What is the best Pivot Point indicator for MetaTrader (MT4)

[hfu1]

Hi,

Apologies in advance, I know this question has been asked several times.

For the record, does anyone know of the best pivot point calculator for MT4, one that does daily, monthly and weekly and knows how to ignore weekend figures.

I searched these forums and tried many pivot indicators. Most do not work as well as hoped, as they differ in calculations, graphical quality and configurability.

And, in addition, does anyone know of a good website that shows up-to-date pivot points on FX charts, so that I can compare against the MT4 pivots to see if they are working properly!

Thanks

 

[Jumpinjack]

Hi
There is no "best Pivot indicator"

Pivots levels come into play at different times. The trick is to find them before the prices gets to them. They could be weeks back or even months. A former high or low. You just never know! You have to search and look around at both weekly and daily charts.

The best type of chart software is a professional "independent" charting software such as Teletrader Professional.

Go here www.chart-workshop.de and sign up for 3 months free trial of the charting software.

 

[francisfinley]

pivotcustom_4timeframes.mq4
&
sdx pivots

best by far

 

[shadowninja]

Try these. First is daily pivots, second is a rehash I did to display monthly pivots. Don't install unless you have a clue.

 

[francisfinley]

pivotcustom_4timeframes.mq4
&
sdx pivots

best by far

other pivot indys i also use


AllPivots_v2
FXI Pivots
FiboPiv_v2

 

[Meta]

I buy daily, weekly and monthly pivot point indicators, here you can find copy it's only $24. There is free trading strategy with indicators for free.

http://www.metatraderstrategy.com/pivot-points-package-3-mt4-indicators/

 

[tarrentino]

I've seen quite a few people using pivots from a company called FX AlgoTrader.

From what I understand they have some additional features such as configurable alerts and time shifting to suit traders in different time zones who want to synch their pivots to European or EST timezones.

 

[iMetaG]

I don't like to trade with custom pivot point indicators, I use only original indicators because they are reliable. I found this website few days ago on facebook, you can download original indicators which are coded based on basic pivots formulas:
Pivot Point Indicator

 

[Purple Brain]

If you do decide to use pivot points and whichever type you eventually decide upon, it’s worth checking for the daily ones which end-of-day bar the code is using. Many that I have looked at use midnight of the server time of your chart data provider. This may not be what you want.

This also opens up the question as to what is the end-of-day bar for a market that is open nominally 24 hours a day during the week? Consensus appears to be 17:00 EST. I have tested it with various markers and found like many other aspects of technical analysis a huge issue with what appears to be a largely arbitrary element in the selection of criteria upon which to base our analyses.

On that basis, if correct, you are probably better off using the same end-of-day marker for your pivot point calculations as the majority, for obvious reasons. I however doubt that the professionals who provide the major momentum behind the FX market use such constructs these days, if they ever did. I recall being told they were a throwback to the pit days and used for a totally different class of commodities having never been used by the pros on FX. But you never know, there may be sufficient retail on aggregate using them to create some self-fulfilling action.

Of course, if that logic is correct, the natural corollary is that if you’re going to use indicators at all, you should probably use the default settings – just like almost everyone else.

 

[tarrentino]

I don't like to trade with custom pivot point indicators, I use only original indicators because they are reliable. I found this website few days ago on facebook, you can download original indicators which are coded based on basic pivots formulas:
Pivot Point Indicator

Totally understand your point - but using a fixed calculation basis for your pivots is pretty limiting... it only works accurately if your platform is GMT and you trade the Euro/London open or your platform is EST and you trade the NY open.

You need to be able to alter the calculation window so that you can synchronise your pivot calculation to the session you're trading... ie make sure you're looking at the same levels as everyone else in the market... well - when I say everyone else... I mean the people who know what they're doing.. there are lots of free pivot indicators out there which are seriously inaccurate.... if people want to blindly follow levels which nobody is observing - I guess that's their choice.

This is an old page which compares some free pivots indicators for accuracy vs Mataf and FX AlgoTrader. Quite interesting... and worrying at the same time.

 

[tunucks]

The best one is the Multi-Time frame pivots. It will project pivot point calculations on all time frames. It is pretty good actually.

 

[tarrentino]

The best one is the Multi-Time frame pivots. It will project pivot point calculations on all time frames. It is pretty good actually.

Thanks Nice to know our work is appreciated. We've recently brought out a new multi timeframe pivot system which uses a JavaFX interface to control the underlying pivot systems on the MetaTrader MT4 charts. It's super quick to configure as you don't need to dive into the external input parameters for each indicator on each chart... you can effectively access all the settings from one interface. It's called 'JFX Pivot System'. So far customers are very pleased with the new look and performance advantages it provides. We've also developed a Java FX based alert system which provides a lot more information than the standard MT4 pop ups.