Best Pivot Points Setting for H1 Commodities Trading Chart
How to Add Pivot Points Commodity Indicator on MT4 Commodities Trading Charts
Step 1: Open MT4 Platform Navigator Panel
Open MT4 Navigator window as shown below: Navigate to 'View' menu (click), then choose 'Navigator' window (click), or From Standard Toolbar click 'Navigator' button or use keyboard short cut keys 'Ctrl+N'
On MetaTrader 4 Navigator panel, choose "Technical Indicators", (Double-Click)
Best Pivot Points Settings for 1 H Commodity Chart - Best Pivot Points Settings for 4 H Commodities Trading Chart
Step 2: Expand the Commodity Technical Indicators Menu on Navigator Menu
Expand the menu by clicking on the expand button key marker (+) or double-click the '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 MT4 technical indicators so as to add the Pivot Points indicator on the commodities trading chart.
Best Pivot Points Settings for 1 H Commodity Chart - Best Pivot Points Settings for 4 H Commodities Trading Chart
How to Add Custom Pivot Points Commodities Technical Indicator to MT4
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 MetaTrader 4 software & then compile the custom Pivot Points indicator so that the newly added Pivot Points commodity custom MT4 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 to MetaTrader 4 and how to add Pivot Points custom commodity indicator in MetaTrader 4 platform - How to add custom Pivot Points technical indicator on MetaTrader 4.
About Pivot Points Commodity Technical Indicator Guide
Pivot Points Commodities Trading Analysis and Pivot Points Trading Signals
Pivot Points technical indicator consists of a center pivot point which is surrounded by 3 resistance areas above and 3 support areas below.
Pivot Points technical indicator is considered to be a leading commodity technical indicator rather than a lagging commodities technical indicator.
Pivot Points provide a quick way for commodities traders to analyze the commodities price trend of how the commodities price is going to be moving during the day. A few simple calculations are used to draw the Pivot Points resistance & 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 and resistance areas as follows:
Resistance 3
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
Support 3
Best Pivot Points Settings for 1 H Commodity Chart - Best Pivot Points Settings for 4 H Commodities Trading Chart
Commodity Trading Pivot Points Analysis & How to Generate Pivot Points Trading Signals
Pivot Points indicator can be used in different ways to generate trading signals. Following strategies are most common Pivot Points indicator technical analysis:
Pivot Points Commodities Trend Identification Trading Signals
The central pivot point is used by commodities traders to determine the commodities price trend direction. Trades taken will only be in direction of the commodities price 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 Break-out Signals
Commodities price break-out signals are generated as follows
- Buy commodity signal - is generated when commodities price breaks upwards through the center pivot point.
- Sell commodity signal - is generated when commodities price breaks-out downwards through the center pivot point.
Best Pivot Points Settings for Commodity Swing Trading - Best Pivot Points for Scalping Commodity
Pivot Points Commodities Price Reversal Trading Signal
Commodities price reversal commodities trading signals are generated as is described below
Buy commodity signal - when commodities price moves downward towards one of the pivot points indicator support area, 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 area, then touches the resistance area or moves slightly through it then quickly reverses and moves downwards.
Best Pivot Points Settings for Commodity Swing Trading - Best Pivot Points for Scalping Commodity
Setting Stoploss & Take Profit Commodity Order Areas using Pivot Points
The central pivot-point & the other support and resistance levels are used by commodities traders to ascertain suitable stop loss & take profit areas.
Best Pivot Points Settings for Commodity Swing Trading - Best Pivot Points for Scalping Commodity
If a buy commodity trade is placed above the central pivot point the Resistance 1 or Resistance 2 can be used to set the take profit level, and the Support 1 can be set as the Stop-Loss Commodity Trading Order Level for the commodities trade transaction.
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.
Note: Once you add Pivot Points to your MT4, the Pivot Points technical indicator has additional lines named Mid-Points, to remove these additional lines open the MQL4 Language Meta Editor(shortcut keyboard key - press F4), and change line 16 from:
Extern bool midpivots = true:
To
Extern bool midpivots = false:
Then Press Compile again, and it'll then appear as exactly shown on this site.
Best Pivot Points Settings for 1 H Commodities Trading Chart - Best Pivot Points Settings for 4 H Commodity Chart - Best Pivot Points Setting for Commodity Day Trading - Best Pivot Points Setting for Commodity Swing Trading - Best Pivot Points for Scalping Commodity
