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2013.09.18 07:38

PZ Pivot Points - indicator for MetaTrader 4

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votes: 8


The developer of this indicator is Arturo Lopez, founder of Point Zero Trading Solutions.

A pivot point analysis is often used in conjunction with calculating support and resistance levels, similar to a trend line analysis. In a pivot point analysis, the first support and resistance levels are calculated by using the width of the trading range between the pivot point and either the high or low prices of the previous day. The second support and resistance levels are calculated using the full width between the high and low prices of the previous day.

Why another Pivot Points indicator?

There are a lot of Pivot Points indicators available, but none of them suit my needs: most of them are very heavy and have a lot of stuff I don't need, others won't display past pivot points and none of them allowed me to select the reference timeframe. I wanted a very light indicator which allowed me to choose the reference timeframe for historic testing purposes. For example, I might want to see monthly pivot points and take a look at them for the last two years, and I couldn't with other standard indicators. So I created this one.

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