Auto Day Fibonacci Price Levels Forex Indicator For MT4
The auto day Fibonacci price levels Forex indicator works great to find the best market entry price levels in less than one second.
The high and low Fibonacci price levels can be changed by editing the days back for high and low inputs parameters.
I prefer to leave it to value “1” by default.
Please note that this is a no-lag price action indicator.
Pay attention to the 38.2% Fibonacci retracement level.
- In an uptrending market, go long around the 38.2% retracement level.
- In a downtrending market, go short around the 38.2% retracement level.
Of course, you can combine Fibonacci retrecement levels with your existing system or strategy.
Some of the feedback we’ve received from Forex traders reveal that their winning rate increased by at least 40% by adopting the Fibonacci retracement indicator for market entry.
Feel free to explore the indicator’s different parameters and settings to create your personalized indicator setup.
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Auto Day Fibonacci Price Levels Forex Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference. Works for scalping, day trading and swing trading.
Finding Buy and Sell Triggers With The Auto Day Fibonacci Price Levels Forex MT4 Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Initiate a new buy order when the trend is upward and price touches the 38.2% Fibonacci retracement level. This is the signal to go long.
Place a protective stop loss slightly below the 50% Fibonacci retracement level, or use your own stop loss placement strategy.
Close the buy trade for a reward/risk ratio of 1.5 or higher.
Alternatively, go for a fixed take profit target, for example, 30 pips on the 1-minute scalping trading chart.
Sell Trigger: Initiate a new sell order when the trend is downward and price touches the 38.2% Fibonacci retracement level. This is the signal to go short.
Place a protective stop loss slightly above the 50% Fibonacci retracement level, or use your own stop loss placement strategy.
Close the sell trade for a reward/risk ratio of 1.5 or higher.
Alternatively, go for a fixed take profit target, for example, 100 pips on the 4-hour swing trading chart.
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Days back for high, days back for low, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI, Parabolic SAR,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Fibonacci levels
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.