The Auto Pivot Forex indicator for Metatrader 4 automatically updates the pivot point (PP), support (S1, S2, S3) and resistance levels (R1, R2, R3) every day.
Price above the pivot point means positive while price below the pivot point means negative.
S3 indicates extremely oversold while price above resistance R3 means extremely overbought.
The indicator is lightweight and does not slowdown your computer.
- Open a buy trade when price closes above the pivot point from below.
- Open a sell trade when price closes below the pivot point from above.
EUR/USD 4 Hour Chart Example
How to install the Auto Pivot custom indicator in Metatrader 4?
- Download the Auto Pivot.mq4 indicator to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator file in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicator to the chart.