Great news for all BeSight and ForexRefund members! We now have our very first tool of our own called BePivot. This tool helps identify trade entry points by calculating support and resistance levels based on the previous day’s candlesticks. These support and resistance zones update daily, so each new day the system recalculates the zones to keep up with the current market prices.
It will be divided into the following zones:
Resistance 1 = The first resistance level of the day
Resistance 2 = The second resistance level of the day
Resistance 3 = The third resistance level of the day
Open = Today’s opening price
Pivot = The price calculated from support and resistance levels and the previous day’s closing price
Support 1 = The first support level of the day
Support 2 = The second support level of the day
Support 3 = The third support level of the day
BePivot is especially suitable for gold traders because this tool works best with gold charts.
Download and install BePivot
- Download BePivot to your device. Right-click the BePivot file and select Copy. Open the MT5 program and make sure you are logged into a trading account opened through BeSight or ForexRefund only.
- Go to File > Open Data Folder > MQL5 > Indicators.
- Right-click inside the folder and select Paste to add the BePivot file, then close the window.
- Back in MT5, right-click the Navigator panel and click Refresh. The BePivot file will appear.
- Double-click BePivot, check the box for “Allow,” then click OK to start using it.
How to Use the BePivot Indicator
It can be used on the M1 and M5 timeframes since the stop loss (SL) is short and the take profit (TP) is far, allowing for frequent order entries.
Orders can be placed at the Open line or the Pivot line.
When entering orders between the Open and Pivot zones, if the current price breaks above today’s Open line, you can wait for the price to move back and touch the Open or Pivot line before placing an order.
As for the different Resistance and Support zones, they serve as regular trading zones. When the price reaches these support or resistance levels and reverses, we enter an order. Resistance and Support levels are also used as take profit points (TP1, TP2, TP3) when entering orders in the Open and Pivot zones.
The BePivot indicator is a tool that helps identify entry points for trading to profit from the support and resistance levels displayed by the system. These support and resistance levels are significant to market participants, so it can be expected that price will likely reverse when reaching these key levels.
Software Details
Developer: BeSight
Distribution: BeSight
File size: 753KB
Software: MetaTrader 5
Operating System: Windows, Mac OS
Security: Tested and verified
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