Best Pivot Points for H1 Commodities Trading Chart

How to Add Pivot Points Commodity Indicator in MT4 Commodities Trading Charts

Step 1: Open Navigator Window on Commodity Trading Software

Open Navigator window as shown and illustrated below: Navigate to "View" menu (then click on it), then select "Navigator" window (click), or From Standard Toolbar click "Navigator" button or press keyboard short cut keys "Ctrl+N"

On Navigator panel, select "Technical Indicators", (DoubleClick)

Best Pivot Points for 1 Hour Commodity Chart - Best Pivot Points for 4 H Commodity Trading Chart

Step 2: Expand the Commodities Trading Indicators Menu on Navigator Menu

Expand the menu by clicking on expand button key marker (+) or double-click "indicators" menu, after this the button will appear as (-) and will now display a list of commodity indicators as shown below - select the Pivot Points indicator from this list of commodity indicators so as to add the Pivot Points indicator on the commodities trading chart.

Best Pivot Points for H1 Commodity Chart - Best Pivot Points for 4 H Commodity Trading Chart

How to Add Custom Pivot Points Commodities Technical Indicator to MetaTrader 4

If the Pivot Points technical indicator you want to add is a custom indicator - for example if the Pivot Points technical indicator you want to add is a custom Pivot Points indicator you will need to first add this commodity custom Pivot Points indicator on the MT4 software & then compile the custom Pivot Points indicator so that the newly added Pivot Points commodity custom technical indicator pops up on the list of custom indicators on the MT4 platform.

To learn how to install Pivot Points indicator on MT4 platform, how to add Pivot Points indicator window panel to MT4 and how to add Pivot Points custom commodity indicator in MetaTrader 4 platform - How to add custom Pivot Points technical indicator in MT4.

About Pivot Points Commodities Technical Indicator Guide

Pivot Points Commodity Analysis and Pivot Points Trading Signals

Pivot Points technical indicator consists of a center pivot point that is surrounded by 3 resistance areas above and Three support levels below.

Pivot Points technical indicator is considered to be a leading commodity technical indicator rather than a lagging commodities indicator.

Pivot Points provide a quick way for commodities traders to analyze the commodity trend of how the commodities price is going to be moving during the day. A few simple calculations are used to plot the Pivot Points resistance and support levels.

To calculate these Pivot Points for the coming trading day - the previous day's

• high,
• low, and
• close commodities prices are used

The commodities trading day closes at 5:00PM EST this daily closing time is when the Pivot Points technical indicator is updated.

The 24 hour cycle for this Pivot Points indicator are calculated using a complex formula. Central pivot is then used to calculate the support & resistance levels as follows:

Resistance 3

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

Support 3

Best Pivot Points for 1H Commodity Chart - Best Pivot Points for 4 H Commodity Trading Chart

Pivot Points Analysis & Generating Pivot Points Trading Signals

Pivot Points indicator can be used in different ways to generate trading signals. Following strategies are the most common Pivot Points indicator analysis:

Pivot Points Commodities Trend Identification Signals

The central pivot point is used by commodities traders to determine the commodity trend direction. The trades taken will only be in direction of the commodity trend.

• Buy commodity signal - commodities price is above the center pivot point
• Sell commodity signal - commodities price is below the center pivot point

Pivot Points Commodity Trading Price Breakout Signals

Commodities price break-out trading signals are generated as follows

• Buy commodity signal - is generated when the commodities price breaks-out upward through the center pivot point.
• Sell commodity signal - is generated when the commodities price breaks-out downwards through the center pivot point.

Best Pivot Points for 15 Min Commodities Trading Chart - Best Pivot Points for 5 Min Commodity Trading Chart

Pivot Points Commodities Price Reversal Trading Signal

Commodities price reversal commodities trading signals are generated as follows

Buy commodity signal - when commodities price moves down towards one of the pivot support level, then touches the support level or moves slightly through it then quickly reverses and moves upwards.

Sell commodity signal - when commodities price moves up towards one of the resistance level, then touches the resistance area or moves slightly through it then quickly reverses and moves downwards.

Best Pivot Points for 15 Min Commodity Chart - Best Pivot Points for 5 Min Commodity Trading Chart

Setting Stop-loss and Take Profit Commodity Order Areas using Pivot Points

The central pivot point and the other support and resistance levels are used by commodities traders to determine suitable stop loss & take profit levels.

Best Pivot Points for 15 Min Commodity Chart - Best Pivot Points for 5 Min Commodity Trading Chart

If a buy commodity trade is placed above central pivot point Resistance 1 or Resistance 2 can be used to set the take profit level, and Support 1 can be set as the Stop Loss Commodity Trading Order Level for the commodities trade.

To download Pivot points:

https://c.mql5.com/21/9/pro4x_pivot_lines.mq4

Once you download Pivot Points indicator open it with MQL4 Language Editor, Then Compile it by pressing the Compile Button and it will be added to your MT4 commodities trading platform.

NB: Once you add Pivot Points to your MT4, the Pivot Points technical indicator has additional lines named MidPoints, to remove these additional lines open the MQL4 Language Meta Editor(short cut keyboard key - press F4), & change line 16 from:

Extern bool midpivots = true:

To

Extern bool midpivots = false:

Then Press Compile again, and it will then appear as exactly illustrated on this site.

Best Pivot Points for 1H Commodity Chart - Best Pivot Points for 4 H Commodities Chart - Best Pivot Points for Daily Commodity Chart - Best Pivot Points for 15 Min Commodity Chart - Best Pivot Points for 5 Min Commodity Trading Chart