Extended Pivot Oscillator - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources
Extended version of pivot oscillator .
In addition to being able to calculate pivot points as an oscillator, 4 methods of calculating pivot points have been added:
Also added an "alternative method" of calculating pivot support and resistance lines - it seems that in many versions, R3 and S3 are calculated differently than the original version (it effectively makes it "tighter" than the original version), so in this version you can use both methods.
PS: It is also a standalone (does not require any other indicator to work properly) multi-timeframe indicator.
Attachment download
📎 pivot_oscillator_extended.mq5 (21.4 KB)
Source: MQL5 #21849
Extended Pivot Oscillator - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resource Usage and Screening Suggestions
Extended Pivot Oscillator - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 resources are resources related to Forex indicators. 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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