Quarterly and Yearly Pivot Points
Pivot Points are a must in many traders' arsenal and are used effectively as zones of possible resistance and support. Most Pivot Point indicators are based on the native timeframes that MT4 offers (ie: Daily, Weekly and Monthly). These work well for many short term trades, although given the volatility of the FX market, traders can easily be whipsawed out of what would be solid, winning positions.
After much research into the concept of Pivot Points, I came across the idea of using Quarterly and Yearly levels. There are few articles on it, but after reading them and trading off these levels, I now have an appreciation for them. They offer a much better R:R, a much better understanding of market bias and clear, objective targets 100's of pips away. Be forewarned, this is NOT a Day Trading indicator. I advise using PA or confluence or divergence or another technique to help trade off these levels.
This indicator calculates yearly and quarterly pivot points using the classical calculation as this is the most used, and from my experience, the most accurate.
PP = (HIGH + LOW + CLOSE) / 3
It calculates up to and including R3/S3 and updates automatically as a new year or quarter starts.
Inputs are as follows:
Yearly Pivots / Quarterly Pivots
- Show_Yearly (Quarterly)_Pivots – A bool (true/false), turns on and off Pivot lines on screen.
- Yearly (Quarterly)_Price_Alert_Zone – A zone in POINTS (not pips) where you will be alerted when the BID price enters this zone. It is above and below each line by this amount of points.
- Yearly (Quarterly)_Enable_Alerts – A bool (true/false), turns on and off screen alerts.
- Yearly (Quarterly)_Enable_Text – A bool (true/false), turns on and off Push Notifications (must enable push notifications in options, as well as have mobile version on device).
Line / Label Styles
- Lines styles and colours can be customized to your preference.
- Label colours can be customized to your preference.
- LabelShiftHours – A number based on hours to shift labels off the current candle. This is meant to be used if you have chart shift enabled and you would like the labels offset to the right or left of the screen. A positive number moves labels to the right, a negative number moves them to the left, 0 (zero) will display the label directly at the current candle( Time).
Happy trading and best of luck to all.