Best Pivot Point Indicator for MetaTrader 4 (MT4)
Are you looking for a good pivot point indicator for MetaTrader 4 (MT4)? In this article, I’m going to show you what I believe is the best pivot point indicator for MT4 and why I think you’ll like it too.
Pivot points and the various other support and resistance levels that are calculated from them are often great levels to trade from. Price usually has at least some interaction with each level, and many trading strategies have been created to take advantage of this fact.
If you’re not sure how to use pivot points in your own trading, take a look at a recent article I wrote about 3 profitable pivot point strategies.
The Best Pivot Point Indicator for MT4
The indicator pictured below is called Auto Pivot Plotter. It’s a clean pivot point indicator for MT4 (no labels). I like using clean and simple indicators like this one because it helps to keep your charts from becoming cluttered with unnecessary information.
In the image below, I changed all of my resistance levels to red, my support levels to green, and my pivot point to blue. You have the option to change the color of each level individually, which can help you identify individual levels.
Auto Pivot Plotter is the best pivot point indicator for MT4 in my experience, especially if you plan to use it while backtesting. Many of the pivot point indicators available for MT4 plot levels based on the current day, week, or month, but they don’t show historical levels, which makes them useless for backtesting.
You can adjust the number of historical levels that are displayed. Simply adjust the value for “DaysToPlot” to display your desired historical levels.
This pivot point indicator for MT4 also allows you to adjust the start time for the period of your pivot point calculations. This could be useful, for instance, if for some reason you’re not using NY close charts but you’d like to base your pivot point calculations on NY close prices.
To make changes to the starting time of your pivot point calculations, simply change the value of “StartHour” or “StartMinute” from 0 to a whole number (positive or negative). Most traders will not need to use this feature.
Finally, there is also a weekly pivot point version of this indicator as well as complementary indicators that plot mid-point levels for both the daily and weekly indicators. All of these are available in separate downloads below.
The Schaff trend cycle indicator is an indicator which combines the common indicators, MACD & Stochastic. The benefit of the Schaff trend cycle is that it is meant to be a fast indicator and more importantly quicker than the standard macd and stochastic. The indicator uses similar methods to a MACD i.e uses exponetial moving averages but applies a cycle factor to them. Then the ‘price’ is smoothed using a mofidied Wilders’ smoothing algorithm. It is still a relatively new indicator. The Schaff trend cycle Indicator has only been around since the 90s when it was brought to the forefront of trading indicators by Doug Schaff, although ‘cycle’ indicators have been around for a long while. Naturally the creation of the internet and online trading and platforms like Metatrader 4 (Mt4) have help cycle indicators become more popular. Trying to calculate cycle prices on a real time basis, intraday, is very hard so a metatrader indicator such as this makes the job simple. The Schaff Trend Cycle metatrader indicator on my chart shows the standard settings on a 1 hour GBPUSD chart. The default settings are: -Exponential Moving Average Short. Default: 23-Exponential Moving Average LongDefault: 50-Cycle: Default: 10 These can all be change, however, in your custom indicator settings box for the indicator. The aim of the Schaff trend cycle indicator is to spot clear trends and to try and mark the various tops and bottoms within a trend. The basic trend is as you would think. When the Schaff Trend Cycle Indicator is declining the trend is declining and when the it is rising the trend is rising. The best way to trade this is to apply lines at 25 and 75 to the indicator and watch for moves from below to above the 25 and from above and below the 75 levels. You will see how less choppy it is compared to say an ma crossover or a macd signal cross. You can also trade it by slop. i.e if the line is sloping up buy and sell on a downslope. There are several colour changing indicators for a change in direction of the cycle line in our download section. (However I would suggest that you try them all side by side and decide which one you like best. As all these indicators have been coded by different people they aren’t all created equal.) Some say it is a leading indicator…I am not so sure. I would say it filters price very well so it looks like it is leading but ultimately it represents prices that have already happened. It is definitely worth a look and play with. Seems to be most commonly used on forex trading systems and obviously on the metatrader plaform. You can download the mt4 indicator below for free.
You can choose Parabolic SAR for 4 TimeFrames (TF4 = true) or for 3 TimeFrames (TF4 = false and TF3 = true) or for 2 TimeFrames (TF4 = false and TF3 = false andTF2 = true) or for only 1 current TimeFrame (TF4 = false and TF3 = false and TF2 = false).
Download an advanced moving average crossover signal system indicator for Metatrader 4. The MA histogram changes color when a short-term moving average crosses a long-term moving average from above or below. This system is often used by trend following forex traders. Feel free to experiment with the moving average periods and method (simple, exponential, smoothed and linear weighted). Trading Signals Buy signal: Wait for the MA histogram to change color from pink to blue (bullish). Sell signal: Wait for the MA histogram to change color from blue to pink (bearish). Indicator Preferences Currency pairs: any (majors, cross pairs, exotics) Time frames: any Trading sessions: any Configurable Indicator Options Colors, MA period, MA method, signal, maximum bars,… Example: EUR/JPY H1 Chart