Daily Pivot Targets Indicator

Daily Pivot Targets Indicator

Daily pivot targets indicator for MT4 automatically plots support and resistance levels using pivots.

The daily pivot targets indicator for MT4 automatically calculates and displays the daily pivot levels with three support and resistance levels. Additionally, the indicator plots midlines between consecutive support and resistance lines. Furthermore, it displays the current day and the previous day’s market in a different box for easy identification. Forex traders will find in the comment area the following information. The daily range, previous day’s range, 30-day range, time for the next bar, and spread of the charted instrument, swaps for long and short, which provides a complete insight to the forex technical trader. So, forex traders can identify the bullish and bearish market conditions and buy and sell accordingly.

Infact, the indicator works well for new and advanced forex traders. Although the indicator uses the daily open, high, low, and close values the indicator plots the pivot lines and comments on all chart time frames. Additionally, forex traders can download the indicator for free and install it easily.

Daily Pivot Targets Indicator For MT4 Trade Setup

The above GBPUSD H1 candlestick chart shows the daily pivot targets indicator for MT4 in action. Generally, the indicator plots the pivot line in blue, support lines in green and resistance lines in red. Additionally, the indicator places dotted lines between support and resistance as midlines.

Forex traders can buy if the price is above the pivot level and breaks the first resistance level as this indicates a bullish market condition. Similarly. if the price is below the pivot level and breaks below the first support level indicating a bearish market condition. Then, traders should enter the market with a sell trade.

As the support and resistance levels act as good targets for profit booking and stop loss, traders should use the levels to calculate the risk and reward accordingly.

Conclusion
Indeed, the daily pivot targets indicator for MT4 plots the pivot lines, support, and resistance lines similar to other indicators. However, the indicator displays midlines between support and resistance lines and additional information on the chart comment area.