The Floating Pivot Point MT4 forex indicator updates the pivot point dynamically at the open of each new candlestick or bar for any timeframe and currency pair.
Pivot points are easy to understand:
Price action below the pivot point is considered to be bearish, conversely, price action above the pivot point is considered to be bullish.
The Floating Pivot Point MT4 can be useful for short-term trading signals, especially for scalpers and intraday forex traders.
The EUR/USD M5 chart below displays the Floating Pivot Point forex indicator in action.
Basic Trading Signals
Signals from the Floating Pivot Point forex indicator are easy to interpret and goes as follows:
Buy Signal: Price rises and closes above the pivot point, traders look for buy trade opportunities.
Sell Signal: Price falls and closes below the pivot point, traders look for sell trade opportunities.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (IPeriod) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Pivot Point
Copy and paste the float-pivot.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)