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Pivot Projection MT5

Trading requires reference points (support and resistance), which are used to determine when to enter the market, place stops and take profits. However, many beginning traders divert too much attention to technical indicators, such as moving average convergence divergence (MACD) and relative strength index (RSI) (to name a few) and fail to identify a point that defines risk. Unknown risk can lead to margin calls, but calculated risk significantly improves the odds of success over the long haul.

One tool that actually provides potential support and resistance and helps minimize the risk is the pivot point and its derivatives.

Originally employed by floor traders on equity and futures exchanges, pivot points have proved exceptionally useful in the Forex market. In fact, the projected support and resistance generated by pivot points tend to work better in Forex (especially with the most liquid pairs) because the large size of the market guards against market manipulation. In essence, the Forex market adheres to technical principles, such as support and resistance, better than less liquid markets.


Inputs

  • Limit - Limit of bars for calculation
  • AlertON - Enable alerts
  • Pivot/Support/Resistance - Change color lines and text
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Version 1.2 - 2017.06.23
Modified rule for calculating levels.
Version 1.1 - 2017.06.14
Modified rules for conditions