Daily Pivot Points Indicator
The Daily Pivot Points indicator for MT5 automatically plots support and resistance levels using pivots.
Description
The Daily Pivot Points Indicator for MT5 automatically calculates and displays daily Pivot levels with three levels of support and resistance. In addition, the indicator draws middle lines between consecutive support and resistance lines.
In this way, forex traders can identify bullish and bearish market conditions and buy and sell accordingly.
As you can see, the indicator works well for both beginners and experienced forex traders. Although the indicator uses daily open, high, low and close values, the indicator draws support lines and comments on all chart timeframes.
In addition, forex traders can download the indicator for free and install it easily.
Daily Pivot Points Indicator For MT5 Trade Setup
The above EURUSD H1 candlestick chart shows the Daily Pivot Points for MT5 indicator in action. Typically, the indicator draws a support line in blue, support lines in green, and resistance lines in red. In addition, the indicator places dotted lines between support and resistance as midlines.
Forex traders may buy if the price is above the pivot level and breaks the first resistance level as this indicates a bullish market condition. Similar. if the price is below the reversal level and breaks through the first support level, which indicates a bearish market condition. Traders should then enter the market with a sell trade.
Since support and resistance levels serve as good targets for profit taking and stop loss, traders should use the levels to calculate risk and reward accordingly.
Conclusion
Indeed, the Daily Pivot Points indicator for MT5 displays pivot lines, support and resistance lines just like other indicators. However, the indicator displays the middle lines between the support and resistance lines and additional information in the comments area of the chart.