One of the most effective ways to trade forex is by identifying strong support and resistance zones. The Daily Range Pivot Levels MT4 indicator is designed to help traders spot these levels automatically. Based on the previous day’s range, it calculates pivot levels, creates buy and sell zones, and provides take profit targets. In this guide, you’ll learn how it works, how to install it, and how to use it in your forex strategy.

Pivot zones showing buy and sell opportunities with TP targets.

What is Daily Range Pivot Levels MT4?

This indicator calculates dynamic support and resistance zones around the opening price, using the previous day’s high-low range. Unlike standard pivot point indicators, it includes Fibonacci levels and customizable multipliers for more accurate trading signals.

Key Features:

  • Calculates 4 buy zones above and 4 sell zones below the opening price.
  • Includes True Fibonacci mode (0.382, 0.618, 1.0, 1.618).
  • Allows custom multipliers for flexible strategies.
  • Built-in alert system when price approaches important levels.
  • Generates take profit targets (TP) for both buy and sell zones.

Why Use Daily Range Pivot Levels in Forex Trading?

Trading support and resistance manually can be time-consuming. This indicator simplifies the process by auto-plotting zones based on proven formulas.

How to Install Daily Range Pivot Levels MT4

Adjust settings (Fibonacci mode, multipliers, alert options) as needed.

Download the MT4 file (.ex4 or .mq4).

Open MT4 → Go to File → Open Data Folder.

Navigate to MQL4 → Indicators and paste the file.

Restart MT4, then attach the indicator to your chart.

Trading Strategies with Daily Range Pivot Levels

1. Breakout Strategy

  • Wait for price to break above the first buy zone or below the first sell zone.
  • Enter in the breakout direction.
  • Use TP levels as profit targets.

2. Reversal Strategy

  • If price approaches a pivot zone with weak volume, expect a reversal.
  • Enter opposite to the breakout and target the mid-range.

3. Scalping with Zones

  • On M5/M15 charts, trade bounces between pivot levels.
  • Keep stop loss tight (just below/above the zone).

Pros and Cons of Daily Range Pivot Levels

✅ Pros:

  • Accurate daily support/resistance mapping.
  • Customizable with Fibonacci and multipliers.
  • Alerts make it trader-friendly.

❌ Cons:

  • Not a complete trading system (best used with confirmation tools like RSI or MACD).
  • Works best on daily-based strategies, not scalping alone.

Resources

Suggestions

Frequently Asked Questions (FAQ)

Q1: What does the Daily Range Pivot Levels MT4 do?
It calculates support and resistance zones based on the previous day’s range and plots buy/sell levels with TP targets.

Q2: Does this indicator use Fibonacci ratios?
Yes, it includes True Fibonacci mode (0.382, 0.618, 1.0, 1.618).

Q3: Can I customize the levels?
Absolutely. You can set your own multipliers to create unique zones.

Q4: Does it send alerts?
Yes, it has a built-in alert system that notifies you when price nears pivot levels.