Pivots Dashboard is the single most complete instruments set for Pivot Points trading currently available in the market. We have done a comprehensive research prior to the product design to make sure that this product meets every need of Pivot Point trading.
Pivots Points are significant levels technical analysts can use to determine directional movement and potential support/resistance levels. Pivot Points are thus predictive or leading indicators. While the points were originally used by floor traders to set key levels to watch during the day, technical analysts have expanded upon the concepts to develop at least five (Standard, Camarilla, Woodie, Fibonacci, DeMark) different types of pivot points used in the modern day.
Features of Pivots Dashboard
- The five (5) major Pivot Systems: This dashboard features the five major Pivot Point Systems which are Standard Pivot, Camarilla, Woodie, Fibonacci and DeMark.
- Multi-Currency: The dashboard shows Pivot Statistics for all currency symbols in the Market Watch window.
- Multi-Timeframe: Pivots Dashboard has four (4) major timeframes including a user defined custom timeframe. The timeframes available include Daily, Weekly, Monthly and a user defined custom timeframe.
- Trend Detection: The Dashboard displays the current market trend using an advanced Pivot Strategy.
- Scrollbar: The Dashboard has an in-built scrollbar for easy view.
- Window Resize: The Dashboard allows window resize for convenience and easy view.
- Chart Display and Update: On the click of any currency line on the dashboard, the chart of the pair is opened and the Pivot Lines are displayed on the chart. The pivots for every opened chart are auto-updated.
- Novice and Pro compatibility: We have designed this product to be both easily usable by novice yet extensive for professionals. So, if you are a novice and do not want to concern yourself with Pivot Point technicalities, then just switch to Novice mode. If you are a professional and want to extensively define your pivot point levels, then just switch to Professional mode.
Using Pivot Points
Pivot Points can be used as a primary support and resistance level, thus making it a good spot to set your stop loss and take profits. Pivot Point levels along with other indicators can be used for trend detection and confirmation. As a rule of thumb, if the current price is above the Primary Pivot (PP), then the trend is bullish, and if the price is below the Primary Pivot, then the trend is bearish.
- pivot_display_mode (Novice/ Professional): Dropdown menu to select the mode of pivot point display on the chart
- line_display_mode: Dropdown menu, option 1 = right display, option 2 = full width display
- chart_trend_display: Display trend on charts
- default_chart: Default chart period when opening charts from dashboard
- custom_time frame: User defined timeframe to use for Pivot Point calculation
- daily_pivot_display: Enable/disable daily pivot lines if display mode is Professional
- weekly_pivot_display: Enable/disable weekly pivot lines if display mode is Professional
- monthly_pivot_display: Enable/disable monthly pivot lines if display mode is Professional
- custom_pivot_display: Enable/disable custom pivot lines if display mode is Professional
- Line_Style: Pivot Level lines styles
- labels_display: Display Pivot Point labels
- label_text_size: Text size
- support_color: Support colors (S1, S2, S3)
- resistance_color: Resistance colors (R1, R2, R3)
- pivot point_color: Primary pivot color
- label_text_color: Text colors
- Upper Panel Color: Dashboard upper panel color
- Fore Ground Color: Panel foreground color
We will be publishing a series of articles on how to trade with Pivot Points and sharing some Pivot Points strategies. So check the Comments section from time to time for updates of our articles.
Please note that the MetaTrader 4 strategy tester places some limitations on object functionality, so you might not be able to test the full product functionality in the strategy tester. Make sure the product meets your trading needs before making purchase. Thanks and happy trading!