Pivots help to identify important resistance bands and support bands. Many people will use pivots for loss and termination. Also, pivoting is popular for backers. This MT4 indicator is what I want to recommend to such people. This indicator will show you Kamhalilla Pivot for a day.
This Camarilla indicator is a bit different from a regular indicator. For example, as you can see in the above image, the pivot value is also displayed in the upper left corner. In addition, this pivot indicator only displays R3, S3 and R4, S4. R1, R2, S1 and S2 are omitted. This allows you to focus only on the pivot points that are really important.
R3, S3 and R4, S4 function as potential resistance bands and support bands. Therefore, it is also recommended to stop at this level.
Also, if repulsion is observed in R3 · S3 and R4 · S4, there is also a possibility that it will be reversed. For example, if the pin bar occurs after the price has reached R3, you may want to place a sell order.
On the contrary, if it seems that R3, S3 and R4, S4 are surpassed, the evidence tells us that the momentum of the trend is very strong. In this case, you can also trade using trend following methods in the direction of the main trend.
How to calculate Camarilla:
- R4 = Close + Range * 1.1 / 2
- R3 = Close + Range * 1.1 / 4
- R2 = Close + Range * 1.1 / 6
- R1 = Close + Range * 1.1 / 12
- PP = (High + Low + Close) / 3
- S1 = Close-Range * 1.1 / 12
- S2 = Close-Range * 1.1 / 6
- S3 = Close-Range * 1.1 / 4
- S4 = Close-Range * 1.1 / 2
- Range = High-Low
- ma1 - Periods for First MA
- ma2 - Periods for Second MA
- ma3 - Periods for Third MA
- ma4 - Periods for Fourth MA
- ma5 - Periods for Fifth MA
Download "Camarilla" from the button below
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.