The Fibo Pivot Candle Bar buy/sell alert Forex indicator for Metatrader 5 is composed of several technical indicators and price action methods.
To be more precisely, it consists of Fibonacci, MACD, pivot point, moving averages and zigzag.
The indicator analyses any price chart and gives buy and sell trade recommendations using an arrows based alert system.
Three types of alerts:
The indicator works for any trade instrument that can be loaded on the MT5 chart.
The indicator contains the following inputs and parameters: activate alert, send email alert, send notification, font colors, style.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the Fibo Pivot Candle Bar indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Fibo Pivot Candle Bar Forex Indicator?
Find a simple trading example below:
- A yellow colored buy alert that appears in the lower right corner of the chart is a buy signal.
- Open a buy order and place your stop loss below technical support.
- Close the buy trade for a reward/risk ratio of at least 1.5, or wait for a sell signal.
- A red colored sell alert that appears in the lower right corner of the chart is a sell signal.
- Open a sell order and place your stop loss above technical resistance.
- Close the sell trade for a reward/risk ratio of at least 1.5, or wait for a buy signal.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the FiboPivotCandleBarMT5.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration