RetestPivotSignals MT4
- Indicators
-
Evgeniy Zhdan
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Products: https://www.mql5.com/en/users/trendhunter/seller
➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖ - Version: 1.0
- Activations: 5
Retest Pivot Signals is a MetaTrader 5 indicator that detects the breakout of a significant pivot level and signals only after that level is retested, meaning price came back to the broken line and bounced from it. This filters out part of the false breakouts: the signal comes after the level is confirmed, not at the moment of the breakout.
MT5-version: https://www.mql5.com/en/market/product/200224
How it works
- The indicator finds pivot highs and pivot lows. A pivot is confirmed when the set number of bars on both sides of it have a lower high (or a higher low).
- Two step lines are drawn: red is the last pivot high, green is the last pivot low. The orange line is the EMA.
- Long: price closes above the last pivot high (upside breakout), then returns to that level, touches the tolerance zone and closes back above the level. A green up arrow labeled "Long" appears below the candle.
- Short: the mirror case. Price closes below the last pivot low, returns to the level from below and closes below it. A red down arrow labeled "Short" appears above the candle.
- With the EMA filter on, Long is allowed only when the close is above the EMA and Short only below it. One retest signal is given per breakout.
Settings
- MQL5.com account — all of our products are available at this link.
- Pivot Length (14) — number of bars on each side needed to confirm a pivot. A larger value gives fewer, more significant levels, confirmed later.
- Retest Tolerance (%) (0.3) — width of the zone around the broken level, as a percentage of the level's price. Price must touch this zone on the pullback. On forex and lower timeframes you will often want a smaller value: 0.3% of an EURUSD price is roughly 30 pips on a 4-digit quote.
- Use EMA Trend Filter (on) — allow signals only in the direction of the EMA.
- EMA Length (50) — EMA period used by the filter.
- Signal Size (16) — size of the arrows.
- Signal History (bars) (2000) — how many of the latest bars display arrows. A smaller value runs faster on long histories.
- Alerts — pop-up window in the terminal.
- Push Notifications — phone notification (requires your MetaQuotes ID in Tools → Options → Notifications).
- Email Notifications — email (requires mail set up in Tools → Options → Email).
How to use
- Attach the indicator to a chart. It works best on M30 and higher; on lower timeframes reduce the retest tolerance.
- Wait for an arrow. A green "Long" is a buy idea, a red "Short" is a sell idea.
- Common reference points: a stop-loss beyond the broken level or the nearest local extreme, and a target up to the next opposite pivot.
- Tune Pivot Length and Retest Tolerance (%) for your instrument and timeframe on history or in the tester.
- Turn on notifications so you do not have to watch the chart all the time.
Notes
- A pivot is confirmed Pivot Length bars after it forms, so the line moves only when the confirmation happens and is not redrawn backwards.
- On the current, unclosed candle an arrow can appear and then disappear. Notifications are sent only for closed candles, once per signal.
