PZ Pivot Point - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

The developer of this indicator is Arturo Lopez, founder of Zero Point Trading Solutions.

Pivot point analysis is often used in conjunction with calculations of support and resistance levels, similar to trendline analysis. In a pivot point analysis, the first support and resistance levels are calculated by using the width of the trading range between the pivot points and the previous day's high or low. The second support and resistance level is between the previous day's high and low calculated using full width.

There are many pivot point indicators available, but none of them met my needs: most indicators are very heavy and have a lot of stuff I don't need, others don't show past pivot points, and none of them allow me to choose a reference time frame. I want a very lightweight indicator that allows me to select a reference time frame for historical testing purposes. For example, I might want to look at monthly pivot points and look at the past two years of data, and I can't use other standard metrics. So I created this.

Attachment download

📎 PZ_PivotPoints.mq4 (7.7 KB)

Source: MQL5 #10990