Plotting daily pivots

Beginner Questions
1

Hello,

I’m new to forex, about 3 months, and I downloaded the ‘pivots daily’ custom indicator, which seems to nicely plot the pivots on my chart.
How do I modify these or is this done automatically by the opening and close prices of the chart?
I trade ear/usd and gbp/usd

Your help in this matter is greatly appreciated.

Many thanks in advance

2

pivots are points where there are reversals, a point to get in, that is my understanding, hope someone can give more pointers. thanks!

3

These pivots are drawn automatically… You can look at the code in MT4 Editor if you would like to change how the calculations are made. The easiest way to do this is right click ‘pivots daily’ in the MT4 Navigator under Custom Indicators and select modify… this will load MT4 Editor and the correct indicator. There many different pivots indicators out there… If you are happy with the pivots and just want to change were the new day calculation is taken from, it can be done by shifting the pivots in the indicator properties. Example: say you want to look at pivots based on the NY Open, then you shift the pivots so each daily pivot starts and stops at NY Open. This shift will be different depending on how chart times are calculated at your broker. My chart times are based on GMT - 0 (Universal Coordinated Time), so it would be easier to get NY Open shifting forward. I have to be honest in saying I have not used this particular indicator in over 7 months and generally draw my own support / resistance levels based on what I see in the chart.

I hope this helps…
Cheers.

4

i think it is an automatic pivot point indicator which means you would be able to manually choose the points yourself. Maybe try to draw your own and compare with the auto

5

i am using oanda but can’t seem to find the pivots under custom indicators, do i need to do something else? thanks.

6

Many thanks for all your responses. I shall give it a try and go from there.

All the best.

A