The advanced Pivot Star forex indicator for MT4 displays the pivot point along with all support and resistance levels on the activity chart.
Something new here is that you can select the desired time frame for calculating the Pivot Point and all S&R levels.
The indicator also displays yesterday’s high and low price on the chart.
This is handy if you like to trade daily breakout levels.
Currency price above the pivot point is said to be bullish.
Currency price below the pivot point is said to be bearish.
Pivot Point trading works great for scalping and day trading.
The EUR/USD H1 chart below displays the Pivot Star forex indicator in action.
Basic Trading Signals
Pivot Point signals are traded as follows:
Buy Trade: Open buy order when the price closes above the Pivot Point (bullish price action)
Sell Trade: Open sell order when the price closes below the Pivot Point (bearish price action)
Trade exit: For long trades, look to take profits at the resistance levels: R1, R2, R3
For short trades, look to take profits at the support levels: S1, S2, S3
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (Pivot Mode, Pivot Time Frame, S1, S2, S3, R1, R2, R3) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day
Type: Pivot Point | Support Resistance
Copy and paste the Pivot_Star.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)