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Add Pivots to Your Chart in 3 Easy Steps

Add Pivots to Your Chart in 3 Easy Steps

2014-07-23 19:00:00
Walker England, Forex Trading Instructor
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Talking Points

  • Select “Add Indicator” Using Menu Options
  • Find Camarilla Pivots Under Support / Resistance
  • Set Indicator Parameters, and Click OK

Camarilla pivots are usefull tools for identifying market reversals and potential breakout opportunities for Forex scalpers. However before you can begin using pivots in your trading you will need to know how to add them to your charts. Today we will review how to add camarilla pivots, using FXCMs Marketscope 2.0 Charting software.

Let’s get started!

Learn Forex – AUDNZD Breakout

Add Pivots to Your Chart in 3 Easy Steps

(Created using FXCM’s Marketscope 2.0 charts)

Step 1: Add an Indicator

After opening Marketscope 2.0, it is time to initiate the first steps to adding camarilla pivots to your chose chart. The process can begin by first selecting the “add indicator” symbol at the top of the chart tool bar. Or you can choose “add indicator” from the drop down menu under the insert tab. Once selected, you can move on to step number 2.

  • Open Marketscope 2.0
  • Select the “Add Indicator” Symbol
  • Or Use The “Insert” Menu Option

Learn Forex – Add Indicators

Add Pivots to Your Chart in 3 Easy Steps

(Created using FXCM’s Marketscope 2.0 charts)

Step 2: Select Pivots

Once you have opted to add an indicator, it will be time to pick what you wish to apply to the charts. If you are looking to use the camarilla pivots, as mentioned in the FX Reversals article and webinar series, you will need to find “Pivots” listed under the support and resistance heading. Remember if you are having difficulties finding “Pivots,” use the search menu at the top of the popup screen. Once found all it takes is a click of the “ok” button and you will be one step closer to setting up your indicator.

  • Select Pivots Under Support / Resistance
  • Use The Search Bar to Filter Results
  • Click “OK”

Learn Forex – Select Pivots

Add Pivots to Your Chart in 3 Easy Steps

Step 3: Select Parameters

The last step to adding your indicator is deciding which indicator parameters to use. This menu pictured will pop up after the completion of step 2, and you can then decide which settings you prefer. Because there are many options for pivot trading, first you will need to select Camarilla from the “Calculation Mode” drop down menu. Next, you will need to select the “Time frame for pivot.” Using a D1 or daily setting, this will provide a new set of pivot points for you every trading day at 5pm ET. Now you can click “OK” and your camarilla pivots will be added to your graph.

  • Select Camarilla From Dropdown Menu
  • Check the Time Frame Parameter
  • Click “OK”

Learn Forex – Indicator Properties

Add Pivots to Your Chart in 3 Easy Steps

Now that you are familiar with adding camarilla pivots to your charts, continue learning how these support & resistance lines can be worked into an active trading strategy. To catch up on all of the action see the previously released articles on the topic linked below.

Trading Intraday Market Reversals with Camarilla Pivots

Trading Breakouts with Pivot Points

---Written by Walker England, Trading Instructor

To contact Walker, email instructor@dailyfx.com. Follow me on Twitter @WEnglandFX.

To be added to Walker’s e-mail distribution list, which includes articles on additional pivot analysis, CLICK HERE and enter in your email information.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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