DayPivotPoint Indicator For MT4

DayPivotPoint Indicator For MT4

Table Of Contents:

  1. DayPivotPoint Indicator For MT4
  2. Trading ideas with the DayPivotPoint Indicator For MT4
  3. Interpreting the DayPivotPoint Indicator For MT4
  4. DayPivotPoint Indicator For MT4 - Buy Entries
  5. DayPivotPoint Indicator For MT4 - Sell Entries
  6. DayPivotPoint Indicator For MT4 - Conclusion

The DayPivotPoint Indicator For MT4 is an indicator which makes use of Daily Pivot Points within the market. These Pivot Points are displayed on the chart and it works on the M1 time frame right up to the H4 time frame which makes sense because the daily Pivot Points are well suited for short term trades: scalping, day trading and swing trading. So you could go about switching this indicator on to your H1 chart to look for day and/or swing trading opportunities; you might find that you might have reached a possible low of the week right on the S3 Pivot Point which you can then deem as a strong opportunity for a buy swing trade thus allowing you to yield a health return on your risk.

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Trading ideas with the DayPivotPoint Indicator For MT4


Using standard Daily Pivot Point indicator can prove to be a bit technical especially for new traders since they will have to learn how to interpret the pivot, how to place orders and close them, and also how to use the pivot levels to place stop levels (take profit and stop loss levels).

The DayPivotPoint Indicator For MT4 makes all that easy since it does all the interpretations and tells the trader when to place a trade (following the time that the trading signal was generated), which trade to place the trade, and when to close the trade. That way even forex beginners can use the Daily Pivot Point indicator to open and close orders with ease.



Before going into the details of how to place and close order using the DayPivotPoint Indicator For MT4, we shall first look at how the indicator works and how to interpret it.


Interpreting the DayPivotPoint Indicator For MT4


The DayPivotPoint Indicator For MT4 displays the trader’s account information on the left-hand side of the trading chart to enable him/her keep track of what is happening with his account balance and equity. It also provides information on the spread, which is very crucial in placing orders.

Lastly, the indicator displays the kind of indicator signal (either Bullish strong, bullish medium, bearish strong, or bearish medium) and gives a suggestion the action that the trader should take (like close sell order, open buy order, Keep buy order open, open sell order, and keep sell order open).



Besides displaying the information on the left-hand side of the chart, the indicator also generates display alerts messages to notify the trader of a particular suggestion. The alert messages come with an alert sound to get the attention of the trader in case he/she is busy on other chores.

The alert messages also help traders keep track of the indicator signals by displaying the time at which a certain suggestion was given so that the trader can decide on whether to go ahead and do as the suggestion says or wait for the next signal.

The indicator also goes ahead to display the pivot point lines. They might seem useless but on the contrary, they are very helpful when it comes to risk management.

The daily pivot lines can be used in placing take profit and stop loss levels as a precaution in case of any market eventualities like volatile markets due to NEWS releases.

DayPivotPoint Indicator For MT4 - Buy Entries


Placing and closing a buy order using the DayPivotPoint Indicator For MT4 is very simple. A trader only requires to wait for the indicator to display ‘Bullish Strong’ and ‘Open BUY Order’ on the ‘Indicator Signal’ and ‘Suggested’ respectively in the information that the indicator displays on the left and side of the chart.

Additionally, the indicator also generates an alert message showing when the ‘Open BUY Order’ signal was generated.

If the trader notices the generated signal late, they can still look at what is indicated in the indicators suggestion. If it is ‘Keep BUY Order’, the trader can still go ahead and open a BUY position since at that time the indicator is still identifying that the market is bullish although the trend is not as strong as to when the signal to place the order was being given.

To close the BUY order, the trader should wait for the indicator to give the signal ‘Close BUY Order’, which is generated when a strong bearish trend is identified and it is followed by a signal to place a sell order.

However, although the trader should wait for the signal to close the buy order, they should ensure that every trade is opened with stop loss and take profit levels. In case neither of the two levels is hit by the time the indicator is generating the signal to close the buy, the trader can then go ahead and manually close the order.

DayPivotPoint Indicator For MT4 - Sell Entries


Similarly to placing and closing a buy order, placing and closing a sell order using the DayPivotPoint Indicator For MT4 is also very simple. A trader only requires to wait for the indicator to display ‘Bearish Strong’ and ‘Open SELL Order’ on the ‘Indicator Signal’ and ‘Suggested’ respectively in the information that the indicator displays on the left and side of the chart.

Additionally, the indicator also generates an alert message showing when the ‘Open SELL Order’ signal was generated.

If the trader notices the generated signal late, they can still look at what is indicated in the indicators suggestion. If it is ‘Keep SELL Order’, the trader can still go ahead and open a SELL position since at that time the indicator is still identifying that the market is bearish although the trend is not as strong as to when the signal to place the order was being given.

To close the SELL order, the trader should wait for the indicator to give the signal ‘Close SELL Order’, which is generated when a strong bullish trend is identified and it is followed by a signal to place a buy order.

However, although the trader should wait for the signal to close the sell order, they should ensure that every trade is opened with stop loss and take profit levels. In case neither of the two levels is hit by the time the indicator is generating the signal to close the sell, the trader can then go ahead and manually close the order.


DayPivotPoint Indicator For MT4 - Conclusion


DayPivotPoint Indicator For MT4 is very simple to use trend indicator even for forex beginners. It gives traders, especially those with little knowledge on how to use the standard daily pivot point indicator, an opportunity of using the indicators strategy to place and close trades.

 

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