MetaTrader’s gPivot ResSup indicator automatically detects pivot points and plots them. These levels are important because they provide dynamic support or resistance for the areas where asset prices are most likely to fall.
The indicator integrates an algorithm that tracks previous pivot points (support/resistance) and projects them onto your charts.
The gPivot ResSup indicator is also useful for intermediate and advanced traders. It also supports swing trading, intraday/interday trading and scalping.
What the indicator looks like on your MT4 platform. It also shows how to spot good trade setups.
This indicator should not be used alone for buying/selling. It is best used in combination with other technical indicators and price behavior.
To show support and resistance, the gPivot ResSup indicator has red and aqua blue dashed lines. This indicator can be used in a trending market to show a high probability of trade setups/entries.
Buy Setups. First determine the market trend. In this case, it is a bullish trend. Wait for the price action to reverse and then react to the support level (waterline) of the indicator. Then you can establish a buy/long position by price action (e.g. bullish engulfment).
Setup. First, identify the market trend. In this case, it is a bearish trend. Wait for the price action to reverse and then react to the indicator’s resistance level (red line). Then, you can use the price action (e.g. bearish engulfing, inverted hammer, etc.) to make a sell/short trade.
The gPivot ResSup MT4 indicator is basically a support/resistance tool that can help identify price reversals. The indicator can be downloaded for free.