Pivot Alert Indicator
Pivot Alert indicator for mt4 – download free. Best support and resistance indicator for mt4. Free trend reversal indicator for mt4.
Description
The Pivot Alert indicator for MetaTrader is a custom indicator that automatically calculates and draws the pivot zones on your chart. It is a valuable technical indicator that will come in handy for trend reversals and trend breakouts traders.
The indicator essentially calculates the pivot points of the price of an asset and then alerts users when the price gets to or crosses any of the zones of interest. The pivot levels are labeled as S/R 1, 2, and 3; they act as potential reversal zones where the price tends to react.
The indicator’s algorithm uses Fibonacci, Woodie, CPR, Classical, and Camarilla methods to calculate the pivot points of the price. The data used for calculation are tracked from the previous highs/lows of the day, week, and month of the price.
Furthermore, the indicator can be used for different trading styles like scalping, day/intraday, and swing trading. It is also suited for novice, intermediate, and advanced traders.
How to Trade With Pivot Alert Indicator
The above screenshot depicts how the indicator would look on our MT4 chart. The indicator is recommended to be used in synergy with price action/other technical indicators for better efficiency.
BUY and SELL Signals: Firstly, wait for the price to touch any of the support levels of the indicator and react to the zone with a wick rejection. You may then open a BUY/LONG position after price action also prints a bullish candlestick pattern (bullish engulfing, pin bar, etc.).
The above BUY principle can also be applied for SELL signal and entry. Note that a broken support zone may likely act as resistance, and vice-versa.
Conclusion
The Pivot Alert indicator for MT4 is one of the best trading trend reversals. It was built with a sound alert system to ensure that you don’t miss out on any trades. Finally, the indicator is free to download.