Identify potential Trends/Range (Pivot Points)
Info
The Identify potential Trends/Range (Pivot Points) is a Script for MetaTrader 5 that when i start learning about trading, i remember the trading pioneer shawn lucas (founder of apiary-fund) saying "trading is simple, you go from bound range market to breakout market and vice versa". I looked at few charts and he was right.
Usage
This tool is typically used for trend following strategies across multiple currency pairs.
Platform
This Script works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Scripts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Identify potential Trends/Range (Pivot Points)
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
When I start learning about trading, I remember the trading pioneer Shawn Lucas (founder of Apiary-fund) saying "trading is simple, you go from bound range market to breakout market and vice versa".
Typical Use Case
This Script excels in trend following on MetaTrader 5.
Compatible Platform & Setup
This Script works on MetaTrader 5. Place the file in the MQL5/Scripts folder and restart the terminal.
Description & Settings
Related: Attractive Market Watch List for Potential Entries - another powerful script for MetaTrader 5 traders.
When I start learning about trading, I remember the trading pioneer Shawn Lucas (founder of Apiary-fund) saying "trading is simple, you go from bound range market to breakout market and vice versa". I looked at few charts and he was right. So I told myself, I have to always eyeball ranging market and trending market but with the help of an indicator. There are plenty of indicators that help us eyeball these ranging/trending market and they work really well, but I like using Pivot Points.
Also recommended: Identify the Potential Best Days To Trade (Improve your Strategy) - MT5 - similar script with strong performance on MetaTrader 5.
That is why I created this indicator that helped me to automatically eyeball these potential trends/range (based on pivot points) instead of doing all the work myself. I know there are plenty of Metatraders who also suffer from this and that is why I would like to share this indicator with you, hopefully it will be beneficial.Do not forget to send you comments as well as rate these scripts. Happy trading!
LIVE TRADING SESSION:
You can check the following live trading sessions and see how I was using my Products in my trading
You may also like: Identify the potential best TI M E To Trade (Improve your Strategy) - MT5 - excellent alternative for script users on MetaTrader 5.
⚠ 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.