If you follow me for a longer period of time you know that I love pivot pivots. This is a great indicator which can help you to localize important reversal levels. You can find Pivot Points in many trading platforms but they are not preinstalled in Metatrader 4. You have to add them manually, I will show you how in this guide.
First, download Pivot Points files
There are many different Pivot Points indicators. You can google them or you can use an indicator from my website. Simply download it here: http://marketsurvival.net/downloads/pivot-points-daily-weekly-monthly-metatrader.zip.
When you finish downloading files, go to download folder and unpack your Pivot Points indicator.
If you have Pivots from my site, you should see two folders – MQL4 and templates.
Now copy files
Go to your Metatrader platform. Click File in the upper menu and select Open data folder. You should see a folder like this:
Can you spot the MQL4 folder? Open it and here you will find folders like:
Go to Indicators folder.
Now go back to your Downloads folder. Open MQL4/indicators folder and copy these two files:
Paste them into Metatrader MQL4/indicators folder
Do a similar thing with templates. Go to your Downloads folder, open templates, copy them:
And paste them in Metatrader templates folder:
Time to Refresh/Restarts
It is best to restart the Metatrader4 platform.
You can also click refresh. To do that, go to Navigator, right-click Indicators menu and select Refresh.
Add Pivot Points to the chart
Now it is time to add Pivots to the chart. The easiest way is to open navigator, go to Indicators and double click Pivot Points:
Now you should see something like this:
Are they correct?
From time to time I get a question about values presented by Pivot points. People are not sure if they are correct. There is an easy way to check it.
First, you can calculate them manually and compare with values from Pivot Point indicator. The formula for Pivots is very simple so you should have no problem with calculation.
The second way is to check pivot values on websites like dailyfx.com or fxstreet.com and compare them with values from your indicator.
Form my experience I can tell that many times indicator itself works fine. The problem lies in your broker and market opening hours. If they are different than New York opening session then you will probably have a little bit different Pivot values.