Introduction
Pivot SR is an indicator designed to identify pivot, support, and resistance levels on your chosen timeframe. It draws these levels on your chart, providing a visual guide for potential price reversals and reactions. With options to customize the timeframe, display settings, and line aesthetics, Pivot SR aims to be a versatile tool for both novice and experienced traders. But does it live up to the hype? Let's dive in.Description of Features
Pivot SR calculates pivot points based on historical price data, using formulas that consider the high, low, and close prices of previous periods. It can display pivot levels for the last candle, every candle, or the current candle. These levels can serve as reference points for setting take profit, stop loss, and entry points, making it a comprehensive tool for technical analysis. The indicator also allows customization of labels, line thickness, and line color, adding a layer of personalization to your trading charts.Performance Analysis
Over the past year, Pivot SR has garnered a perfect rating of 5.0, which is quite impressive. User Tim Eubanks describes it as very useful and flexible, highlighting its adaptability in various trading scenarios. However, it's worth noting that some users have requested more detailed guides for integrating the indicator with MQL4. This suggests that while the indicator is powerful, it could benefit from more comprehensive documentation to make it accessible to a broader audience. The high rating indicates that the indicator delivers on its promises, making it a reliable tool for technical analysis.Pros and Cons
- Pros:
- Customizable timeframe and display settings
- High user satisfaction with a perfect rating of 5.0
- Free to use
- Flexible and adaptable to various trading strategies
- Cons:
- Lack of detailed guides for MQL4 integration
- Limited advanced features compared to competitors
- No multi-timeframe analysis
Source Code of Pivot SR
We don't have access to the original source code of the Pivot SR robot sold on MQL5, but we can create a code based on its description. The example code provided is a simplified version based on the available information. If you have any questions about the code, feel free to ask. Note that the EASY Trading Team does not sell the Pivot SR robot; we only created a code based on its description.
Code:
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