Pivot Fibo Colors

Pivot Fibo Colors v2 is a technical indicator designed to provide a clear and structured visualization of Fibonacci levels combined with daily price zones, helping traders identify reversal points, supports, and resistances based on the market’s opening time.

Ideal for traders who seek simplicity and precision in chart reading, the indicator colors the candles directly on the chart, showing daily reference zones (retracements, sideways movement, or trend continuation), allowing for an objective analysis of intraday price behavior.

🧭 Overview

From the configured opening time, Pivot Fibo Colors v2 calculates and paints the following colors on the chart:

• Red – bearish market (selling pressure)

• Green – bullish market (buying pressure)

• Yellow – economic calendar event(s)

• Gray – neutrality or sideways market

• Magenta – high volatility

⚙️ Main Features

• 📆 Automatic daily calculation: levels are adjusted according to the start of each new trading day.

• 📈 News integration: synchronized with the MetaTrader economic calendar.

• 🎯 Clear visual interpretation: each market condition is highlighted with distinct colors and labels.

• 🔧 Easy setup: configure start time, deviation type, and range size according to your strategy.

• ⚡ Light and optimized: runs efficiently on multiple charts without performance impact.

📊 How to Use

1. Set the start time (hour and minute for the daily calculation).

2. Select the deviation type — by points or percentage (%).

3. Adjust the upper and lower deviation sizes according to your trading plan.

4. Choose the Fibonacci level used as the reference for calculations.

5. Observe the colored candles on the chart:

   • Upper zones indicate potential resistance areas.

   • Lower zones suggest support levels and possible reversal points.

Combine this indicator with your favorite setup (price action, moving averages, volume, etc.) to confirm entries and exits more precisely.

💡 Suggested Usage

• Combine with volume indicators to validate breakouts.

• Use alongside price action strategies to identify confluence zones.

• Adjust Fibonacci levels and deviations according to the asset’s volatility.

• Perfect for Day Trading and Scalping strategies.

📌 Main Parameters

🧩 Benefits for Traders

• Clear identification of trade zones.

• Improved decision-making with well-defined technical levels.

• Automatic adaptation to daily market behavior.

• Excellent tool for traders seeking discipline and consistency in their analysis.

📍 Compatible with: MetaTrader 5
📍 Recommended Timeframes: M5, M10, M15, M30
📍 Markets: Indices, Currencies, Commodities, and Stocks