FiboPivot V2 Indicator
FiboPivot is the best MT5 indicator for forex intraday and intraday traders looking for key breakout levels and target levels on the chart. It uses automatic Fibonacci extensions and pivot points to highlight price event areas.
Description
The FiboPivot V2 indicator is a unique combination of Fibonacci extensions and pivot points for price action traders.
This free MetaTrader 4 indicator has been specifically designed to guide intraday traders through a key price level. We will use its pivot point to identify a possible price breakout zone. In addition, its Fibonacci extension channel helps predict potential price targets.
Moreover, this MT5 breakout trading tool is suitable for both trend following and swing trading strategies. Indicators such as moving averages, stochastics and RSI are well suited for FiboPivot V2.
How to trade with the FiboPivot V2 indicator for MetaTrader 4
FiboPivot V2 makes trading quite easy. This simple MT5 trading indicator only requires you to follow a few simple rules.
For buy orders, wait until the price breaks the pivot levels. Execute a buy order whenever the price candle closes above the market reversal. Also set your stop loss below the current market low.
You will find three Fibonacci levels above and below the baseline. These Fibonacci extension levels show possible price targets. So, when you are in a buy order, target the higher Fibonacci channel as your take profit levels.
This indicator plots a Fibonacci extension channel based on the 38%, 50% and 62% price retracement levels. Target higher Fibonacci extensions for greater returns than planned risks.
A price break below the pivot level signals a bearish breakout. In this case, we will open a sell order below the pivot area. In addition, we will place a stop loss above the recent market high.
When you are in a sell order, hold the entry until the price hits the Fibonacci channel area. Exit the sell order whenever the price refuses to break below the Fibonacci support.
Please note that when trading with FiboPivot, you must aim for a profit of at least 2R compared to the planned risk.
Settings of the FiboPivot V2 indicator for MetaTrader
FiboPivot V2 does not allow users to make any changes. All its parameters are set by default and fixed.
Click “Allow DLL Imports” when you first install this Fibonacci Reversal Indicator on your MT5 platform. This will help this indicator accurately calculate market reversals.
Also, you can change its visualization based on your favorite timeframes from 1-minute to monthly charts.
It’s Fibonacci extension levels are set as follows:
- Support/Resistance 1 = 38% fibonacci retracement level
- Support/Resistance 2 = 50% fibonacci retracement level
- Support/Resistance 3 = 62% fibonacci retracement level
Conclusion
According to our observations, FiboPivot V2 offers the best breakout trading tool for MT5 platforms. In addition, its simple application and simple trading rules give beginners an added advantage.
Since this MT5 tool is free to download, we recommend intraday traders to try it out for profitable breakout trading.