PZ Pivot Points MT5
Are you looking for a high-quality pivot points indicator? The PZ Pivot Points indicator is for you!
- It plots historical levels for backtesting purposes, not only the current day
- It allows you to select the reference timeframe
- It implements customizable colors and sizes
What are Pivot Points?
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.
The only functional parameter of the indicator is the timeframe selection to calculate pivot points from.
Arturo López Pérez, private investor and speculator, software engineer and founder of Point Zero Trading Solutions.