Indicators: Pivot Oscillator

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Automated-Trading
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Automated-Trading  

Pivot Oscillator:

This is a variation of a well known Pivot indicator.

Instead of showing pivot lines on main chart the indicator shows pivot lines in a separate window and it shows price position relative to those pivot lines. That way you can clearly see how the price moved during the day compared to pivot lines.

PS: it supports all timeframes supported by MetaTrader 5. The default is daily pivots, but you can use any timeframe available (+ the automatic timeframes that are listed in the timeframe drop-down list).

Author: Mladen Rakic

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