Hey fellow traders! Today, I want to dive into an essential tool that many of us use to boost our trading strategies: the Pivots indicator for MetaTrader 4 (MT4).
This isn’t my original code, but rather a handy conversion from an MT5 script that you can check here. There have been quite a few requests to adapt this for MT4, and I’m excited to share it with you.
So, how do we calculate these Pivots? Here’s the lowdown:
Resistance 3 = High + 2*(Pivot - Low)
Resistance 2 = Pivot + (R1 - S1)
Resistance 1 = 2 * Pivot - Low
Pivot Point = (High + Close + Low) / 3
Support 1 = 2 * Pivot - High
Support 2 = Pivot - (R1 - S1)
Support 3 = Low - 2*(High - Pivot)
Using these calculations, you can identify critical support and resistance levels that can help inform your trading decisions. Whether you’re day trading or swinging into longer positions, understanding these levels can give you a strategic edge.
Happy trading, and may your charts always be in your favor!
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