Daily Weekly Monthly HiLo Pivot Points Indicator for MT4

Daily Weekly Monthly HiLo Pivot Points Indicator are used in trading to trade key support and resistance levels with the help of past price data.

High, low, and close prices from the previous Daily Weekly Monthly HiLo Pivot Points Indicator are used to calculate the pivot points for the current trading period.

Buy/Sell levels by using the Daily Weekly Monthly HiLo Pivot Points Indicator

Here’s how they’re calculated:

Daily Weekly Monthly HiLo Pivot Points Indicator

1. Daily Pivot Point

Pivot Point (P) = (Previous High + Previous Low + Previous Close) / 3

2. Weekly Pivot Point

Pivot Point (P) = (Previous Week High + Previous Week Low + Previous Week Close) / 3

3. Monthly Pivot Point

Pivot Point (P) = (Previous Month High + Previous Month Low + Previous Month Close) / 3

The main Pivot Point, traders often consider up to three support levels (S1, S2, and S3) and three resistance levels (R1, R2, and R3). These levels are also calculated Bank Levels Indicator using certain formulae Daily Weekly Monthly HiLo Pivot Points indicator based on the High, Low, and Close prices.

The Pivot Points acting as support and resistance could suggest potential trading strategies. For instance, traders might consider buying if the price approaches Scalping Indicator the pivot point from above and selling if the price approaches the pivot point from below.

All Pivot Points Indicator

These calculations are typical for classic pivot points indicator. Other variations like Fibonacci Pivot Points or Demark Pivot Points use other types of calculations.

Basic Calculations for Pivot Points

Daily Pivot Points:

These use the previous day’s high, low, and close:

Pivot Point (P): P = (High + Low + Close) / 3

First Resistance (R1): R1 = (2 * P) – Low

First Support (S1): S1 = (2 * P) – High

Second Resistance (R2): R2 = P + (High – Low)

Second Support (S2): S2 = P – (High – Low)

Third Resistance (R3): R3 = High + 2 * (P – Low)

Third Support (S3): S3 = Low – 2 * (High – P)

Weekly Pivot Points:

These are calculated in a similar manner but use the previous week’s high, low, and close.

Monthly Pivot Points:

Like the others, monthly pivot points are calculated Ipanel trend Metatrader 4 using the high, low, and close, but from the previous month.

HiLo Pivot Point indicator

Using HiLo Pivot Points

Traders may use these pivot points in the following ways:

Check Market Trends: If the market is trading above the pivot point, this is often seen as a bullish signal, whereas if it’s trading below, this could signal a bearish trend.

MTF High Low Indicator

Trade Entries: Pivot points can be used to identify potential entry points. For example, if the price retraces back to a pivot point level, this could be seen Volume Spread as an opportunity Daily Weekly Monthly HiLo Pivot Points indicator  to enter a trade in the direction of the prevailing trend.

Stop Loss and Take Profit Levels: Support and resistance levels calculated from pivot points can be use to set stop-loss orders or take profit targets.