KT Pivot Levels
Pivot Points Indicator MT4 Free Download
Show Daily, Weekly and Monthly Pivot levels on your chart.
Pivot Points indicator, also known as Pivot Levels, is a commonly used indicator in technical analysis particularly in Forex. These are levels of support and resistance which you can calculate and easily place on your charts.
There are platforms you can use that supports pivot points which makes the process faster and easier. Unlike the manual calculating and plotting, this platform makes automatic calculations.
- Show Daily, Weekly and Monthly Pivot Levels.
- Filter bad trades, Its perfect for the Day Traders.
- Full customization settings for each period.
- Levels can also be used as profit target.
What are Pivot points?
Pivot levels uses three types of information in the process of calculation such as high price, low price and close price of the previous day, weeks or even months of previous trading. The price levels acquired from calculations will significant points of resistance or support and can be used for continuation set-ups, good reversal, profit targets and stop loss.
Basically, daily data can be used by day traders to calculate daily pivot points, weekly data can be used by swing traders in calculating weekly pivot points and monthly data can be used by position trader in calculating monthly pivot points. Traders and Investors can even utilize annual data to estimate significant levels for upcoming years.
How Pivots are calculated?
Main pivot will be calculated using the average of previous day’s close, high and low. Afterwards, the result will be combines with 3 more resistance and support lines to provide different levels that will determine the need to either exit or enter the market. After the calculation, traders can draw them to their screen or chart to get insights or visual idea of the market direction.
How to Use Forex Pivot Points?
After a trader found out the pivot points, they can use them in numerous different ways. Pilot level can even be acceptable to be used as stop loss, profit target, exit or entry depending on the current situation in the market. Typically, a trader will purchase once the market touches the support level and once it reaches the resistance point the probability is on selling. However, this commonly used strategy is basically dangerous during intensely trending markets.
The best way to use forex pivots points is to treat them as indicator of the actions in the daily basis. If the price is underneath the pivot, the market is expected to decline. In contrary, if it goes above, then expect a strong market. Doing this, you can assure that the first resistance or support can become indicator of a probable action that will lead to a trading that goes in the similar trend direction. This strategy can turn to whipsaws especially if there is low instability. Nevertheless, this is generally the safest strategy that can be used.
Just like any signal or indicator, whether manually or automatically calculated cannot become a fully guaranteed indicator, which sometimes may fail you, but as for its purpose, it will always be good to have them even if you are not using trading system based on pivot points.
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