A pivot point is a technical analysis indicator that is used to determine the overall trend of the market using different time frames and it plays the role of identifying support and resistance levels. The most popular timeframe for a pivot point indicator is daily.
How to Adjust the Indicator
You can easily turn off the support and resistance levels 1,2 and 3 so you can just see the main pivot point, this is dome in the setting Show R/S. The term R/S means resistance and support levels.
Pivot Point Formulas Available
There are a few options for the calculations on where the support and resistance levels are shown, this indicator allows the choice of 3.
- Standard (Classical)
The indicator also has the option to show different timeframe pivot points on your chart which may be showing a different timeframe, the available timeframes are as follows:
- Current chart timeframe
How to Trade With Indicator
An example of how to trade with this indicator is shown below:
- Entry 1: reject by R1 level and there is an engulfing candle
- Entry 2: break out the pivot point and retest again
- Take Profit: reach the S2 level and this is also the bottom of the range
How To Install
First, make sure you have the cTrader trading platform installed and then simply unzip the file and double-click on it to automatically install it onto the platform.
Join Telegram Community
You can join a Telegram community and chat with other traders to discuss, share and ask for help.