• Overview
  • Reviews (12)
  • Comments (16)
  • What's new

Important Lines

This indicator displays Pivot-Lines, preday high and low, preday close and the minimum and maximum of the previous hour. You just have to put this single indicator to the chart to have all these important lines, no need to setup many single indicators.


Why certain lines are important

Preday high and low: These are watched by traders who trade in a daily chart. Very often, if price climbs over or falls under a preday low/high there is an acceleration in buying/selling. It is a breakout out of a daily range.

Prehour high and low: Are watched by breakout traders who trade in the hourly chart. The opening range breakout strategy (see Toby Crabel) uses the hourly range of the past hourly candle and trades the breakout at the market opening. Placing stop loss near the hour lines may be very effective.

Pivot Points: Pivots stem from the former pit traders who needed a quick and rough orientation of the situation of the price. Today still many traders look at these points. When trading, the pivot point, the supports (s1, s2, s3) or resistances (r1, r2, r3) cause the price to slow down or even turn.


Calculation Methods

Pivots:

Pivot Point = (high + close + low)/3 (preday)

r1 = (2 * pivot) - low

s1 = (2 * pivot) - high

r2 = pivot + (r1 - s1)

r3 = high + (2* (pivot - low))

s2 = pivot - (r1 - s1)

s3 = low - (2*(high - pivot));


All the other lines are derived from the history of MetaTrader 5.


Customization

The colors of the lines and labels can be customized.

  • pivotColor
  • s1Color
  • s2Color
  • s3Color
  • r1Color
  • r2Color
  • r3Color
  • lowH1Color
  • hiH1Color
  • PDHColor
  • PDLColor
  • PDCColor


Why did I program this indicator

As I started with MetaTrader 5 about a year ago I did not find any matching indicator. As I used it every day, I thought that it could be of use for other traders too.

This indicator is used in conjunction of my Opening Range Breakout robot I will publish soon. I plan to make this indicator "speaking". So it will be possible to "trade what you see and hear".


Issues and disclaimer

I use this indicator for about half a year, in general, it runs well.

On Mondays it might show wrong numbers, it might be, that it takes data from Saturday.

There is no guarantee for this product in no way.


12.7.2018, Terence V. Gronowski "SwissTrader"

Reviews 12
Michael Dias
54
Michael Dias 2020.12.26 05:01 
 

Indicador muito bom, parabéns, grato por disponibilizar gratuitamente.

Not4putter
14
Not4putter 2020.11.10 10:18 
 

Super

pretty-lady
154
pretty-lady 2020.11.07 14:35 
 

Excellent!!! Thank you very much.

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The indicator for trading on the signals of the harmonic pattern AB=CD. It gives signals and shows the levels of entry into the market, as well as levels for placing stop orders, which allows the trader to make timely decisions on entering the market, as well as effectively manage positions and orders. It supports sending push notifications to a mobile device, e-mail, as well as alerts. This indicator has been ported from the version for MetaTrader 4. For more information, as well as a detailed
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Naked Forex Kangaroo Tail for MT5
Renaud Candel
Kangaroo Tail Indicator is a pattern recognition indicator for Forex, Stocks, Indices, Commodities, Metals, Cryptos. The Kangaroo Tail is a simple and very effective pattern to trade. The strategy that comes with the Kangaroo Tail is purely based on price action. Inputs : CandleSizeATR: filter signals depending on the size of candle (0.5 to 1.5 recommended range of values) TradeDirection (Long/Short/LongAndShort): filter signals for BUY and SELL Distance: distance in pixel relative to top or bot
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PipFinite Reversal PRO MT5
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The Controversial 5-Step System That Professional Traders Use To Unlock Trading Success! Reversal Pro effectively combines price action, ideal location and reliable statistics in one smart algorithm. Understanding the market in this unique perspective allows you to recognize reversals professionally. Discover The Secret Of Professional Traders Get instant access ► www.mql5.com/en/blogs/post/716077 Copy & Paste what professional traders are doing right now! How To Trade Step 1: Trade Setu
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PipFinite Breakout EDGE MT5
Karlo Wilson Vendiola
The Missing Edge You Need To Catch Breakouts Like A Pro. Follow a step-by-step system that detects the most powerful breakouts! Discover market patterns that generate massive rewards based on a proven and tested strategy. Unlock Your Serious Edge Get it here ► www.mql5.com/en/blogs/post/723208 Have access to the game changing indicator that will take your trading to the next level! How To Trade Execute your trades in 3 Easy Steps! Step 1: Trade Setup Enter a signal if Success Rate is
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Filter:
Mohammad Yousaf Hameedi
542
Mohammad Yousaf Hameedi 2018.08.27 08:22 
 

Thank you so much. I was looking for such indicator for long time.

[Deleted] 2019.01.07 17:44 
 

User didn't leave any comment to the rating

sunnychow
8612
sunnychow 2019.01.12 16:24 
 

Thanks for share

Detleff Böhmer
1179
Detleff Böhmer 2019.09.24 10:52 
 

Danke für das teilen. Ein sehr gutes Hilfsmittel.

Giulio Braga
287
Giulio Braga 2020.03.08 20:28 
 

very useful job

thank you

Valentin Butorin
3877
Valentin Butorin 2020.07.23 14:23 
 

User didn't leave any comment to the rating

contraror
64
contraror 2020.08.06 09:32 
 

Thank you, just what I am looking for!

Robert Tello
25
Robert Tello 2020.09.21 02:44 
 

Me parece muy bueno tu indicador en que temporalidad de preferencia lo trabajas? Asimismo lo trabajas junto con otro indicador?

Magistre
14
Magistre 2020.10.29 11:36 
 

Thank you, that was what I am looking for!

pretty-lady
154
pretty-lady 2020.11.07 14:35 
 

Excellent!!! Thank you very much.

Not4putter
14
Not4putter 2020.11.10 10:18 
 

Super

Michael Dias
54
Michael Dias 2020.12.26 05:01 
 

Indicador muito bom, parabéns, grato por disponibilizar gratuitamente.

Reply to review
Version 1.20 2019.02.15
One per bar introcuced. There was a flicker on some pcs.
Version 1.10 2019.01.27
Correction of error: Lines were not deleted when indicator was removed. Now they are gone when the indicator is removed from chart (if they are still there just change the timeframe up and down).