How to use the Pivot Points indicator in Fixed Time Trading on Olymp Trade Platform?

Introduction: 

The Pivot Points indicator is a technical analysis tool that is used to identify potential support and resistance levels in the market. This indicator is especially useful for forex and fixed time traders who are looking to make more informed decisions about when to enter and exit trades. In this blog post, we will explain how to use the Pivot Points indicator in Fixed Time Trading on the Olymp Trade platform.

How the Pivot Points Indicator Works

The Pivot Points indicator calculates potential support and resistance levels using the open, high, low, and close prices of the previous period. These levels are represented by horizontal lines on the chart. The first level is known as the central pivot point, which is calculated by adding the previous period's high, low, and close prices and dividing by three. The second level is known as the first resistance level, which is calculated by adding twice the central pivot point to the previous period's low price. The third level is known as the first support level, which is calculated by subtracting twice the central pivot point from the previous period's high price.

 

The Pivot Points indicator can be used to identify potential trade entry and exit points. For example, if the market price is above the central pivot point, this may be indicative of bullish market conditions where prices are likely to continue to rise. On the other hand, if prices are below the central pivot point, this may be indicative of bearish market conditions where prices are likely to continue to fall.

How to use the Pivot Points Indicator in Fixed Time Trading on Olymp Trade Platform?

Olymp Trade is a online trading platform that offers forex and CFD trading. To use the Pivot Points indicator in Fixed Time Trading on Olymp Trade platform, follow these steps:

1. Go to "Olymp Trade" website and log in to your account

2. On "My Account" page, select "Fixed Time Trade"

3. Choose an asset you want to trade from the drop-down menu   4. Select "5 min" timeframe from Candlesticks tab

5. Right-click on chart and select "Indicators" -> "Popular" -> "Pivot Point"

6. Click "Apply" button

The Pivot Points indicator will now be displayed on your chart. You can use this indicator to help you make more informed decisions about when to enter or exit trades. Remember that past performance does not guarantee future results so it's important to always use proper risk management techniques when trading financial markets.

Conclusion:

In conclusion, The Pivot Points indicator is a technical analysis tool that can be used to identify potential support and resistance levels in forex and fixed time trading . This blog post explained how this indicator works and how it can be used in Fixed Time Trading on Olymp Trade platform . Always remember to use proper risk management techniques when trading financial markets .