Pivot Points MT4

KT Pivot Points automatically plots the daily, weekly, and monthly pivot levels on a chart with the precise calculation based on the latest data. Pivot points is a widely used indicator in technical analysis, particularly in the Forex market.

Features

• Send alerts when the price touches the pivot level. 
• It offers complete customization for each kind of pivot level.  
• Shows daily, weekly, and monthly pivot levels without any fuss.
• It uses minimum CPU resources for faster calculation.
• Compatible with other indicators on the chart.
  
  

A pivot point or level is found using the average of high, low, and closing price compared to the previous trading day or session. 

Using the calculated pivot points and data, support and resistance levels can be projected in the future, which can be used to anticipate the price movement around these support and resistance levels.

Also, it is generally believed that if the price is trading above the pivot point, it indicates a bullish sentiment, while trading below the pivot point indicates a bearish sentiment.

Pivot Formula

To calculate the pivot levels, we use the data points such as the high, low, and close prices of the previous day, weeks, or even months.

• P = (H + L + C) / 3
• R1 = P + (P − L) = 2×P − L
• S1 = P − (H − P) = 2×P − H
• R2 = P + (H − L)
• S2 = P − (H − L)
• R3 = H + 2×(P − L) = R1 + (H − L)
• S3 = L − 2×(H − P) = S1 − (H − L)