Best Pivot Points for 4 H XAUUSD Chart
How to Add Pivot Points Gold Technical Indicator in MetaTrader 4 Gold Charts
Step 1: Open Navigator Window on XAUUSD Trading Platform
Open Navigator window as shown below - Go to 'View' menu (then click it) & then choose 'Navigator' window (click), or From the Standard Tool bar click the 'Navigator' button key or press the key board shortcut keys 'Ctrl+N'
On Navigator panel, choose "Technical Indicators", (DoubleClick)
Best Pivot Points for 1 H XAUUSD Chart - Best Pivot Points for 4 H XAUUSD Chart
Step 2: Expand the Gold Technical Indicators Menu on the Navigator
Expand the menu by clicking the expand button marker (+) or double click the 'indicators' menu, after this the button will appear as (-) and will now display a list of gold indicators as shown below - select the Pivot Points indicator from this list of gold indicators so as to add the Pivot Points indicator on the xauusd chart.
Best Pivot Points for 1 H XAUUSD Chart - Best Pivot Points for 4 H XAUUSD Chart
How to Add Custom Pivot Points XAUUSD 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 gold custom Pivot Points indicator on the MT4 platform & then compile custom Pivot Points indicator so that the newly added Pivot Points gold custom technical indicator pops up on the list of custom indicators on the MT4 software.
To learn how to install Pivot Points indicator on MetaTrader 4, how to add Pivot Points indicator window to MT4 and how to add Pivot Points custom gold indicator on MetaTrader 4 - How to add custom Pivot Points indicator in MetaTrader 4.
Pivot Points Gold Technical Indicator Explained
Pivot Points Gold Technical Analysis & Pivot Points Trading Signals
Pivot Points technical indicator consists of a center pivot point that's surrounded by 3 resistance levels above & Three support levels below.
Pivot Points technical indicator is considered to be a leading gold technical indicator rather than a lagging xauusd trading technical indicator.
Pivot Points provide a quick way for xauusd traders to analyze the gold trend of how the xauusd price is going to be moving during the day. A few simple calculations are used to plot the Pivot Points resistance & support levels.
To calculate these Pivot Points for the coming trading day - the previous day's
- high,
- low, and
- close xauusd prices are used
The gold trading day closes & this daily closing time is when the Pivot Points indicator is updated.
The 24 hour cycle for this Pivot Points technical indicator are calculated using a complex formula. Central pivot point 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 1 H XAUUSD Chart - Best Pivot Points for 4 H XAUUSD Chart
Pivot Points Technical Analysis & How to Generate Pivot Points Trading Signals
Pivot Points indicator can be used in different ways to generate gold signals. The following strategies are the most common Pivot Points indicator analysis:
Pivot Points Gold Trend Identification Signals
The central pivot point is used by traders to determine the gold trend direction. The trades taken will only be in the direction of the trend.
- Buy gold signal -price is above the central pivot-point
- Sell gold signal -price is below the central pivot-point
Pivot Points Gold Price Break-out Signals
Gold price break-out trading signals are generated as follows
- Buy gold signal - is generated when price breaks-out upwards through the center pivot point.
- Sell gold signal - is generated when price breaks-out downwards through the center pivot point.
Best Pivot Points for 15 Minute XAUUSD Chart - Best Pivot Points for 5 Min XAUUSD Chart
Pivot Points Gold Price Reversal Trading Signal
Gold price reversal xauusd trading signals are generated as follows
Buy xauusd trade signal - when 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 xauusd trade signal - when price moves up towards one of the resistance level, then touches the resistance level or moves slightly through it then quickly reverses and moves downwards.
Best Pivot Points for 15 Minute XAUUSD Chart - Best Pivot Points for 5 Min XAUUSD Chart
Setting Stop-loss & Take Profit Gold Order Levels using Pivot Points
The central pivot point & the other support & resistance zones are used by traders to determine suitable stop-loss & take profit levels.
Best Pivot Points for 15 Minute XAUUSD Chart - Best Pivot Points for 5 Min XAUUSD Chart
If a buy gold trade is placed above 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 a StopLoss Gold Order Level for the xauusd 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 Key & it'll be added to your MetaTrader 4 trading platform.
NB: Once you add Pivot Points to your MT4, Pivot Points indicator has additional lines named Mid Points, to remove these additional lines open MQL4 Language Meta Editor(short cut keyboard key - press F4), and change line 16 from:
Extern bool midpivots = true:
To
Extern bool midpivots = false:
Then Press Compile again, & it'll then appear as is exactly shown on this site.
Best Pivot Points for 1 H XAUUSD Chart - Best Pivot Points for 4 H XAUUSD Chart - Best Pivot Points for Daily XAUUSD Chart - Best Pivot Points for 15 Min XAUUSD Chart - Best Pivot Points for 5 Min XAUUSD Chart
