Pivot Point Indicator
Info
The Pivot Point Indicator is a Indicator for MetaTrader 4 that this indicator identifies the price pivot point, a crucial level where price reversal is likely. When candles form a pattern with wicks that can be intersected by a line, it often signals an impending price reversal.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Pivot Point Indicator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
This indicator identifies the price pivot point, a crucial level where price reversal is likely.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: Pin-Point Trend Following Strategy - another powerful indicator for MetaTrader 4 traders.
This indicator identifies the price pivot point, a crucial level where price reversal is likely.Also recommended: Smart Swing-Pivot Support and Resistance Zones for MT4 - similar indicator with strong performance on MetaTrader 4.
When candles form a pattern with wicks that can be intersected by a line, it often signals an impending price reversal.
For instance, consider a pattern where all candle wicks align on a single line, indicating a potential turning point.
Users can customize the indicator's parameters to specify the number of candles and the historical period for pattern detection.
You may also like: control points at ma crossovers - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property strict
#property indicator_chart_window
input int candles=5; //
input int history=50; //
void ondeinit(const int reason)
{
if(!objectfind("up1")) objectdelete(0,"up1");.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.