Best Pivot Points Setting for H1 Gold Chart
How to Add Pivot Points XAUUSD Indicator in MetaTrader 4 XAUUSD Charts
Step 1: Open MT4 Software Navigator Window Panel
Open MT4 Navigator window panel as displayed below - Navigate to "View" menu (then click it) and then choose the "Navigator" window (click), or From Standard Tool Bar click the "Navigator" button key or use keyboard shortcut keys "Ctrl+N"
On MetaTrader 4 Navigator window, choose "Technical Indicators", (DoubleClick)
Best Pivot Points Setting for 1 H XAUUSD Chart - Best Pivot Points Setting for 4 Hour Gold 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 MetaTrader 4 indicators so as to add the Pivot Points indicator on the xauusd chart.
Best Pivot Points Setting for 1 H XAUUSD Chart - Best Pivot Points Setting for 4 Hour Gold Chart
How to Add Custom Pivot Points XAUUSD 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 gold custom Pivot Points indicator in MetaTrader 4 platform & then compile custom Pivot Points indicator so that the newly added Pivot Points gold custom MT4 indicator pops up on the list of custom indicators in MetaTrader 4 software.
To learn how to install Pivot Points indicator on MT4, how to add Pivot Points indicator window to MetaTrader 4 & how to add Pivot Points custom gold indicator on MT4 - How to add custom Pivot Points gold Indicator in MetaTrader 4.
Pivot Points Gold Trading Indicator Described
Pivot Points Gold Technical Analysis & 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 gold technical indicator rather than a lagging xauusd technical indicator.
Pivot Points provide a quick way for xauusd traders to analyze the xauusd price 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 indicator are calculated using a complex formula. The 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 Setting for 1 H XAUUSD Chart - Best Pivot Points Setting for 4 Hour Gold Chart
Pivot Points 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 xauusd price trend direction. The trades taken will only be in direction of the xauusd price trend.
- Buy gold signal -price is above the central pivot
- Sell gold signal -price is below the central pivot
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 upwards through the center pivot point.
- Sell gold signal - is generated when price breaks downward through the center pivot point.
Best Pivot Points Settings for Gold Swing Trading - Best Pivot Points for Scalping Gold Trading
Pivot Points Gold Price Reversal Trading Signal
Gold price reversal xauusd signals are generated as is described below
Buy xauusd trading signal - when 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 xauusd trading signal - when the price moves upwards toward one of the resistance area, then touches resistance area or moves slightly through it then quickly reverses & moves downwards.
Best Pivot Points Settings for Gold Swing Trading - Best Pivot Points for Scalping Gold Trading
Setting Stop-loss and Take Profit Gold Order Areas using Pivot Points
The central pivot-point and the other support & resistance levels are used by traders to determine suitable stop loss & take profit levels.
Best Pivot Points Settings for Gold Swing Trading - Best Pivot Points for Scalping Gold Trading
If a buy gold trade is placed above the central pivot point the Resistance 1 or Resistance 2 can be used to set the take profit level, & the Support 1 can be set as the StopLoss Gold Order Level for the xauusd 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 software.
NB: Once you add Pivot Points to your MetaTrader 4, the Pivot Points technical indicator has additional lines named MidPoints, 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 will then appear as is exactly shown on this site.
Best Pivot Points Setting for 1 H XAUUSD Chart - Best Pivot Points Setting for 4 Hour XAUUSD Chart - Best Pivot Points Settings for XAUUSD Day Trading - Best Pivot Points Settings for Gold Swing Trading - Best Pivot Points for Scalping Gold Trading
