"Fibo Pivot" Indicator
Fibonacci Pivot Points are a popular variation of the widely used Pivot Points indicator.
Fibonacci pivots use the Fibonacci ratio as the calculation method for the pivot support/resistance levels and this indicator for MT4 can display these Fibonacci pivot points on the chart. The indicator also allows the trader to control the time zone that will be used for the Fibonacci calculations.
Example of the indicator on the EURUSD 1-hour chart
The advantage of this indicator is that it is simple and easy to see. In the upper left corner, the high, low, and closing prices for the previous day are displayed. You can also change the GMT used to calculate the pivot points. This allows you to calculate pivots in regions that use a different time zone from the local time. For example, by setting this parameter, you can calculate the pivot points for the London open and the pivot points for the New York open.
How to use:
Fibonacci pivot points can be used like the standard pivot points. For example, consider FP1, FP2, and FP3 as potential support bands. If the price rebounds at one of these levels, you can look to initiate bullish positions.
Also, if the price gets below the support belts like FP1, FP2, and FP3, it may be good to place a sell order on that momentum. You can also place stops behind these levels.
- GMTshift - Defines GMT; GMT can be shifted to change the daily chart used for pivot calculation
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Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.