The Pivot Custom Indicator is a free, popular, and useful Forex indicator for the MT4 trading platform. This indicator is designed to help traders identify key levels of support and resistance on the chart. It does this by plotting a series of lines on the chart based on the previous day’s high, low, and close price. These lines act as potential support and resistance levels for the current day’s trading. The indicator also plots a mid-point line which is the average of the high, low and close prices of the previous day. The Pivot Custom Indicator is easy to use and understand. Once it is applied to the chart, it will automatically plot the support and resistance lines. Traders can then use these lines to determine entry and exit points for their trades. For example, if the price of the currency pair breaks above the resistance line, it could be a good time to enter a buy position. Similarly, if the price breaks below the support line, it could be a good time to enter a sell position. The Pivot Custom Indicator is a great tool for traders looking to identify key levels of support and resistance. With this indicator, traders can easily identify entry and exit points for their trades.
The Pivot Custom Indicator is a useful and popular free Forex indicator for MT4 trading platforms. It helps traders to identify price reversals and support/resistance levels, allowing them to make informed trading decisions. It plots daily, weekly, and monthly pivot points on the chart, along with support and resistance levels. The indicator can be used to identify entry and exit points, and to determine the strength of the current trend. The Pivot Custom Indicator is an invaluable tool for Forex traders, providing them with a simple way to analyze the market and make informed decisions.
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Category: Support & Resistance
How to Install
How install MT4/5 indicator in the terminal?
To install an MT4/5 indicator in the terminal, follow these steps:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.
Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.
And if asks to confirm DLL?
If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.
DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.
If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.
It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.