How to Calculate Week Numbers in MT4

Using weekly pivot points on MT4 can help you to make intelligent trading decisions.

MT4, or Metatrader 4, is a popular trading platform used primarily for trading Forex and sometimes futures. The weekly numbers are the pivot points for the week, which are support and resistance areas that traders use in order to make trading decisions from. You should use these areas to buy when the price of the market is hitting support and sell when the price is hitting resistance.

Things You'll Need

• Metatrader 4 software
• Pivot point indicators

Instructions

1. Sign up for a free account with a Forex broker that uses Metatrader 4 as their trading platform. A few that you can consider using include AAAFX, Alpari UK and 4XPlace.

2. Download the Metatrader software to your computer and install it. Once the installation is complete, restart your computer.

3. Go to AboutCurrency (see resource links) and register for their free indicator package download. You will need to enter your first name and email address. Once you have submitted this log in to your email account and confirm your registration. Wait a few minutes and you will receive an indicator package. Download this to your desktop.

4. Double click on the folder indicators folder and find the "Pivot All Levels" folder. Double click on it and use the "CTRL+C" command to copy the file.

5. Double click on "Computer" on your computer's desktop. Go to "Program Files."

6. Find the Metatrader program folder. It will have the broker's name attached to it. So if your broker is AAAFX it will say AAAFX Metatrader.

7. Click on the folder and scroll down until you find the "Experts" folder. Click on it and find the "Indicators" folder. Paste the indicator here using the "CTRL + V" command.

8. Go to your start up menu and launch the Metatrader icon and click on it. This will launch the application.

9. Click "File" and "New Chart" and select the Forex pair that you wish to trade.

10. Click on "Insert" then "Indicators" then "Custom" and find the "Pivot All Levels" indicator and select it.

11. On the tool bar at the top click on the "W1" button. This will give you a weekly shot of the screen. The pivots will appear as broken dotted lines on your screen. These are support and resistance areas, which can help you to make high probability trades.

References

• ForexIndicators: How to Install MT4 Indicators

Resources

• AboutCurrency: Forex Indicator Downloads
• AAAFX: Forex Simulator
• FXCM: Forex Broker and Simulator
• 4XP: Forex Broker