Pivot Point Universal
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Pivot Point Universal
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.
Description & Settings
The indicator plots Pivot levels for all the available history. It doesn't uses any objects.
There are 5 variants of Pivot levels is supported. There are 3 calculation periods: daily, weekly, monthly. For the daily pivot levels it's possible to specify the GMT time shift.
The formulae, used for the calculation, are:
PIVOT_CLASSIC
Pivot (P) = (H + L + C) / 3 Resistance (R1) = (2 * P) - L Support (S1) = (2 * P) - H R2 = P + H - L S2 = P - H + L R3 = H + 2 * (P - L) S3 = L - 2 * (H - P)
PIVOT_FIBONACCI
Pivot (P) = (H + L + C) / 3 Resistance (R1) = P + 0.382(H – L) Support (S1) = P – 0.382(H – L)R2 = P + 0.618*(H – L) S2 = P – 0.618*(H – L)R3 = H + *(H – L) S3 = L - (H – L)
PIVOT_DEMARK
If C < O Then X = H + 2 * L + C; If C > O Then X = 2 * H + L + C; If C = O Then X = H + L + 2 * C; Resistance (R1) = X / 2 - L; Support (S1) = X / 2 - H
PIVOT_CAMARILLA
R4 = (H - L) X 1.1 / 2 + C R3 = (H - L) X 1.1 / 4 + C R2 = (H - L) X 1.1 / 6 + C R1 = (H - L) X 1.1 / 12 + C S1 = C - (H - L) X 1.1 / 12 S2 = C - (H - L) X 1.1 / 6 S3 = C - (H - L) X 1.1 / 4 S4 = C - (H - L) X 1.1 / 2
PIVOT_WOODIES
Pivot (P) = (H + L + 2 X C) / 4 Resistance (R1) = (2 X P) - L Support (S1) = (2 X P) - H R2 = P + H - L S2 = P - H + L
At the image there are 4 indicators of PIVOT_CLASSIC with the different parameters are presented. The first parameter (GMT shift) is actual for the daily Pivots only.
If you have found any errors, please report at Forum and we will fix them ;)
