The FiboPiv V2 Indicator combines Fibonacci extensions and pivot points, providing a powerful tool for Price Action and breakout traders. Designed for MetaTrader 4, this free indicator guides intraday traders through key price levels, helping identify potential breakout zones and forecast target prices.
How FiboPiv V2 Works
FiboPiv V2 uses pivot points to highlight possible price breakout zones. Its Fibonacci expansion channel indicates potential price targets, making it suitable for both trend-following and swing trading strategies. It pairs well with other technical tools such as moving averages, stochastics, and RSI.
How to Trade with FiboPiv V2
Trading with FiboPiv V2 is straightforward:
Buy Orders:
Wait for the price to break above the pivot level.
Enter a buy trade once a candle closes above the pivot.
Set stop-loss below the recent market low.
Target the higher Fibonacci extension levels (38%, 50%, 62%) as take-profit points.
Sell Orders:
A price break below the pivot level signals a bearish breakout.
Open a sell trade below the pivot and set stop-loss above the recent high.
Hold the position until the price reaches the Fibonacci support levels.
Aim for a minimum 2R profit relative to your risk for optimal trade management.
FiboPiv V2 Settings
User modifications: Parameters are fixed for accurate pivot calculations.
DLL Import: Enable “Allow DLL Import” when first applying the indicator on MT4.
Timeframes: Compatible with all timeframes, from 1-minute to monthly charts.
Fibonacci Levels:
Support/Resistance 1 = 38%
Support/Resistance 2 = 50%
Support/Resistance 3 = 62%
Conclusion
The FiboPiv V2 MT4 Indicator is an excellent tool for breakout trading. Its simple rules and clear signals make it ideal for beginners while still providing value for experienced traders. Since it’s free to download, intraday traders are encouraged to integrate it into their trading setups for better breakout strategies.
