Auto Pivot Mod Indicator

Auto Pivot Mod Indicator

Auto Pivot Mod Indicator For MT4 automatically plots the daily, weekly, and monthly pivots and support and resistance. Best pivot tool for beginners

The Auto Pivot mod indicator for MT4 automatically calculates and plots the Pivot points and the three support and resistance lines. These support and resistance lines effectively help forex traders identify the potential price reversal points. Moreover, it eliminates the subjectivity in drawing the support and resistance lines.

The indicator is a boon for new forex traders; new traders often make mistakes in plotting the support and resistance. So, this indicator helps them avoid costly mistakes. On the other hand, advanced forex traders can use this indicator to formulate advanced forex trading strategies. Furthermore, pivot points are a common tool used by forex traders in many automated trading systems.

Auto Pivot Mod Indicator For MT4 Trade Setup

The indicator plots three resistance line R1, R2, R3 in blue and three support S1, s2, and S3 in yellow. However, the pivot line is in Red and it plots the daily, weekly and monthly pivots if enabled in the input settings. The trading strategy is based on whether the price is above or below the pivot line to derive the trend direction. Additionally, traders can apply the support and resistance trading methods.

In general, if the price is above the daily pivot it is a bullish trend. Alternately, if the price is below the pivot then traders should focus only on opening sell positions.

Since the support and resistance lines provided by the pivot are mathematical, they tend to depend upon the trend strength. So, in a trending market traders should use additional indicators to confirm the breakout or rejection of a support or resistance line.

Conclusion
In summary, the Auto pivot mod indicator for MT4 is another version of Pivot points and support and resistance.