Fibonacci Pivot Lines Metatrader 4 Forex Indicator
The Fibonacci Pivot Lines forex indicator for MT4 calculates and draws the Fibonacci pivot point along with the accompanying support (FS1, FS2, FS3) and resistance (FR1, FR2, FR3) levels on the trading chart.
The overall trend is considered bullish when the price bar is positioned above the Fibonacci pivot point.
Conversely, the overall trend is considered bearish when the price bar is positioned below the Fibonacci pivot point.
In an uptrend, look to take profits at the Fibonacci resistance levels (green dotted styled lines).
In a downtrend, look to take profits at the Fibonacci support levels (red dotted styled lines).
The indicator can be used as a standalone or together with other technical analysis indicators and price action methods.
Use it for scalping, day trading and swing trading forex pairs.
The EUR/USD 15-Minute chart below displays the Fibonacci Pivot Lines Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Fibonacci Pivot Lines MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Go long when the price bar closes above the pivot point from below. Place a protective stop-loss below the most recent swing low price.
Sell Signal: Go short when the price bar closes below the pivot point from above. Place a protective stop-loss above the most recent swing high price.
Trade Exit :
For buy trades, take profit at the resistance levels FR1, FR2 and FR3 or use your own method of trade exit.
For sell trades, take profit at the support levels FS1, FS2 and FS3 or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (GMT shift) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: fibonacci | pivot point
Copy and paste the fibonacci-pivot-lines.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)