“WeeklyPivot” is a very simple indicator for MT4. This indicator shows the pivot points based on the weekly chart on all timeframes which can be a very convenient way to use important pivot points regardless of the timeframe.
Read on to find out more about this indicator and download it for free at the end of this article.
In the above image, this indicator is displayed on the EURUSD hourly chart. It is designed to be colorful so that it is easy to see the levels on the charts. Another advantage is that the pivot is displayed over a long period of time.
In addition, the color of the pivot point, resistance levels, and support levels can be changed as desired.
How to use the weekly pivot:
The weekly pivot can be used in various ways. Weekly pivots are particularly useful for day and swing traders as the price often reacts to these levels multiple times throughout the week.
For example, you may want to use the opportunities of the price rejections at pivots R1, R2, R3 , and S1, S2, S3 (see image below). If the price rebounds at one of the support levels, a counter-trend trade can be initiated. After the price rises to R2, if a reversal pattern such as a pin bar occurs near R2, we can trade short with R1 as a target.
Weekly pivot points can be very useful, but there is no reason to trade only with them alone. Rather, when combined with other indicators, the pivot point becomes even more valuable.
Download the "WeeklyPivot" Indicator for free from the button below
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