Commodity Trading Multiple Time Frame Support and Resistance Indicator

How to Add Pivot Points Commodities Indicator in 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 MT4 Standard Toolbar click the "Navigator" button or use keyboard short cut keys "Ctrl+N"

On MT4 Navigator panel, choose "Technical Indicators", (Double-Click)

Commodity Multiple Time Frame Support & Resistance Indicator - Opening Range Break-out Indicator MetaTrader 4

Step 2: Expand the MT4 Indicators Menu on the Navigator

Expand the menu by clicking the expand button marker (+) or double click the "indicators" MT4 menu, after this the button will appear as (-) and will now display a list of commodity trading MT4 indicators as shown below - select the Pivot Points indicator from this list of commodity trading MT4 indicators so as to add the Pivot Points indicator on the MT4 commodities trading chart.

Commodity Trading Multi Chart Timeframe Support and Resistance Indicator - Opening Range Breakout Indicator MT4

How to Add MT4 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 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 panel to MetaTrader 4 and how to add Pivot Points custom commodity indicator on MT4 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 indicator consists of a central pivot-point which is surrounded by 3 pivot points resistance levels below & 3 pivots support levels above.

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 commodities price 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 pivot points resistance and pivot points support levels.

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

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

Pivot points support levels & pivots resistance levels:

Resistance 3

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

Support 3

Commodity Trading Multi Chart Timeframe Support and Resistance Indicator - Opening Range Breakout Indicator MT4

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. The following strategies are the most common Pivot Points commodities trading technical analysis:

Pivot Points Commodities Trend Identification 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 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.

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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 points pivot points support area, then touches the pivot points support level or moves slightly through it then quickly reverses and moves upwards.

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

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

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

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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.

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