The C Fibonacci Level Metatrader 4 indicator is a technical indicator that defines key levels of support and resistance on the trading chart.
The main idea behind this indicator is to:
- Buy or go long near a Fibonacci support level when the market’s trend is bullish.
- Sell or go short near a Fibonacci resistance level when the market’s trend is bearish.
The C Fibo Level MT4 indicator is a predictive technical indicator considering that it tries to forecast future market prices.
- In order to fully understand how the market works and also derive the appropriate trading insight, pay more attention to the horizontal lines drawn by the C Fibonacci Level indicator above or below the referenced market price.
- When price drives towards any of the support levels, it’s likely that a bullish reversal will continue in the direction of the predominant trend. While price surging towards the indicator’s resistance levels increases the odds of a bearish reversal in the direction of the main trend.
- The indicator rightly fits all kinds of time frames and currency pairs on the MT4 platform.
Feel free to explore the cFibo Level indicator’s different parameters and settings to create your own personalized indicator setup.
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cFibo Level Forex Indicator Chart (GBP/NZD M30 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The cFibo Level MT4 Indicator
Buy Signal: Go long when price bounces up off the cFibo Level indicator support line. Bullish trend confirmation from the Stochastic Oscillator is evident when its lines (light sea green & red) break above the 50.00 level and the MACD indicator also prints silver histograms above the 0.00 horizontal level.
Sell Signal: Go short when price bounces down off the cFibo Level indicator resistance line. Bearish trend confirmation from the Stochastic Oscillator is evident when its lines (light sea green & red) break below the 50.00 level and the MACD indicator also prints silver histograms below the 0.00 horizontal level.
Exit buy trade: Close all buy orders if while a bullish trend is on course, the light sea green line of the Stochastic Oscillator dips below the 50.00 level. Else, the MACD indicator prints a silver histogram below the 0.00 signal level.
Exit sell trade: Close all sell orders if while a bearish trend is running, the light sea green line of the Stochastic Oscillator surges above the 50.00 level. Else, the MACD indicator prints a silver histogram above the 0.00 signal level.
Tips: Considering the sheer number of currency traders that use the Fibonacci indicator, trading levels offered by the cFibo Level indicator are self-fulfilling support and resistance levels.
Therefore, feel free to design a personalized trading system around the cFibo Level indicator.
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More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Trend, stop loss
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.