Yearly Pivot Point Indicator
The Pivot Points Indicator for MetaTrader comes in hand for those traders who, for many years, have used pivot points to identify critical support and/or resistance levels. Pivots are also frequently used in the Forex market and can be an extremely useful tool for range-bound traders to identify points of entry and for trend traders and breakout traders to spot the key levels that need to be broken for a move to qualify as a breakout.
With this indicator, you can set yearly, monthly, weekly and daily pivot points.
Pivot Points are widely used by day traders to quickly determine where Forex market sentiment may change between bullish and bearish. Pivot Points are also commonly used to find likely support and resistance levels.
If you are a trader who likes to spot support and resistance very quickly, this indicator is developed for you. The pivot points indicator for MetaTrader supports the daily, weekly and monthly pivot points levels. Those levels are usually where strong support/resistance and the reaction points are located.