Pivot Point levels should be noted by seasoned traders. These levels are important because they can be a point of interest that price action could reverse to or break out from.
Pivot Points MTF Indicator, a versatile version of the Pivot Points Indicator, has greater capabilities than other versions.
Pivot Points MTF Indicator, a modified version a Pivot Point Indicator. The Pivot Points MTF indicator's acronym is "Multi Time Frame". The Pivot Points MTF indicator is a Pivot Points variation that plots Pivot Points on different timeframes. It can do this, instead of using the standard daily, weekly and monthly Pivot Points. This indicator has many options that allow you to modify the type of Pivot points used.
This version of Pivot Points plots up nine Pivot Point Levels - the main Pivot Point, four Resistance lines above and below the main Pivot Points (R1, R2, and R3) and four Support lines beneath the main Pivot Points (S1, S2, S3, S4, and S4).
Pivot Points MTF Indicator allows traders to use multiple calculation methods in its algorithm. The classic Pivot Points calculation can be found here:
PP = (High + Low + Near) / 3.
R1 = (PPx2) - Low
R2 = PP+ (High - Lower)
S1 = (PPx2) - High
S2 = PP (High - Low).
It calculates based on the Pivot Point method and the timeframe. A Daily Pivot Point, for example, would use the close, high, and low prices of the price candles from the previous day.
Pivot Points MTF, a versatile version of the Pivot Point indicator, is available. It has many options in its indicator settings.
You can choose both the "Timeframe" and "Calculation Mode" for your calculation.
You can also toggle between Historical Pivot Points and only today's Pivot Points.
There are Pivot Point versions which use Fibonacci Levels such as the Camarilla Pivot Point. It also allows users the ability to modify the Fibonacci Levels that were used in the calculations.
You can also toggle each Pivot Point level individually on/off under the "Active Lines” section.
You can also change the color of each line.
How to Enter?
When a bullish pattern or reversal signal appears at the Pivot Point or Support levels, place a buy order.
When do you want to exit?
Set the target profit at the next Pivot Point level higher than the entry level.
When a bearish pattern or signal forms at the Pivot Point or Support levels, open a buy order.
Pivot Point indicators are extremely useful technical indicators. Professional traders often use them. These levels are the most common for price action to react. Traders should use other technical analysis methods to see if there is a reversal of breakout at these levels.
Pivot points MTF indicator for Metatrader 4 (MT4) is a Metatrader4 (MT4) indicator. The essence of this indicator is to transform the accumulated historical data.
The Pivot Points MTF indicator for MT4 allows you to spot patterns and peculiarities in price dynamics that are not visible to the naked eye.
This information allows traders to assume additional price movements and adjust their strategies accordingly. Click Here for MT4 Strategies
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