Introduction

The Monthly pivots indicator calculates and displays monthly pivot levels on MT4 charts. The indicator allows the trader to adjust the calculation window so that the pivots can be synchronised with the market the trader is active within. So traders looking to trade the London open or the US open can adjust the calculation basis of the pivot system so that the pivots on their chart are the same as the majority of the market participants.

All the FX AlgoTrader pivot systems use HOURLY data for their pivot calculations... this means you can tune your pivot calculation window by the hour!!... It also means you can generate hyper accurate pivot levels which will be virtually pip perfect with published levels from leading authorities such as Mataf.

Indicator Parameters:

• Shift for Calculation Start Time: Values in integers representing hours - can be positive or negative - positive values retard the calculation basis
• Shift for Calculation End Time: Values in integers representing hours - can be positive or negative - positive values retard the calculation basis
• Enable alert on MR3-MS3 (13 levels) : if set to 'true' the system will monitor price action and alert the trader if it comes within the specified range of the active pivot level as defined by the Pivot Trigger Threshold parameter
• Pivot Trigger Threshold: Defines the active alert trigger channel around any pivot levels which are alert enabled - the value is an integer in pips.
• Send Email alerts: If set to 'true' the system will send email alerts to the designated
• alert Sound: Allows the trader to select any wav file held in the MT4 sounds folder
• Max number of alerts: Sets the maximum number of permitted alerts within the current alert cycle
• Show Intermediate 'M' Levels: If set to 'true' displays the M levels
• MR3-MS3 Colour: Set the colour for each pivot level.
• Line Style: Sets the line style for the pivot levels - options are Solid, Dash, Dot etc
• Ray: If set to 'true' extends the pivot levels 'into the future'
• Pivot Label Shift (periods): Allows the trader to shift the pivot level by X period left or right - can be positive or negative values
• M1-MN1 Line Lengths: Allows the trader to specify the line lengths for each chart timeframe
• Show Pivot Calculation Data Window: If set to 'true' the calculation data window will be shown on the chart
• Calculation Data X Position: sets the x coordinates for the calc data
• Calculation Data Y Position: sets the y coordinates for the calc data
• Calculation Data Colour: sets the colour for the calc data
• Calc Data Font Size: Sets the calc data font size
• Vis_M1_Chart-Vis_MN1_Chart: Allows the trader to define whether the pivots are displayed on specific chart timeframes
• Show Calculation Points: If set to 'true' the calculation window start and end points will be shown with a dot on the chart
• Calculation Point Colour: Defines the color for the calculation point
• Show Previous Month's High/Low: If set to 'true' the previous month's high and low will be displayed
• Previous Month's High/Low Colour: Sets the color for the previous month's high and low
• Last Month's High Text: Sets the text shown on the Last Month's High level
• Last Month's Low Text: Sets the text shown on the Last Month's Low level