All Pivot Points Indicator
The best automatic pivot point indicator for Metatrader platforms. Ideal for identifying support/resistance levels on MTF charts. Suitable for Forex and stock trading.
Assessing key support and resistance levels is an integral part of the task of technical analysis. The horizontal lines drawn by the indicator guide traders through key market levels. Price often reacts and determines its next direction of movement by approaching support/resistance zones. Depending on the price action signals, traders expect breakouts and trend-following entries around the reference lines.
Moreover, this indicator is compatible with MTF charts. It allows you to customize your options depending on the timeframe you choose to trade. According to our review, All Pivot Points is ideal for forex and stock chart analysis.
How to trade using the All Pivot Points indicator on MT5 platforms
After installing the indicator on your Metatrader platform, you will see six horizontal levels plotted in the main chart window. The tree lines below show possible price support levels. On the other hand, the three upper levels represent resistance zones. These lines are updated by the indicator’s automatic turning point calculator.
Channels closest to price are very important for scalpers and day traders. Because wherever the price moves, it must first pass through that price channel level. If price fails to break out of the channel area, consider the market to be on the sidelines. In this case, we will look for reversal candlestick patterns on the reference lines to assess trading opportunities in the range.
For example, the price cannot overcome the nearest resistance, which means a retest of the current support level. In such conditions, we will look for selling opportunities near resistance lines and use support lines as possible target areas for profit taking.
To set up a breakout, the price must break through the support or resistance level indicated by the indicator. For example, the price breaks the nearest reversal resistance, which means the market is in a bullish trend. If you enter a buy order based on a bullish breakout at a pivot point, then target the next resistance level as a profit-taking zone.
Conclusion
All Pivots is one of the best price level indicators for the Metatrader trading platform. Apart from daily/weekly support and resistance zones, it also identifies intraday price breakout levels. This indicator can be great for entry-level technical analysts. Moreover, it is compatible with all types of Forex and stock trading strategies based on price action.