Waddah Attar Pivot V2 Indicator

Waddah Attar Pivot V2 Indicator

Waddah Attar Pivot V2 indicator. For MT5 charts daily, weekly and monthly. Daily, 4-hour and 1-hour pivot lines that act as forex support and resistance lines.

The Waddah Attar Pivot Indicator V2 for MT5 displays daily, weekly and monthly pivots. The indicator helps Forex traders, using turning points, determine the direction of the trend, as well as the entry point. Pivot traders use price readings to automatically determine support and resistance levels.

The indicator is well suited for new and experienced Forex traders and is easy to use. However, new Forex traders should become familiar with support and resistance trading. The indicator plots daily, 4-hour and 1-hour reversal lines regardless of the chart timeframe.

In addition, the indicator does not redraw or recalculate lines at the end of the day.

Waddah Attar Pivot V2 Indicator For MT5 Trading Signals
The indicator displays the daily reference line in purple, the 4-hour in orange and the hourly in blue lines. The trading strategy is to determine the direction of the trend using the intersection of daily, weekly reversal lines with the monthly reversal line.

There are two conditions for a bullish entry point. The daily reversal line should cross the weekly reversal line in an upward direction while remaining above the monthly reversal line. Therefore, traders should consider entering the market with a buy trade and placing a stop loss below the previous swing low.

Likewise, the two conditions for a bearish entry point are as follows. The daily reversal line should cross below the weekly line while remaining below the monthly line.

The indicator does not provide a profit target. Therefore, traders should consider taking profits with a minimum risk-reward ratio above 1:2.

Conclusion
Thus, the Waddah Attar Pivot V2 Indicator for MT5 is an essential tool for Forex pivot traders. However, traders should use price action to confirm a change in trend.