Main Points Dottor Market Indicator

Main Points Dottor Market Indicator

Main Points Dottor Market Indicator For MT4 automatically plots daily, weekly, and monthly forex pivot lines on the candlestick price chart.

The Main Points Dottor Market Indicator for MT4 automatically calculates and plots the daily, weekly and monthly pivot lines. It plots the lines on the price chart and is visible on all chart time frames. So, forex traders using pivots for technical analysis can use this indicator to plan forex trading strategies.

This indicator is simple to use and is suitable for new and advanced forex traders. Since the pivot points are based on daily, weekly and monthly it is useful for short and long-term traders. However, scalpers may not find value from this higher time frame pivot points. Additionally, traders can use this indicator to formulate auto trading strategies.

Main Points Dottor Market Indicator For MT4 Trade Setup

The indicator plots blue daily pivot line, green weekly pivot dotted line and red monthly pivot dotted line. Pivots act as an excellent support and resistance for any market condition. Even though there are multiple methods and formulas to calculate the pivot values, the purpose of identifying the pivot value is the same.

If the price is above the pivot line it indicates a bullish market condition, conversely price is below the pivot in a bearish market. Pivot points can acts as a trend direction indicator or as a trend filter.

Traders can use the pivot in confluence with other technical indicators. If the pivot indicates a bullish trend, traders should consider buy positions and avoid opening sell trades.

Conclusion
In summary, the Main Points Dottor Market Indicator for MT4 helps forex pivot traders. Since the pivots are based on higher time frame it is useful for short and long term forex trading strategies.