The Pivot Darma technical indicator for MT4 displays the daily open + support and resistance levels on the chart.
It is a great indicator for all kind of forex breakout traders.
Price above the daily open price is said to be bullish. Conversely, price below the daily open price is said to be bearish.
Buy: Breakout traders wait to open a buy trade until the price crosses and closes above the Pivot Darma resistance line.
Sell: Breakout traders wait to open a sell trade until the price crosses and closes below the Pivot Darma support line.
For scalping and day trading, use the indicator on the 15-minute, 30-minute and hourly chart during the London and New York trading session.
The EUR/USD 15-Minute chart below displays the Pivot Darma Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Pivot Darma MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade position when the pair crosses and closes above the Pivot Darma resistance line.
Sell Signal: Open a sell trade position when the pair crosses and closes below the Pivot Darma support line.
Trade Exit: Close the open buy/sell 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 indicator
Customization options: Variable (Change day hour, daily open, support, resistance) 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 | Support | Resistance
Copy and paste the pivot-darma.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)