The most advanced price level analysis tool for the MetaTrader 4 platform, the daily, weekly, monthly HiLo Pivot Point Indicator, is available. This is an automatic support/resistance indicator replacement for identifying key areas on price charts.
The Pivot Point is technically a support/resistance indicator. It uses intra-day highs, lows, closes and various time frames to calculate price averages. Professional traders consider daily, weekly or monthly pivots to be strong support/resistance levels because it is clear that prices can often reverse from these areas.
Technical trading is incomplete without price level analysis, especially in stocks and Forex. This indicator will help you identify potential levels of price volatility and predict the direction of the trend. If price does not break through the immediate intraday pivot resistance, it may indicate that the trend is still bearish.
This guide will show you how to use the daily weekly and monthly hiLo pivot points in MT4 to identify potential buy/sell areas in forex, stocks and commodities.
How to use the daily weekly monthly HiLo pivot point indicator in MT4 to identify key buy/sell levels
The first pattern (1) shows a bearish pin line and large bearish candle. The price indicates that it rejected the daily pivot point, but intends to remain bearish. You can see that the price moved downwards after forming a bearish reversal pattern.
The second pattern (2) shows a series of solid bullish pin bars that reject the immediate pivot point support. This bullish reversal pattern suggests that price may initiate an uptrend from the current support area.
Technical traders who are just starting to trade, especially beginners, will find the Daily Weekly Monthly HiLo Pivot Point indicator to be a huge advantage. This doesn’t really matter if your trading style is day trading or scalping. You must know the price fluctuation areas in order to predict the exact buy-sell situation.