pivot point universal indicator
Info
The pivot point universal indicator is a Indicator for MetaTrader 5 that the indicator plots pivot levels for all available historical data without using objects. it supports 5 variants of pivot levels and 3 calculation periods: daily, weekly, and monthly.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use pivot point universal 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
the indicator plots pivot levels for all available historical data without using objects.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Confirmed Swing Points Helper for MT5 - another powerful indicator for MetaTrader 5 traders.
the indicator plots pivot levels for all available historical data without using objects.Also recommended: pivot point indicator for forex trading - similar indicator with strong performance on MetaTrader 5.
it supports 5 variants of pivot levels and 3 calculation periods: daily, weekly, and monthly. for daily pivot levels, you can specify the gmt time shift.
calculation formulae:
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: x = h + 2 * l + c
if c > o: x = 2 * h + l + c
if c = o: x = h + l + 2 * c
resistance (r1) = x / 2 - l
support (s1) = x / 2 - h
pivot_camarilla
r4 = (h - l) * 1.1 / 2 + c
r3 = (h - l) * 1.1 / 4 + c
r2 = (h - l) * 1.1 / 6 + c
r1 = (h - l) * 1.1 / 12 + c
s1 = c - (h - l) * 1.1 / 12
s2 = c - (h - l) * 1.1 / 6
s3 = c - (h - l) * 1.1 / 4
s4 = c - (h - l) * 1.1 / 2
pivot_woodies
pivot (p) = (h + l + 2 * c) / 4
resistance (r1) = (2 * p) - l
support (s1) = (2 * p) - h
r2 = p + h - l
s2 = p - h + l
the image displays 4 indicators of pivot_classic with varying parameters. the gmt shift parameter is relevant only for daily pivots.
please report any errors to the forum for prompt resolution.
You may also like: trading with ma trends, atr, tp, sl, and pivot point lines - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_chart_window
#define count_buffers 9
#property indicator_buffers count_buffers
#property indicator_plots count_buffers
#property indicator_label1 "pivot"
#property indicator_type1 draw_line.......
⚠ 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.