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Pivot Points – Pack 1
This FREE pack contains four popular tools based on the standard pivot points. These four tools combine the advantages of standard pivot points with several nice advantages of their own. The most significant advantages of standard pivot points are the following:
- They are a leading indicator i.e. they indicate potential future turning points in the market.
- They indicate important support and resistance price levels.
- They can be used as a stop loss level and as a price target.
- They are very visual and are easy to understand.
The Pivot Point Moving Average
This is a moving average which is based on the pivot points rather than the last market price. Traders can generate a trading signal either when the indicator and the market price cross (indicated by the green and red background in the chart) or when the indicator has a particular slope.
The Pivot Point RSI
This is the Relative Strength Indicator (RSI) based on the pivot points rather than the last market price. Traders can generate a signal based on the market trend. Both trend continuation and trend reversal signals are possible.
The Pivot Point Channel
This channel is as smooth as a moving average but also has the ability to adjust for market volatility like the Bollinger Bands. The outer lines of the Pivot Channel are used as support and resistance levels just like the pivot points themselves. In addition the Pivot Channel identifies trending markets.
The Pivot Point Oscillator
The pivot point oscillator shows traders the distance between the current market price and pivot point of the day. The pivot point of the day is the zero line. he oscillator is enhanced by a moving average. Traders bet on a strong reaction when the market prices touches the zero line for the first time. Like any other oscillator, the pivot point oscillator can be used to trade divergences.
- Select the financial instrument you want to trade and open
- Select what you need in the "WHS Store" folder.
- Select your paper account or your real account.
- NanoTrader Full. If you want to trade semi-automatically
(open position manually, close position automatically),
activate TradeGuard+AutoOrder in the chart. If you want to
trade automatically, activate AutoOrder in the chart.