Pivot Oscillator - Average - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
This is a variation of the well-known pivot indicator
Instead of displaying pivot lines on the main chart, this indicator displays pivot lines in a separate window and displays the average price position relative to these pivot lines. This way you can clearly see how the average price moves throughout the day compared to the pivot line. If you use an average period less than or equal to 1 then it is actually using the price rather than the average and then it is the pivot oscillator of the "raw" price rather than the average
Attachment download
📎 pivot_oscillator_-_averages.mq5 (25.26 KB)
Source: MQL5 #21396
Pivot Oscillator - Average - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resource Usage and Screening Suggestions
Pivot Oscillator - Average - MetaTrader 5 Script | Foreign Exchange Indicator Download - MT4/MT5 resources are foreign exchange indicator 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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