Though daily pivot is the most common pivot used, ‘Daily’ is not the only timeframe used for pivot trading. Many traders use pivot lines also in lower timeframe such as 4 hour pivot, 1 hour pivot and 15 minute pivot etc.
However manually calculating pivot for a timeframe lower than 4 hour is quite tedious, mostly in case of trading volatile pairs like Gbp/Usd or Gbp/Jpy. I occasionally use 1 hour pivot when trading Gbp/Jpy and realize the difficulty ever since.
The indicator works by automatically drawing pivot, support and resistance lines on the chart.
You can use them in any chart’s timeframe. Of course it draws different pivot for different chart’s timeframe.
Use the following link to download the pivot lines indicator (.zip)
Download Pivot Line Indicator Version 1.0
Installation:
1. Download and Unzip the Ex4 file
2. Copy the UF_Pivot_Lines.ex4 into your Metatrader indicators directory (Mt4 -> experts ->indicators)
3. Start your Mt4, Open the chart window, apply the indicator from ‘Insert’ menu (Insert -> indicators -> custom -> UF_Pivot_Lines)
4. that’s all.
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