Pivot indicator is a technical analysis tool, used by traders to predict market movement by measuring support and resistance levels.The Pivot indicator is a prediction indicator. Thousands of forex traders are using this special indicator in their metatrader terminal. By using Pivot metatrader indicator you will be able to unleash your trading expertise in a significant level. Surely this will add an extra ease for your successful trading.
Pivot indicator for metatrader
Pivot indicator is based on technical analysis of a financial market, using by traders as a predictive indicator of market movement. Pivot is specially built for metatrader forex platform. It is very easy to use. Developers made it in a very user friendly way. Traders from any experience level can use it easily, download the indicator, install it and use it. If you want to explore deeply and want to understand how it works you can go through the articles below.
Pivot indicator is a price level of significance in technical analysis of a financial market that is used by traders as a predictive indicator of market movement. A pivot point is calculated as an average of significant prices (high, low, close) from the performance of a market in the prior trading period. If the market in the following period trades above the pivot point it is usually evaluated as a bullish sentiment, whereas trading below the pivot point is seen as bearish.
A pivot point and the associated support and resistance levels are often turning points for the direction of price movement in a market. In an up-trending market, the pivot point and the resistance levels may represent a ceiling level in price above which the uptrend is no longer sustainable and a reversal may occur. In a declining market, a pivot point and the support levels may represent a low price level of stability or a resistance to further decline.
Pivot indicator uses high, low and close interest points for calculating support and resistance levels. Daily pivot indicator relies on high, low and close price of previous day in order to calculate support and resistance levels. For calculating weekly pivot, high, low and close price of previous week are used, while the same info from previous month are used for calculating monthly pivot.
This indicator is meant to serve day traders who use it to calculate crucial levels throughout the day. Besides daily pivot, weekly and monthly are also considered valuable to traders who use day trading strategy. This is case as daily support and resistance levels are sometimes found close to weekly and monthly pivots.
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