This indicator for MT4 calculates the monthly pivot point along with support levels (s1,s2,s3) and resistance levels (r1,r2,r3) for all currency pairs.
Excellent for long term traders.
General Assumptions
- Price bullish above the monthly pivot point.
- Price bearish below the monthly pivot point.
- Price strongly bullish above R2.
- Price strongly bearish below S2.
- Price extremely overbought above R3.
- Price extremely oversold below S3.
Download
Download the Monthly Fib PP.mq4 indicator.
USD/JPY Monthly Chart Example
How to install the Monthly Fib Pivot Point custom indicator in Metatrader 4?
- Download the Monthly Fib PP.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.