What is Pivot?
"In financial markets, a pivot point is a price level that is used by traders as a possible indicator of market movement. A pivot point is calculated as an average of significant prices (high, low, close) from the performance of a market in the prior trading period." - wikipedia
What is Monthly Pivot?
This MT4 indicator plots monthly pivot points. Price tends to return to this monthly pivot line over a period of time.
- The Magenta line in the chart is the monthly pivot line.
- The green lines are the R1, R2, R3 of the monthly pivot.
- The red lines are the S1, S2, S3 of the monthly pivot.