Configuring the Dynamic Price Pivots Indicator for MT5

The Dynamic Price Pivots indicator has been designed and developed to help you take advantage of leading price action in several different ways. We call it dynamic because that’s what it is, dynamically signalling changes in sentiment at the live edge of the market using a three candle pattern. If the centre candle has lower highs and lower lows than the candles on either side, then a pivot low is triggered, and conversely, if the centre candle has higher highs and higher lows, the a pivot high is formed. The indicator is triggered on the close of the candle.

The Dynamic Price Pivots indicator, can be used in several different ways, which is why we refer to it as the ‘Swiss Army Knife’ of trading indicators – a simple yet powerful indicator.

First, the indicator can be used to identify changes in market sentiment, as the market ebbs and flows from bullish to bearish and back again. Second, the indicator can be used to identify support and resistance regions as they build in realtime. The pivot highs and the pivot lows define the floor and ceiling of support and resistance dynamically. Finally, the pivots can also be used to define the upper and lower regions of trends, again, as they build dynamically.

The Dynamic Price Pivots indicator is not an entry or exit signal indicator, but one that is used with a variety of others, including volume, to help define the market state in realtime. Are you in a congestion phase which is building, or a trend which is developing. The Dynamic Price Pivots indicator will help to tell frame the market conditions, which you can then confirm with all your other trading indicators.

The Quantum Dynamic Price Pivots indicator works in all timeframes.

Applying the Indicator

Open your MT5 platform and in the main menu, select View > Navigator to open the Navigator window which appears at the left hand side of your workspace.

In the Navigator window, expand the Indicators tree by clicking the “+” symbol. Find the Quantum tree and expand it by clicking the “+” once again to reveal the full list of Quantum Trading indicators.

To start using the indicator, you can click and drag QuantumDynamicPricePivots from the Navigator to a chart or you can also double-click QuantumDynamicPricePivots (which will then be applied to the currently selected chart). Doing either one of these will display the Custom Indicator window where you can configure all the various user settings for your Quantum Dynamic Price Pivots. These options are grouped and can be accessed by selecting the tabs which will be discussed further in the following sections. Once you are done customizing the indicator’s options, click OK to run the indicator.

Common tab

You can find here basic information about the indicator like its name, description, and version number.

Inputs tab

You can configure the indicator by changing its variables listed in this tab. We will discuss further each configurable input of the Quantum Dynamic Price Pivots below.

Colors tab

The Quantum Dynamic Price Pivots uses 2 arrow plots which both appear above and below a candlestick that matches the pattern. You can change the color and width of each plots here by clicking their Color and Width value fields. A drop down menu will appear which allows you to choose a new color or width for each plot.

Visualization tab

The indicator’s visibility can be toggled on or off in different contexts with the options in this tab.

Dependencies tab

Please make sure that the “Allow DLL imports…” option is checked/ticked before running the indicator. This is required by all Quantum indicators to properly communicate with its accompanying DLL file. Alternatively, you can set this option globally by selecting in the main menu, Tools > Options > Expert Advisors tab and checking/ticking the “Allow DLL imports” option.

Configuring the Indicator

Let’s go back to the Inputs tab and explore the ways on how to customize the settings of your Quantum Dynamic Price Pivots indicator.

Account Email

When running the Quantum Dynamic Price Pivots for the first time in your trading account, you need to enter the email you used to register in the Quantum Trading Indicators Enablement System – http://enable.quantumtrading.com/ as part of its verification process. You only need to do this once as the email is stored in the terminal’s global variable cache after it is entered initially. Please make sure that you enter your email correctly and exactly without any extra spaces before and after it. If you made an error, simply fill this field again to update it.

Arrow Offset

You can add space between the arrow plots and the candlestick by increasing value of this setting. By default, this is set to 1.

Alerts

An alert sound triggers and a message box appears when a new signal is detected. You can also see the details of the signal in your Experts tab (located in the Terminal window).

Send Notifications

Turn this option to true (default value is false) to allow the indicator to relay its alerts to your mobile device through push notifications. You can learn more about MT5’s push notification feature in the following links:

  • MT5 IOS Push Notifications Help: https://www.metatrader5.com/en/mobile-trading/iphone/help/push
  • MT5 Android Push Notifications Help: https://www.metatrader5.com/en/mobile-trading/android/help/push

Removing the Indicator from the Chart

Open the chart’s Indicator List window by pressing Ctrl+I. You can also right-click the chart and select Indicator List from the context menu.

Select QuantumDynamicPricePivots and click the Delete button then click the Close button.