Waddah Attar Pivot Indicator

Waddah Attar Pivot Indicator

Waddah Attar Pivot Indicator For MT4 plots daily, weekly, and monthly pivot lines that act as forex support and resistance lines

The Waddah Attar pivot indicator for MT4 plots the daily, weekly and monthly pivots. The indicator helps forex traders using pivots to identify the trend direction as well as the entry point. Pivot traders use price values to derive support and resistance levels automatically.

The indicator works well for new and advanced forex traders and is easy to use. However, new forex traders should familiarize with support and resistance trading. The indicator plots the daily, weekly and monthly pivot lines with no regard of the chart time frame. Additionally, the indicator does not repaint and re calculates the lines at the end of day.

Waddah Attar Pivot Indicator For MT4 Trading Signals

The indicator plots the monthly pivot line in gold, daily in red and weekly in blue lines. The trading strategy is to identify the trend direction using the crossover of daily, weekly pivot lines with regard to the monthly pivot line.

There are two conditions for a bullish entry point. The daily pivot line should cross over the weekly pivot to the upward direction, while staying above the monthly pivot line. So, traders should consider entering the market with a buy trade and placing a stop loss below the previous swing low.

Similarly, the two conditions for a bearish entry point are the following. The daily pivot line should cross the weekly line downwards, while staying below the monthly line.

The indicator does not provide a profit target. So, traders should consider to book profits with a minimum risk reward ratio higher than 1:2

Conclusion
In summary, the Waddah Attar pivot indicator for MT4 is an essential tool for forex pivot traders. However, traders should use price action to confirm the trend changes.