The indicator displays the support and resistance levels calculated on daily prices.
Support and resistance levels are calculated by the formulas:
P = (daily_high + daily_low + daily_close + daily_close) / 4;
R1 = P + P – daily_low;
S1 = P + P – daily_high;
R2 = P + daily_high – daily_low;
S2 = P – daily_high + daily_low;
R3 = P + P – daily_low – daily_low + daily_high;
S3 = P + P – daily_high – daily_high + daily_low;
This indicator was first implemented in MQL4 and published in the Code Base at mql4.com on 09.02.2008.
MT5 Indicator – Download Instructions
i4 pivot v1 is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
i4 pivot v1 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install i4 pivot v1.mq5?
- Download i4 pivot v1.mq5
- Copy i4 pivot v1.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on i4 pivot v1.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator i4 pivot v1.mq5 is available on your Chart
How to remove i4 pivot v1.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: