gPivot ResSup Indicator

gPivot ResSup Indicator

gPivot ResSup indicator for mt4 – download free. Support and resistance indicator for mt4. Trend reversal indicator for mt4.

The gPivot ResSup indicator for MetaTrader is a forex trading tool that automatically identifies and plots key zones known as pivot points. These levels hold great significance because they act as dynamic support and resistance where the price of an asset is likely to reverse.

The indicator is integrated with an algorithm that tracks the previous pivot points (support/resistance) of the price and projects them on your chart.

Furthermore, the gPivot ResSup indicator would be beneficial to novice, intermediate, and experienced traders. Besides, it also supports different trading styles like scalping, day/intraday, and swing trading.

How To Trade With The gPivot ResSup Indicator

The above screenshot shows how the indicator would look on your MT4 platform. It also demonstrates how to identify good trade setups.

Note that the indicator is not recommended to be used as a stand-alone tool for BUY/SELL entries. Hence, it is best used along with price action and/or with other technical indicators.

The gPivot ResSup indicator comes with dotted lines painted in aqua and red colors to depict support and resistance respectively. The indicator may be used in a trending market for high probability trade setups/entries.

BUY Setup: First, identify the trend of the market; in this case, a bullish trend. Now, wait for the price to retrace and react to the support level (aqua lines) of the indicator. You may then open a BUY/LONG position using price action (e.g. bullish engulfing).

SELL Setup: First, identify the trend of the market; in this case, a bearish trend. Now, wait for the price to retrace and react to the resistance level (red lines) of the indicator. You may then open a SELL/SHORT position using price action (e.g. bearish engulfing, inverted hammer, etc.).

Conclusion
The gPivot ResSup indicator for MT4 is essentially a support and resistance tool that helps identify key reversal zones of the price. Finally, the indicator is free to download.