i saw lots of Pivot point indicators. I think there must be only one formula for calculating pivot point. So why did i find hese lots of mql files ? are there some other calculation style ?
I've tried to download your file but keep getting an error that the file is corrupt - could you possilibly e-mail it to me or re-post it.
The pivot point is the level at which the market direction changes for the day. Using some simple arithmetic and the prior day high, low, and close, a series of points are derived. These points can be critical support and resistance levels. The pivot level, support and resistance levels calculated from that collectively known as pivot levels. Markets like forex are 24 hours but generally use 5pm EST.
I used to reference pivot points for intra day trading. Now I find it too SLOW!!
Use the 4 Hours high and low as your support/resistance...much faster than pivot prices...
Better to use the PRICE ITSELF as your reference point...almost unbeatable compared to some floor traders indicators
hello to everyone,
I'm newbie also in metatrade and at first I'm reading only till I've a questions.
Very fast... You trade the 1m or 5m chart ? Maby to many lines....
Uploaded with ImageShack.us
I trade this way to but only use day, month and week OHLC. This is my chat.
The red horizontal lines are the moth
Yellow are week
Blue are days.