Pivot line

Maharg
Maharg Posts: 24 ✭
in Beginners Questions
Hi
What is a pivot line please? Is it an indicator? Or a line I identify my self like support/resistance and trend lines?
Thanks very much.
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  • Okane
    Okane Posts: 1,282 admin
    A pivot line is a line based on the average price.
    So depending on how far you look back, there is an average support or resistance.

    As an example, google and download Fibopiv_v2 and insert it on your MT4.
    You will see a few lines but the blue one is based on the average, hence the name fibopiv (piv=pivot).
    Of course you can draw it by hand, I do this every day and basically, any line you place on your chart
    based on many candlestick touches (Support/resistance) can be seen as a pivot of that area!



    Here is an example using Fibopiv_v2. See the blue line it says pivot level and you can see many candlestick touches in that area recently
    prntscr.com/c6ejob
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  • Maharg
    Maharg Posts: 24 ✭
    Thank you Okane!
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