To be successful in the financial market, a trader needs to have advanced tools. These tools have been designed to make trading easier and more profitable.
A pivot point alerter is one such tool. When it comes to technical analysis, the pivot point is seen as a more sophisticated instrument than support and resistance levels. It is also easy to use if you understand its basics, as even amateurs utilize pivot points in the market successfully.
This article includes the definition of this tool, the reasons for using it, and a platform that offers pivot points to trade cryptocurrencies.
What Is a Pivot?
This can be defined as a price level that is very crucial to traders, as it helps them know the right moments to take steps in the market. Its role is similar to that of a resistance or support level.
Should a price go beyond this level, it is expected to remain on course. It may take a reverse close to or when it gets to that level.
For example, a trader may set their pivot as the previous peak of a price or its lowest point. If the price goes over this position, the trader will expect it to continue to rise. But if it drops before reaching the point, the trader may make an exit. The trader can set any vital point on the chart as a pivot. This could be a technical level or a daily/weekly/swing highest or lowest point.
A pivot point alerter is a tool used by traders for determining pivot points. It is used in forex, crypto, stocks, bonds, and other securities that have close, high, and low prices within any period.
Types of Pivot Points
Traders who want to use the pivot point in their trades need to understand its various types. There are five main variations:
- Standard: Also known as classical or floor pivot points, standard pivot points are the most widely used.
- Woodie’s: This is a variation of pivot points in which more emphasis is placed on closing prices.
- Camarilla: These pivot points are identical to Woodie’s; however, the difference is that this system utilizes nine price levels.
- Fibonacci: This strategy utilizes Fibonacci studies in deducing the direction of trends and stances of trades.
- Denmark’s: These pivot points are not like others due to their condition’s nature.
Reasons to Use Pivot Points
Traders make use of pivot points, as they offer various advantages, such as:
- Traders get accurate information on the direction of prices.
- Pivot points make it easier for traders to act during trades or generate signals.
- A trader can easily choose between being bullish or bearish and also set targets for possible profits.
Introduction to the Obolon9 Platform
Obolon9 is a software-based trading service that enables users to automate their trades. It provides traders with an advanced trading experience and mitigates risks by running various scenarios with different strategies.
Upon registering on the platform, you will be able to use it for free for the first 30 days. After this, you will have the option of either using any of the available scripts or creating your own.
If these features aren’t convincing enough, you will be happy to know that you can create a fully functioning scenario during your free trial. However, this will only be active for two weeks. We believe you will get a clear idea of what the platform has to offer within this period.
Monthly and annual subscriptions are available at GBP 9.99 and GBP 99.90, respectively. You may opt for the monthly option if you are interested in a short-term service or want to have a complete feel of the platform. The annual subscription is more suitable for serious traders and new traders looking for long-term service. It will save you some money too.
How Obolon9 Can Help You Create a Pivot Point Alerter
The great thing about Obolon9 is that it works with price points deemed to be vital by traders. When prices reach these points, traders are then able to decide what works best for them.
With Obolon9, traders no longer have to keep tabs on price points. Instead, they receive timely updates from the software in their inboxes or smartphones.
Discover Your New Pivot Point Alerter with Obolon9
By following these simple steps, you can create your Pivot Point Alerter with Obolon9:
- Give a name to the scenario.
- Select the strategy for trading – Pivot Points alert.
- Choose your desired trading platform and the pair on which you will be trading.
- Configure the parameters for the script you have selected.
- Set the time interval of work (in minutes).
- Choose your desired type of Pivot Points indicator.
- Click on Save and Start.
We can agree that the pivot point alerter is an essential tool in trading by making it much more effective and efficient. Pivot points are chart positions on which prices may change course and result in support and resistance levels.
Pivot point alarms notify traders of these events and in doing so help them stay on top of the situation. Obolon9 is a good example of a platform that can provide this service.
As a trader, you only have to define the parameters to indicate the necessary scenario. After the completion of the registration and simple settings, you will receive a pro tool that will assist you in your trading.