What is the use of PivotMagic EA?

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<p id="isPasted">PivotMagic EA is a type of automated trading software, or Expert Advisor (EA), used by traders on the MetaTrader platform. It uses pivot points to automatically identify potential support and resistance levels and execute trades based on a predefined strategy.&nbsp;</p><p><strong>Core function</strong></p><p>PivotMagic EA automates the strategy of trading using pivot points. These key levels are calculated from the previous day's high, low, and closing prices to help predict potential turning points in the market.&nbsp;</p><p><strong>Key uses include: </strong></p><p>Automated trading: The EA is programmed to automatically execute trades, including placing limit orders, based on the calculation of daily pivot points.</p><p>Entry and exit signals: By monitoring price action around pivot levels, the EA identifies potential entry points for bounce or breakout trades.</p><p>Risk management: As part of its automated function, the EA can also manage risk by placing stop-loss and take-profit orders in relation to the pivot levels.</p><p>Intraday analysis: Pivot points are particularly useful for day traders, and the EA is designed to be effective on short time frames.&nbsp;</p><p><strong>How the strategy works</strong></p><p>The EA uses the standard pivot point formula to identify its trading levels:&nbsp;</p><p>Pivot Point (PP): Calculated as (High + Low + Close) / 3.</p><p>Resistance Levels (R1, R2, R3): Indicating potential price ceilings.</p><p>Support Levels (S1, S2, S3): Indicating potential price floors.&nbsp;</p><p>The EA then uses these levels to execute trades by implementing common strategies, such as:&nbsp;</p><p>Pivot point bounce: Buying or selling when the price tests and reverses from a support or resistance level.</p><p>Pivot point breakout: Entering a trade when the price moves past a support or resistance level, indicating a potential continuation of the trend.&nbsp;</p>