TzPivots MetaTrader indicator | FREE Forex Trading Indicator
TzPivots MetaTrader indicator — should be attached to the H1 or lower timeframe chart. This indicator will show the pivot points as well as the support and resistance lines for intraday trading. It computes them using its own formula, which is based on the previous trading session. The resulting lines can be used as entry and exit points. All data is also output by the indicator into MetaTrader global variables, which can be accessed by any expert advisor on the terminal. TzPivots is available for MetaTrader 4 and MetaTrader 5.
- LocalTimeZone (default = 0) — the timezone of your MT4 or MT5 server. For example, if your server is in New York you should set this parameter to -5.
- DestTimeZone (default = 0) — the timezone of the trading session you are using to trade in. For example if you trade in London set this parameter to 0.
- Other parameters — modify the visual representation of the lines. Don’t change them.
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This indicator will be simple to use if you are familiar with pivot points and support and resistance lines. The central pivot line has a high probability of reversal. The strength of the support and resistance lines decreases as one moves away from the central pivot line. The weaker the line, the more easily it can be broken.
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