Pivot MT4 - MetaTrader 4 Script | Trading Script Download - MetaTrader 4 Resources
This is not my code but a conversion of MT5 code here
There are requests to convert it to MT4.
The formula used is:
Resistance Level 3 = High + 2* (Pivot Point – Low)
Resistance 2 = Pivot + (R1 - S1)
Resistance 1 = 2 * Pivot - Low
Pivot point = (highest price + closing price + lowest price)/3
Support 1 = 2 * Pivot - Height
Support 2 = Pivot - (R1 - S1)
Support 3 = Low - 2* (High - Pivot)
Attachment download
📎 pivot.mq4 (4.31 KB)
Source: MQL5 #27534
Pivot MT4 - MetaTrader 4 Script | Trading Script Download - MetaTrader 4 Resource Usage and Screening Suggestions
Pivot MT4 - MetaTrader 4 Script | Trading Script Download - MetaTrader 4 resources are trading script related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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