pair’s price that closes beneath the Dynamic Pivot Point from above. Place a stop loss above resistance, or you can use your own SL placing technique and then take the profit at support levels 1,2 and 3.
MT4 Indicator Features
- You can use any currency pair to trade with the dynamic pivot point indicator on the MT4 platform.
- Type is a chart window indicator.
- Use variable (Pivot Time Frame) width & style, customization options.
- You can use any timeframes, such as 1-minute, 5-minutes, 15-minutes, 30-minutes, 1-hour, 4-hours, daily, weekly, and monthly.
To install the Dynamic Pivot Point, copy the Dynamic Pivot.ex4 indicator file and paste it into the MQL4 indicators folder of the MetaTrader 4 trading platform.
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