TzPivots
Published on Minggu, 22 Desember 2013
21.00 //
Visual Insicators
TzPivots MetaTrader indicator —
should be attached to the H1 or lower timeframe chart. This indicator will display
the pivot points and support and resistance lines for the intraday trading. It
calculates them by its own formula based on the previous trading session. You
can use the resulting lines as entry and exit points. The indicator also outputs
all the data into the MetaTrader global variables, which can be accessed by any
expert advisor on the terminal. TzPivots is available for MT4 and MT5.
Input parameters:
- LocalTimeZone (default = 0) — the timezone of your MT4 or MT5 server. For example, if your server is in New York you should set this parameter to -5.
- DestTimeZone (default = 0) — the timezone of the trading session you are using to trade in. For example if you trade in London set this parameter to 0.
- Other parameters — modify the visual representation of the lines. Don't change them.
If you are acquainted with the pivot points and support and resistance lines using this indicator will be easy for you. The central pivot line bears a very high chance of reversal. The support and resistance lines become less strong the farther they are from the central pivot line. The weaker the line is the easier it is to break.
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Professional traders already have the knowledge and experience to know which trading techniques and trading systems could be profitable and which trading techniques and trading systems should be avoided, but professional traders are not looking for a new trading technique or trading system (because they are already trading correctly). New traders do not have the knowledge and experience to know which trading techniques and trading systems could be profitable and which trading techniques and trading systems should be avoided, and new traders are exactly the traders who are looking for a new trading technique or trading system (and even worse new traders are often still looking for the holy grail of trading).
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