CPR Indicator
CPR(Central Pivot Range) is the best price-level analysis indicator for forex & stocks trading in MT4. Suits both breakout & trend trading strategies in MTF charts
CATEGORIES: MT4, SIGNAL, LEVELS, INFORMATIONAL
Updated on: 21.12.2023
The CPR (Central Pivot Range) is an advanced Pivot indicator that provides technical support for daily price-level analysis.
Using Pivot points for determining short-term support/resistance levels is a widely popular strategy among forex and stocks day traders. It outlines crucial event areas of the market where the price decides its next movement direction.
Technically, CPR works in a similar fashion to the original pivot points indicator. But it brings a new idea of identifying the critical price levels by using top, bottom, and central pivot points on the chart. Moreover, it also demonstrates a series of S/R lines based on daily, weekly, and monthly price actions.
However, like most pivot indicators, CPR doesn’t generate straight buy/sell signals. It only outlines the potential areas where you might encounter interesting changes in supply/demand of an asset and convert them into trading opportunities. Therefore, a basic understanding of candlestick patterns might help you anticipating highly probable trade signals at key price levels.
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