The Universal Pivot Indicator is a popular and free tool for Forex traders. It is a useful indicator that helps traders identify key levels of support and resistance in the market. The indicator uses a mathematical formula to calculate the pivot points and can be used on the MetaTrader 4 (MT4) trading platform. The indicator works by plotting the pivot points on the chart, which are based on the high, low and close of the previous day’s trading. The pivot points are then used as a reference point to identify potential areas of support and resistance. Traders can use the pivot points to help them make trading decisions such as when to enter and exit a trade. The Universal Pivot Indicator is a useful and popular tool for Forex traders. It is a free indicator that helps traders identify key levels of support and resistance.
The Universal Pivot Indicator is a popular and free Forex indicator for MT4. The indicator displays the daily, weekly, and monthly pivot points on the chart, as well as the corresponding support and resistance levels. It also shows the current day’s open, high, low, and close prices. The indicator is a great tool for traders of all levels and can be used to make informed trading 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.