The Pivot & Fibonacci Lines indicator for Metatrader 4 draws all pivots and Fibonacci levels on the chart and it can be used for both trade entry and exit.
The indicator is based on price action and does not repaint any of the levels.
Learn more down below how to trade with this indicator.
Key Points
- Shows pivots (mid, weekly, monthly).
- Shows Fibonacci levels.
- Can be used for trade entries & exits.
Free Download
Download the “pivot-lines-indicator.ex4” MT4 indicator
Indicator Example Chart
The EUR/USD 15-minute chart below shows the Pivot & Fibonacci Lines indicator in action.
Basic Trading Signals
Signals from the Pivot & Fibonacci Lines indicator for Metatrader 4 are easy to interpret and goes as follows:
BUY:
- A buy signal is given when the candlestick closes above the pivot point.
- Place a stop loss 2-5 pips below previous support.
- Close the buy trade at the Fibonacci resistance levels, or utilize your own trade profit strategy.
SELL:
- A sell signal is given when the candlestick closes below the pivot point.
- Place a stop loss 2-5 pips above previous resistance.
- Close the sell trade at the Fibonacci support levels, or utilize your own trade profit strategy.
Download This Forex Indicator
Download the “pivot-lines-indicator.ex4” MT4 indicator
Adjustable Parameters & Settings
Show pivots, show week pivots, show month pivots, show fibos, show week fibos, show month fibos, colors, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Supported currency pairs: Any
Trading Platform: Metatrader 4 (MT4)
Time Frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Pivot + Fibonacci
How to install the Pivot & Fibonacci Lines indicator in Metatrader 4?
- Copy and paste the pivot-lines-indicator.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button