All Pivot Points button

The All Pivot Points is a price channel indicator built for the Metatrader 4 platform. It uses the historical price data like open, high, and close of the price candle for calculating pivot points. This indicator defines six different pivot levels which are updated automatically after the closing of the New York Session.

Assessing the key support and resistance level is an integral part of the technical analysis task. The horizontal lines plotted by the indicator guide traders through the key market levels. The price often reacts and decides its next movement direction when approached near the S/R zones. Depending on price action signals traders anticipate breakouts and trend-following entries around pivot lines.

Furthermore, this indicator is compatible with MTF charts. It allows you to customize its parameters depending on the timeframe you choose to trade with. According to our review, All Pivot Points is an ideal match for forex and stock chart analysis.

How to trade using the All Pivot Points indicator in MT4 platforms

After you install the indicator in your Metatrader platform, you’ll find six horizontal levels plotted at the main chart window. The tree lines at the bottom show the possible support levels of the price. On the other hand, the top three levels represent the resistance zones. These lines are updated by an automatic pivot point calculator of the indicator.

The closest channels to the price are very important for scalpers and intraday traders. Because wherever the price moves, it has to get through this price channel level first. If the price fails to break out of the channel area then consider the market as sidelined. In such a case, we’ll look for reversal candlestick patterns at pivot lines for assessing range-bound trading opportunities.

For instance, the price fails to break the nearest resistance means it is like to retest the current support level. In such conditions, we’ll look for sell opportunities near the resistance lines and use the support lines as possible target areas for profit-taking.

For breakout setups, the price is required to break either a support or a resistance level outlined by the indicator. For example, the price breaks the nearest pivot resistance means the market is in a bullish trend. If you open a buy order based on a bullish breakout at pivot point then target the next resistance level as the profit-taking zone.

Conclusion

The All Pivots is one of the best price level indicators for the Metatrader trading platform. Besides daily/weekly support and resistance zones, it also defines the intraday price breakout levels. This indicator can be a great match for beginner-level technical analysts. Also, it is compatible with all kinds of price-action-based forex and stock trading strategies.