The Pivot Indicator is a useful and popular free Forex indicator for MT4. It is used to identify support and resistance levels in the market. This indicator is based on the calculation of daily pivot points and is very useful for traders who need to identify potential entry and exit points. The Pivot Indicator works by calculating the average of the high, low and closing prices of the previous day and then plotting the pivot point, two support levels and two resistance levels for the current day. The pivot point is the main support and resistance level and is used to determine the trend. The two support levels are calculated by subtracting the high and low of the previous day from the pivot point and the two resistance levels are calculated by adding the high and low of the previous day to the pivot point. The Pivot Indicator is a great tool for traders who need to identify potential entry and exit points in the market. It is a free indicator for MT4 and is very useful and popular among traders.
The Pivot Indicator is a popular and useful free Forex indicator for MT4. The indicator works by calculating the average of the high, low, and close prices over a certain period of time. The resulting values are then plotted on the chart as horizontal lines. These lines act as potential areas of support and resistance, allowing traders to make more informed decisions about their trades. The Pivot Indicator is easy to use and requires minimal setup.
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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.