The FX AlgoTrader Weekly Pivots V1 Indicator automatically calculates and displays the weekly pivot levels on any Metatrader MT4 chart for any currency pair. The weekly pivot module has the following key features:-
Pivots are used heavily in intra-day trading and are an invaluable aid to identify intra day/weekly and monthly support and resistance levels.
About Pivots in FX Using pivot points as a trading strategy for Foreign Exchange has been around for a significant period of time. Pivot Point were originally used by floor traders trading futures on the Chicago Mercantile Exchange but they are now used widely accross many asset classes. Pivot Points enable traders to identify key intraday support and resistance levels which improves their ability to judge where price action is heading during the course of a trading day. The central pivot point is the theoretical level at which the market direction changes for the day. Pivot Points are calculated using the previous days high, low and close which provide a number of different key support and resistance pivot levels. Pivot points are now ubiquitous in the FX spot market due to their predictive nature compared to the lagging nature of technical indicators. Previous trading data provides potential turning points and support and resistance indications based on daily, weekly and monthly historical price action data. Due to the popularity of Pivot Points or levels it is very common to see price action reaction around them which therefore presents trading opportunties. Pivot Points are calculated based on 00:00 GMT data using the following formula.
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