PZ Pivot Points Indicator
MT5Also Available for MT4An ideal PZ Pivot Points indicator that gives buy and sell signals based on the support and resistance levels.
Description
One of the hardest things for forex traders to do is backtesting. However, this is probably the best way to develop a trading strategy. PZ pivot points make your job easier. It shows you pivot points including historical values. This will help you determine the overall trend of the market across different timeframes. It uses numerous calculations to determine support and resistance levels and the midpoint.
You can use historical levels to test against historical data. This allows you to choose the perfect time frame for your trading strategy. It uses numerous support and resistance (SR) calculation methods and pivot point calculation modes such as camarilla, woody and the classic pivot point formula.
You can also change the settings to use different colors and sizes.
PZ Pivot Points Trading Example
Trading with the indicator is relatively simple. It gives you a suitable trade entry point, four resistance levels and four support levels. Essentially, resistance and support levels act like profit and stop loss.
The indicator shows ideal areas of support and resistance. For example, you could enter a trade at 131.210 and place a take profit at 131.885, resistance levels at 132.100, and stop loss levels at 131.135 and 131.060.
Conclusion
PZ Pivot Points is an ideal tool based on support and resistance zones. You only need to identify different areas of interest that act as good support and resistance levels.
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