The free FiboPiv Daily DK indicator for mt4 (Metatrader 4) is another version of the popular price action daily pivot + Fibonacci levels indicator.
The indicator appears in the main MT4 chart window and properly displays all trading levels.
The following price levels will be displayed on the chart:
- Pivot Point (red horizontal line)
- All Fibonacci retracement and extension levels
A classic buy and sell trade example when trading with pivot points:
- A buy signal occurs as soon as the price closes above the pivot point (bullish).
- A sell signal occurs as soon as the price closes below the pivot point (bearish).
- Take profit at the Fibonacci support (sell trade) and resistance levels (buy trade).
The FiboPiv Daily DK indicator can be used for both entry and exit signals or to confirm buy & sell trade setups issued by your favorite trading systems or strategies.
The indicator works equally well on all assets (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..) and shows promising results if used correctly.
Free Download
Download the “FiboPiv_Daily_DK.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The example chart below displays the FiboPiv Daily DK mt4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the FiboPiv Daily DK Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Fibonacci + Pivots
Does it repaint? No.
MT4 Day Trading Strategy: FiboPiv Daily DK & 2 Moving Average Arrow
This day trading strategy combines the FiboPiv Daily DK Indicator MT4 and the 2 Moving Average Arrow Indicator MT4 to provide clear entry and exit signals for intraday trading.
The FiboPiv Daily DK indicator uses pivot points with Fibonacci levels to identify potential reversals and target zones.
The 2 Moving Average Arrow Indicator adds confirmation with blue arrows for buy signals and magenta arrows for sell signals.
This combination is ideal for day trading on 15-minute, 30-minute, or 1-hour charts.
Buy Entry Rules
- Price closes above the daily pivot point on the FiboPiv Daily DK indicator, indicating bullish sentiment.
- Confirm with a blue arrow from the 2 Moving Average Arrow Indicator.
- Enter a buy position at the market open of the next candle.
- Set stop loss just below the pivot point or recent swing low.
- Take profit at the nearest Fibonacci resistance level provided by the FiboPiv indicator.
Sell Entry Rules
- Price closes below the daily pivot point on the FiboPiv Daily DK indicator, indicating bearish sentiment.
- Confirm with a magenta arrow from the 2 Moving Average Arrow Indicator.
- Enter a sell position at the market open of the next candle.
- Set stop loss just above the pivot point or recent swing high.
- Take profit at the nearest Fibonacci support level provided by the FiboPiv indicator.
Advantages
- Combines pivot point levels with Fibonacci targets for precise trade entries and exits.
- Additional arrow confirmation improves trade accuracy and reduces false signals.
- Suitable for day trading with intraday timeframes, helping traders capture multiple trades per day.
- Clear visual signals make it beginner-friendly while remaining useful for advanced traders.
Drawbacks
- Requires monitoring during market hours to act on intraday signals quickly.
- Not suitable for very short-term scalping due to reliance on daily pivot levels.
Example Case Studies
Case Study 1: EUR/JPY 30-Minute Chart
On the EUR/JPY 30-minute chart, the price closed above the daily pivot point, and a blue arrow appeared on the 2 Moving Average Arrow Indicator.
A buy position was entered at the next candle, with a stop loss below the pivot point.
The price moved upward and reached the first Fibonacci resistance level, achieving a profit of approximately 35 pips.
This trade demonstrates the effectiveness of combining pivot points with moving average confirmation for day trading.
Case Study 2: USD/CAD 1-Hour Chart
On the USD/CAD 1-hour chart, the price closed below the daily pivot point, and a magenta arrow appeared, signaling a sell trade.
A position was opened at the next candle with a stop loss above the pivot point.
The price declined to the first Fibonacci support level, generating a profit of around 42 pips.
This case shows how using both pivot points and moving average arrows can provide reliable intraday trading signals.
Strategy Tips
- Focus on high liquidity currency pairs to ensure smooth price movement and accurate signals.
- Use this strategy during active market hours to capture strong intraday trends.
- Combine with basic risk management rules, keeping risk per trade below 2% of the account balance.
- Consider additional confirmation, such as candlestick patterns, for higher probability entries.
- Track multiple Fibonacci levels to scale out profits or adjust take profit targets dynamically.
Download Now
Download the “FiboPiv_Daily_DK.mq4” indicator for Metatrader 4
