The Pivots Point indicator for Metatrader 4 based on Pine Script v4 calculates pivot points in real-time based on the Pine Script v4 for Tradingview.
The indicator is a powerful tool that can be used to buy dips in rising markets and sell rallies in falling markets.
The Pivot Points indicator tends to work the best when applied to the higher time frames.
It can be easily combined with other tools to pinpoint entries and exits more accurately.
- A tool that calculates pivot points
- Buy dips and sell rallies
- Works better on the higher time frames.
Test the indicator first on a demo account before running it on a live trading account.
Indicator Example Chart
The EUR/USD 1-hour chart below shows the Pivots Point indicator based on Pine Script v4 in action.
Basic Trading Signals
Signals from the Pivots Point indicator based on Pine Script v4 for Metatrader 4 are easy to interpret and work as follows:
- During rising markets, open a buy trade when the price touches the red pivot low line
- Add a protective stop loss a few pips below the most recent swing low.
- Exit the buy trade when the price touches the red pivot high line.
- During declining markets, open a sell trade when the price touches the red pivot high line
- Add a protective stop loss a few pips above the most recent swing high.
- Exit the sell trade when the price touches the red pivot low line.
Download This Forex Indicator
Adjustable Parameters & Settings
Right vale, left value, colors, and more.
Feel free to explore the indicator’s parameters and settings to create your personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: works on any time frame
Indicator Type: pivot points
How can the Pivots Point indicator based on Pine Script v4 be installed in Metatrader 4?
- Copy and paste the pivots pine v4.mq4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right-click on the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button