Automatically calculates pivot levels the Fibonacci pivot lines indicator MT4. Based on Fibonacci levels 0.38, 0.62 and 0.99, the indicator plots support and resistance levels. This indicator is different from other pivot line indicator versions. The indicator uses the powerful Fibonacci calculation and the pivots to plot the support and resistance lines.
This indicator can be used by forex traders to determine the bullish or bearish conditions in the market and then buy/sell accordingly. This indicator can be used by both novice and experienced forex traders. The support and resistance lines can be easily identified by new traders and used to calculate stop loss or profit targets. Forex traders with advanced skills can trade using the support and resistance levels, and also use other technical indicators.
Based on daily price charts, the indicator calculates pivot lines as well as support and resistance lines. The support and resistance lines are still visible on the shorter time frames charts. Pivot levels work best for the day since they are recalculated every day at the start of the day. For all intraday price charts, support and resistance are the best.
Fibonacci Pivot Lines Indicator For MT4 Trade Setup
Automatically, the indicator calculates and plots Majenta’s pivot line. The indicator also plots the three resistance lines as FR1, F2, and F3 in Green. The indicator also plots three support lines, FS1, FS2, FS3 and FS3 respectively.
A bullish market situation is indicated if the price rises above the pivot point. If the price rises above the pivot level, or first resistance line, then traders can enter a buy order. To secure the trade, a stop loss lower than the pivot level and a profit target at next resistance levels are effective.
If the price falls below the pivot, we will be in a bearish environment. Forex traders need to wait until the price drops below FS1 before entering the market. It is a good idea to set the stop loss or take profit levels close to pivot levels, as they act as support and resistance.
Fibonacci pivot lines indicators for MT4 are a new method to determine support and resistance levels starting at the pivot point. Although the Fibonacci-Pivots combination sounds exciting, forex traders need to use price action in order confirm price reversals at support or resistance levels. The indicator can be downloaded and installed for free.