FiboPivot V2 Indicator

The FiboPivot V2 indicator is a free MT4 and MT5 tool designed to help intraday and swing traders identify key price levels and breakout zones. By combining pivot points with Fibonacci extension channels, it provides a clear framework for determining entry and exit points in trending or ranging markets.

This indicator is particularly useful for price action traders who want to anticipate market reversals and target potential profit zones. It works seamlessly alongside other indicators like moving averages, RSI, and stochastics, making it a versatile tool for multiple trading strategies.

How FiboPivot V2 Works

The indicator is designed for simplicity and efficiency. It plots:

Pivot Points: Key market levels for identifying possible breakout zones.

Fibonacci Extension Channels: Three retracement levels (38%, 50%, 62%) above and below the pivot point to predict potential price targets.

Traders can use these levels to plan their buy or sell orders, set stop losses, and determine take-profit levels with a clear risk-reward strategy.

Trading Strategy with FiboPivot V2

Buy Orders (Bullish Breakout)

Wait for the price to close above the pivot level.

Place a buy order once the breakout is confirmed.

Set a stop loss below the recent market low.

Target higher Fibonacci extension levels (38%, 50%, 62%) as potential take-profit zones.

Sell Orders (Bearish Breakout)

Wait for the price to close below the pivot level.

Place a sell order once the bearish breakout is confirmed.

Set a stop loss above the recent market high.

Target lower Fibonacci extension levels as exit points.

For both buy and sell trades, it is recommended to aim for a profit of at least 2R compared to the planned risk.

FiboPivot V2 Settings

The indicator comes with default settings and does not allow users to modify parameters, ensuring consistent calculations.

Support/Resistance 1: 38% Fibonacci retracement

Support/Resistance 2: 50% Fibonacci retracement

Support/Resistance 3: 62% Fibonacci retracement

For accurate performance:

Enable “Allow DLL Imports” during installation.

Choose your preferred timeframe, from 1-minute charts to monthly charts.

Advantages of Using FiboPivot V2

Clear Breakout Signals: Identifies potential market reversals and breakout zones.

Predefined Risk-Reward Levels: Uses Fibonacci extensions to determine targets.

Beginner-Friendly: Simple rules make it easy for new traders to follow.

Versatile for MT4 and MT5: Works on multiple platforms and assets.

Free to Download: Provides professional-grade trading tools at no cost.

Conclusion

The FiboPivot V2 indicator is an excellent tool for breakout trading on MT4 and MT5 platforms. Its combination of pivot points and Fibonacci extension channels provides a structured method for entering trades, setting stop losses, and targeting profits.

Intraday and swing traders alike can benefit from its simple application and easy-to-follow rules. Since it is free to download, we recommend all traders try the FiboPivot V2 indicator to enhance their breakout trading strategies.

Visit IndicatorForest.com to download FiboPivot V2 and improve your MT4/MT5 trading setup today.