PremiumPivot Indicator For MT4

PremiumPivot Indicator For MT4

Table Of Contents:

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

The PremiumPivot Indicator For MT4 is an indicator which is on another level when it comes to Pivot Points trading and analysis, reason for saying this is that it plots all three main Pivots Points on your chart. It is a great resource to have because you will be able to have a suite of all the main adherent resistance and support levels in the form of daily, weekly and monthly pivot points without having to draw your own inaccurate resistance and support levels. When equipped to a highly successful trading system, this indicator has the potential to make you a top class trader who is more precise in your trading than ever before.

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Trading ideas with the PremiumPivot Indicator For MT4




It is important to note that as mentioned in the above section, the PremiumPivot Indicator For MT4 is a unique pivot point indicator since it plots three pivot point lines each with its respective resistant and support levels. And this allows the trader to compare the support and resistance levels of the three pivot points when placing any potion.

When using the standard pivot point indicator, the trader has to change the period of the indicator if in case he/she wants to use a different period. That is not necessary with the PremiumPivot Indicator For MT4 since the trader can see three different pivot point at a go.

The PremiumPivot Indicator For MT4, however, is by default configured to work for day and long term traders since it plots daily (D1), Weekly (W1), and monthly (MN) pivot point lines with their respective resistance and support levels.



But that does not restrict its use to only daily and long term trading. it can also be used for short term trading by changing the three pivot point periods. The periods of the three pivots can be set to any of the available timeframes (one Minute (M1), five minutes (M5), fifteen minutes (M15), thirty minutes (M30), one hour (H1), four hours (H4), one day (D1), one week (W1), and one month (MN)) depending on the timeframe that the traders want to use.

However, it is advisable to use the default periods for the Pivot lines or periods above those in case the trader is a long term trader. The reason behind this is because using very tight periods (Periods less than H4) results in clumsy pivot lines that are too difficult to use.



The above screenshot shows how the pivot lines appear when the period of Pivot_1 is set to M15, the period of Pivot_2 is set to M30 and that of Pivot_3 is set to H1. It would be extremely difficult to use these pivot lines to technically analyze the market.

It is also important to note that the support of pivot_2 and Pivot_3 are not displayed according to the indicators default settings. If you look at the above screenshot, you shall realize that the ‘Display Lines S/R’ for Pivot_2 and Pivot_3 is set to ‘NO’. The main reason behind this is to avoid overcrowding the chart. However, if the trader feels they want the support and resistance levels of all the pivot lines displayed, they should set the ‘Display Lines S/R’ for Pivot_2 and Pivot_3 to ‘YES’.



The above screenshot shows a case where the ‘Display Lines S/R’ for Pivot_2 and Pivot_3 is also set to ‘YES’.

The pivot lines are also coloured differently. The colour of Pivot_1 is maroon, the colour of Pivot_2 is pink and the colour of Pivot_3 is teal. It is important to note that the Pivot (P) lines are thicker than the support and resistant lines.

If there is a problem identifying the pivot lines from the support and resistance lines, the trade can change the nature of the lines from solid to either dashed, doted, dash dot, or dash dot dot.



The above screenshot shows a chart where the pivot lines have been drawn as dashed lines.

The trader can also change these colours as he/she wishes. Though it is important to keep the three pivot points and their respective resistance and support levels distinct from each other for recognition.


PremiumPivot Indicator For MT4 - Buy Entries


When using a pivot indicator, you should wait for the market price (candlesticks) to move ABOVE the pivot line for you to place a BUY speculating that the market prices will rise towards the resistance level and retrace upwards once they hit or near the resistance level just above the pivot line; meaning the trader should have his/her take profit at the resistance level. And in case the market price breaks through the resistance level, it is said that the market has had a bullish breakout and the trader should speculate the market to retrace when it hit the second resistance level and thus place the take profit there.

The question however comes, which of the three pivots of PremiumPivot Indicator For MT4 should a trader use?

The pivot that the trader should use depends on the timeframe that they are using on the chart. If they are using a timeframe less than the period of Pivot_1, they should pivot_1. If they are using a timeframe above the period of Pivot_1 but less than the period of Pivot_2, they should use Pivot_2. And if they are using a timeframe above the period of Pivot_2 but less than the period of Pivot_3, they should use Pivot_3.

However, it is usually important to also use a trend indicator to confirm that the trend in the market is BULLISH before placing the BUY order to avoid placing your buy order after the market has already started retracing downwards after hitting the resistance.

For this guide, we shall use the Moving Average (MA) as our trend indicator. The trader can choose to use any other trend indicator as they wish.




PremiumPivot Indicator For MT4 - Sell Entries


When using a pivot indicator, you should wait for the market price (candlesticks) to move BELOW the pivot line for you to place a SELL speculating that the market prices will fall towards the support level and retrace upwards once they hit or near the support level just below the pivot line; meaning the trader should have his/her take profit at the support level.

And in case the market price breaks through the support level moving downwards, it is said that the market has had a bearish breakout and the trader should speculate the market to retrace when it hit the second support level and thus place the take profit there.

And just as in the case of buy entries above, the pivot that the trader should use depends on the timeframe that they are using on the chart. If they are using a timeframe less than the period of Pivot_1, they should pivot_1. If they are using a timeframe above the period of Pivot_1 but less than the period of Pivot_2, they should use Pivot_2. And if they are using a timeframe above the period of Pivot_2 but less than the period of Pivot_3, they should use Pivot_3.

However, it is usually important to also use a trend indicator to confirm that the trend in the market is BEARISH before placing the SELL order to avoid placing your buy order after the market has already started retracing upwards after hitting the support.

For this guide, we shall use the Moving Average (MA) as our trend indicator. The trader can choose to use any other trend indicator as they wish.



In the above screenshot, the timeframe being used is H1 and the market price has bounced below the Pivot_1 line. Additionally, the Moving Average is showing that there is a bearish trend. Therefore, it is a perfect time to place a SELL with its take profit being just above the first support level of Pivot_1 (maroon in colour).


PremiumPivot Indicator For MT4 - Conclusion


PremiumPivot Indicator For MT4 is a diverse MT4 indicator that allows the trader the freedom of using it even when using timeframes above D1 to trade.

Though it may seem complicated due to the many lines, it is barely the same as the daily pivot point indicator with the only difference being that it plots other pivot point levels besides the daily pivots.

 

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