Floor pivots are among the oldest levels in trading. This pivot point indicator takes the previous day’s high, low and close, draws the central pivot with three resistance and three support levels, and marks a candle that tests one of them and closes back in the other direction.
This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.
| Platforms | MT4 (.ex4) + MT5 (.ex5) |
|---|---|
| Chart window | Main price chart |
| Plots | 9: PP, R1, R2, R3, S1, S2, S3, BuySignal, SellSignal |
| Alerts | popup, push notification, email, sound |
| Inputs | 9 |
On the chart: plots and colours
Seven lines plus two marks on price.
`PP` traces gold at width 2.
`R1`, `R2` and `R3` trace lime green above.
`S1`, `S2` and `S3` trace tomato below.
`BuySignal` prints lime with arrow 233.
`SellSignal` prints red with arrow 234.
- PP: line, gold, width 2
- R1: line, lime green
- R2: line, lime green
- R3: line, lime green
- S1: line, tomato
- S2: line, tomato
- S3: line, tomato
- BuySignal: arrow, lime, width 2, arrow code 233
- SellSignal: arrow, red, width 2, arrow code 234
How it all fits together
The central pivot
`PivotTF` `PERIOD_D1` supplies the prior day’s high, low and close. Their average is the central pivot.
The other six
R1 and S1 reflect the pivot across the day’s low and high. R2 and S2 add the full range, and R3 and S3 extend it again.
The touch
A buy needs a wick within `TouchTolPips` `5.0` of PP or a support, then a bullish close above it. Sells mirror that at resistance.
What to look for
Levels reset at each new day.
Gold is the balance point.
Green lines sit above and red below.
A lime mark means a support held on the close.
Same-side marks wait three bars.
`ArrowOffsetPts` `30` sets the mark gap.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
A candle rejecting a level is what reports, once per closed bar. `EnableAlerts` is the switch; the popup and the speaker playing `SoundFile` ship on, while the phone and email routes start off.
Every Pivot Point Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
PivotTF |
Pivot source timeframe. Timeframe the levels come from, `PERIOD_D1`. | PERIOD_D1 |
TouchTolPips |
Level touch tolerance (pips). How near a wick must reach, `5.0`. | 5.0 |
Display settings
| Setting | What it does | Default |
|---|---|---|
ArrowOffsetPts |
Arrow offset (points). Mark gap in points, `30`. | 30 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
Switch for touch messages, `true`. | on |
EnablePopup |
Popup, `true`. | on |
EnablePushNotify |
Phone route, `false`. | off |
EnableEmail |
Email route, `false`. | off |
EnableSound |
Speaker, ships on, `true`. | on |
SoundFile |
Speaker clip, `”alert.wav”`. | alert.wav |
Where the settings fit
Daily pivots suit intraday charts best. EURUSD H1 is the reference chart, where PP and the first levels get tested most days. On M15 the touches come more often. Switch `PivotTF` to weekly for swing trading on H4.
Where the Pivot Point Indicator struggles
Pivots ignore everything before yesterday.
Strong trend days slice through every level.
A touch with a close back is still a small signal.
The speaker route ships on.
Copy the compiled Pivot Point Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.
Related on forexmt4systems.com: Pivot Point Strategy.
Download the Pivot Point Indicator for MT4 and MT5
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FAQ
How is PP built from PivotTF PERIOD_D1?
It is the average of the previous day’s high, low and close. Every other line is measured from that point and the previous day’s range, so all seven move together each day.
What does TouchTolPips 5.0 allow?
A wick that stops up to five pips short of a level still counts as a touch. It lets near misses count, which matters because price often turns just before a round level.
Which levels can trigger a BuySignal?
The central pivot and the three supports. The candle must reach one of them, close above it, and close higher than it opened for the lime mark to print.
Can PivotTF use weekly levels instead?
Yes. Set it to the weekly timeframe and the seven lines come from the previous week, which suits H4 and daily charts better than the default daily source.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Pivot Point Indicator as one input. Always backtest before trading live.
About the author
Category: this is part of our Support and Resistance collection. Browse more Support and Resistance for MetaTrader, or explore every MT4 indicator and MT5 indicator on the site.
External references
- The core method is documented in Percentage in point on Wikipedia.
- Additional market context is at Point And Figure Charts at StockCharts ChartSchool.
About the author
Written by Dominic Walsh, a Forex trader and MT4/MT5 indicator, Expert Advisor and script developer. Every tool on forexmt4systems.com is tested on live charts before release and ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files. Learn more about the trader and developer behind this site.
How we build, test and correct every tool: Editorial & Testing Policy. Trading carries risk; see the disclaimer.