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A free pivot point indicator for Forex market. This indicator draws combinations of both support/resistant and pivot point levels.
Support and resistance levels, given with
this indicator, permit predicting definite levels of Take Profit and Stop Loss with high accuracy.
How to interpret PivotPoint2:
• On a growing market, when a price drops below the central axis, you mustn’t open a short position immediately as a side trend as possible. Most probably, the price will re-test the level. If the market will not be able to overcome, the turning point, we may speak about a market turn. This is right for the "bear" trend.
• If the Pivot Point is next to the opening price of the currant bar, the probability of getting profit is higher.
When you are trying to make out the market situation, it is recommended to use several Pivot Point indicators based on day, week and month periods. Before taking a short or a long position, you must wait until the price crosses all coinciding levels. Before this, you should not open any positions.
With this forex indicator, trader can display a Pivot Point on day, week and even month periods.
Colors used in PivotPoint2
Yellow
Aqua
DeepPink
For Metatrader 4 and Metatrader 5.
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