Daily Pivot Point Indicator Using Metrader Charts



There has been a lot of buzz over the past 24 hours about the use of the Daily Pivot Point in the overall trading strategy. We have noticed a number of people are going to various online sites and drawing the daily pivot points on their meta trader platform. Doing this manually is time consuming and cumbersome.

Instead, we are providing this new daily pivot point indicator to use within Metatrader (MT4) platform. Click Here to Download. See on our FAQ section to learn how to download and put this indicator in the appropriate Metatrader folder. We have also provided this short video to show How to configure this Daily Pivot Table indicator for Metatrader.

If you are interested to learn more about how to effectively use Daily Pivot Points, you may want to read the following recommended books:

Calculating Pivots Pivot points can be calculated for any time frame. That is, the previous day's prices are used to calculate the pivot point for the current trading day. Pivot Point for Current = High (previous) + Low (previous) + Close (previous) 3 The pivot point can then be used to calculate estimated support and resistance for the current trading day. Resistance 1 = (2 x Pivot Point) – Low (previous period) Support 1 = (2 x Pivot Point) – High (previous period) Resistance 2 = (Pivot Point – Support 1) + Resistance 1 Support 2 = Pivot Point – (Resistance 1 – Support 1) Resistance 3 = (Pivot Point – Support 2) + Resistance 2 Support 3 = Pivot Point – (Resistance 2 – Support 2)

In this indicator, we calculate the "day" in consideration of the trading timezones. This can help you enormously especially if you are a day-trader looking for changes in the pivot point and the support and resistance levels for the trading session. It makes a lot of sense especially as you shift timezones and the characteristics of the markets change.