Pivot Indicator for MT5

The Pivot Indicator for MT5 automatically calculates and displays the reversal levels of various timeframes on the current chart. In addition, the indicator plots three resistance levels above the reversal level. And builds three support levels below the reversal level. Thus, forex traders can use pivot levels and place buy and sell orders accordingly. The indicator works on all intraday timeframes and on daily, weekly and monthly price charts. Trading using pivot levels is similar to trading at support and resistance levels. So new and experienced forex traders can buy and sell successfully with this MetaTrader indicator. To successfully apply the indicator, forex traders must identify and confirm price reversals and breakouts using support and resistance trading strategies. Pivot Indicator For MT5 Trading Signals The above CAD/CHF H1 candlestick charts show the MT5 Pivot indicator in action. The indicator draws the middle reference line in ORANGE. In addition, it displays three resistance lines, R2 and R3 in GREEN. Similarly, the indicator calculates and displays three support levels S1, S2 and S3 in RED. If the price moves above the pivot point, it indicates a potential bullish trend. As such, traders should look to place buy orders near support levels and take profits at higher pivot levels. Similarly, the pivot level below the entry point acts stop loss price move below the pivot cancels the bullish trend. Similarly, if the price moves below the average level or the midpoint of the pivot, it indicates a potential bearish price trend. Thus, traders should enter the market with a sell position near the resistance level and target support levels for profit taking. For this trading strategy, the pivot level above the entry point acts stop loss. Another interesting trade is using R3 and S3 points. The logic behind this trading strategy is to take advantage of potential overbought and oversold conditions. Once the price moves and reaches the R3 resistance or S3 support, the price can change significantly and may start a recovery or reversal phase. Thus, forex traders can enter the market with a sell position at the R3 level and open a buy trade if the price reaches the S3 level. Since the price is in an overbought or oversold state during an entry, traders can benefit from the entire pullback movement, which can lead to significant profits. Conclusion The Pivot Indicator for MT5 is an essential trading indicator for traders using breakout and reversal trading strategies. Thus, forex technical traders should be aware of false breakouts and avoid them. In addition, forex traders can download the indicator for free and install it easily.