FiboPiv V2 Forex Indicator

The FiboPiv V2 Indicator represents a unique combination of Fibonacci extensions and pivot points for price action traders.

This free  MetaTrader 4 indicator has been specially developed to guide the intraday traders through the key price level. We’ll use its pivot point for determining the possible price breakout zone. Besides, its Fibonacci expansion channel helps us to forecast the potential target level of the price.

Furthermore, this MT4 breakout trading tool suits both trend-following and swinging trading strategies. Indicators like moving averages, stochastics, and RSI are a good match for FiboPiv V2.

How to trade using the FiboPiv V2 MetaTrader 4 Indicator

FiboPiv V2 makes trading quite simple. It only requires following a few simple rules for operating this easy MT4 trading indicator.

For buy orders, wait until the price breaks above the pivot levels. Execute a buy order whenever a price candle closes above the market pivots. Also, set the stop-loss level below the current market low.

You’ll find three Fibo levels above and below the pivot line. These Fibonacci extension levels show the possible target levels of the price. So, when you’re on a buy order target the higher Fibo channel as the take profit levels.

This indicator plots the Fibonacci expansion channel based on 38%, 50%, and 62% price retracement levels. Target the higher Fibo extensions for earning a better profit margin compared to the budgeted risks.

The price breaks below the pivot level signals for a bearish breakout. In such a case, we’ll open a sell order below the pivot area. Besides, we’ll place the SL above the recent market high.

When you’re on a sell order, hold your entry until the price hits the Fibonacci channel area. Exit the sell order whenever the price refuses to break below the Fibo supports.

Please note that you should target at least a 2R profit compared to your budgeted risk while trading with FiboPiv.

FiboPiv V2 Indicator MetaTrader Settings

FiboPiv V2 doesn’t allow any modification by the users. All its parameters are set by default and fixed.

Click on ‘Allow DLL Import’ when you’re setting this Fibonacci pivot indicator on your MT4 platform for the first time. It’ll help this indicator to make accurate calculations of the market pivots.

Also, you can modify its visualization based on your favorite timeframes from 1-minute to monthly charts.

Its Fibonacci extension levels are set as follows:

1. Support/Resistance 1 = 38% fibonacci retracement level
2. Support/Resistance 2 = 50% fibonacci retracement level
3. Support/Resistance 3 = 62% fibonacci retracement level

Conclusion

According to our observation, FiboPiv V2 offers the best breakout trading tool for MT4 platforms. Besides, its easy application and simple rules of trading offer an extra advantage for beginners.