The Pivot Point Metatrader expert advisor is an autotrading bot based on the daily pivot point and the accompanying support and resistance levels.
It’s highly recommended to attach this forex robot to the 1-hour trading chart.
You can attach it to any currency pair of your preference.
The buy/sell trade logic goes as follows:
- Open a buy trade when the 1-hour candlestick trades above the daily pivot point.
- Open a sell trade when the 1-hour candlestick trades below the daily pivot point.
The Pivot Point Forex robot uses a trailing stop to move the stop loss to the breakeven price level after the open trade becomes profitable.
Take profit levels for buy trades: resistance 1, resistance 2 and resistance 3.
Take profit levels for sell trades: support 1, support 2 and support 3.
Feel free to experiment with the different input parameter values for optimized performance.
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Strategy Trade Logic Chart (EUR/USD H1)
Strategy Tester Performance Report
There’s no detailed MT4 strategy tester report available for the Pivot Point Forex robot.
However, this expert advisor showed nice testing results on various currency pairs, including EUR/USD and USD/JPY on the 1 hour trading charts.
We achieved 49 winning trades and 13 losing trades during the testing phase.
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MT4 Forex Robot Highlights
Supported Currency pairs: Any (majors, minors, currency crosses)
Supported Time frames: 1-Hour
Type: Pivot point trading
Trading Platform: Metatrader 4
Type: Expert advisor (EA)
The following input parameter values can be modified by accessing the EA’s “Inputs” tab:
Lot size, optimization factor, take profit levels 1,2 or 3
How to install and run this FX Robot?
- Copy the gpfTCPivotStop.mq4 file into the Experts folder of the MT4 platform.
- Then close and restart the MT4 platform.
- Finally, attach the robot to the chart.