The Hourly Pivot Points Metatrader 4 indicator provides buy and sell signals for both scalpers and day traders on the lower timeframe’s.
The indicator calculates and draws hourly pivot points together with the accompanying support (S1, S2, S3) and resistance levels (R1, R2, R3) directly on the activity chart.
It’s most useful on the 1 minute and 5 minute trading charts.
The indicator can be applied to any currency pair including the majors, cross pairs and exotics.
The EUR/USD M5 chart below shows the Hourly Pivot Points forex indicator in action.
Basic Trading Signals
Here’s how to trade with this indicator:
Buy Signal: Go long when price trades above the Hourly Pivot Point (H1 PP)
Sell Signal: Go short when price trades below the Hourly Pivot Point (H1 PP)
Trade exit: For longs, exit trade at resistance R1, R2 or R3. For shorts, exit trade at S1, S2 or S3.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (PivotMode, CurrentHourOnly, CountBars, ShowPivotLines) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes
Type: Pivot Points
Copy and paste the HourlyPivotPoints_ColorFilling_1.1.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)