How to put pivot lines on MetaTrader 4
MetaTrader 4 (MT4) is the most popular trading platform used on Forex. With the help of many of its tools, traders all around the world use MT4 in various circumstances and different trading systems. MetaTrader 4 is used for both home-based trading, and a much more stable, reliable base of operations - a Virtual Private Server (VPS).
With a plethora of useful tools, capable of creating unique trading systems, MT4 has great circumstances for successful automated trading. Expert Advisors and Indicators create perfect circumstances for algorithmic automation and greater perception of data.
Indicators such as pivot points and pivot lines are great tools that help us determine important turning points of the market. Forex traders use pivots to mark points of resistance and support. Pivot lines are great at determining when the value of the market has gone from bearish to bullish or the other way around.
The liquidity of the foreign exchange market makes pivots a perfect tool to use on Forex. Previous highs and lows, changing averages, trend lines, Fibonacci levels, and many other useful indicators can be used to maximize the efficiency of a customized trading system. Use pivots for far more precise and comfortable trading experience.
Despite a wide selection of useful indicators, pivots are not part of the standard MT4 toolset. This useful analysis tool has to be manually downloaded for your system. Pivots are incredible tools with many different variations. With so many different pivots, finding the best ones for your trading strategy should not be difficult.
Once you find the pivots that suit your needs, copy the files (CTRL+C) and go to the "Data" folder in your MT4. After a window pops up, go to "MQL4", and after that, open the "Indicators" folder. Paste in the copied files (CTRL+V). Restart your trading software. Once the MT4 window is open again, choose the "Insert" -> "Indicators" -> "Custom" path on your menu in the upper-right corner. Select the newly installed pivots. The indicator should appear on the chart.
Pivots are very powerful tools that are often utilized while trading on Forex. Properly customized trading systems that utilize a wide variety of powerful tools use pivots for both monitoring of the system, as well as proper algorithmic automation.
VPS Forex trader is a great VPS provider for traders. A great MT4 setup will not be profitable and effective without proper hardware and internet connection. With servers in Amsterdam, Vilnius, and New York, VPS Forex trader ensures continuous, uninterrupted trading for every system. With Expert Advisors and useful Indicators on your MT4, the stability of a VPS is the last piece that is needed for a successful and profitable trading career.