Opening Range Breakout Indicator MetaTrader 4

How to Add Pivot Points Gold Technical Indicator in MetaTrader 4 Gold Charts

Step 1: Open MetaTrader 4 Software Navigator Window

Open MetaTrader 4 Navigator window as shown below - Go to 'View' menu (then click it) & then choose the 'Navigator' window (click), or from MT4 Standard Toolbar click the 'Navigator' button or use keyboard short cut keys 'Ctrl+N'

On MetaTrader 4 Navigator window, select "Technical Indicators", (DoubleClick)

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

Step 2: Expand the MT4 XAUUSD Trading 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 MT4 indicators as shown below - select the Pivot Points indicator from this list of MT4 indicators so as to add the Pivot Points indicator on the MT4 xauusd chart.

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

How to Add MT4 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 custom MT4 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 XAUUSD Technical Indicator Explained

Pivot Points XAUUSD Technical Analysis & 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 gold technical indicator rather than a lagging xauusd trading 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 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 xauusd prices are used

Pivot points support levels & pivots resistance levels:

Resistance 3

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

Support 3

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

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 gold technical analysis:

Pivot Points Gold Trend Identification Signals

The central pivot point is used by traders to determine the xauusd price trend direction. Trades taken will only be in the direction of the xauusd price 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.

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

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

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Setting Stop-loss & Take Profit Gold Order Levels using Pivot Points

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

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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.

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