Overview of the fxr_pivot-points-extra Indicator
The fxr_pivot-points-extra indicator displays pivot lines on the chart based on a selected timeframe. It visually marks potential support and resistance levels derived from the pivot point formula. This tool is useful for traders who incorporate daily, weekly, or monthly pivot levels into their technical analysis.
It also includes options for alerts and notifications, making it easier to monitor when price approaches key pivot levels without constantly watching the screen.
How to Use It in Practice
In a live trading scenario, this indicator helps you:
- Identify potential support and resistance zones using pivot lines.
- Plan entries, exits, or stop-loss placements around these levels.
- Receive alerts when price nears pivot levels (if notifications are enabled).
- Adapt trading strategy based on the selected pivot calculation timeframe.
This indicator is ideal for both day traders and swing traders who rely on price reaction around pivot-based support/resistance zones.
Parameter Explanations
Pivot_Point_timeframe
Selects the timeframe from which pivot levels are calculated. For example, setting this to D1 will use daily pivots on all chart timeframes.
use_alert
Enables or disables on-screen alert notifications when price approaches a pivot level.
use_mobil_notification
Turns on mobile push notifications. Requires MetaTrader mobile app and proper setup.
use_email_notification
Enables email alerts when price reaches or crosses a pivot level. You must configure the email settings in the platform first.
