The Channels Fibonacci MTF Metatrader 4 indicator represents a technical tool that shows traders where to place orders for market entry, profit taking and limit order.
The indicator is able to spot critical levels of support and resistance.
Moreover, users can quickly determine probable retracement levels within the activity chart.
The Channels Fibonacci MTF indicator can be deployed on trending and non-trending markets alike.
- Just to get a clearer picture of how the market is fairing, pay more attention to price retracement around the 38.20 Fibonacci channel level for bearish and bullish trends.
- The indicator deploys the “golden ratio” as a means of determining likely entry and exit levels for all timeframes.
- The ability for traders to stick to this numerical based trading strategy i.e. the Fibonacci strategy, will allow them eliminate emotional bias from trading.
Feel free to explore the Channels Fibo MTF Forex indicator’s different parameters and settings to create your own personalized indicator setup.
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Channels Fibo MTF 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 Channels Fibonacci MTF MT4 Indicator
Buy Signal: Go long when price bars open and closes above the blue colored 200 SMA indicator, plus price retraces on the 38.2% Fibonacci level on the Channels Fibo MTF indicator.
Sell Signal: Go short when price bars open and closes below the blue colored 200 SMA indicator, plus price retraces on the 38.2% Fibonacci level on the Channels Fibo MTF indicator.
Exit buy trade: Close all buy orders if while a bullish trend is running, price bar is seen to open and close below the 200 SMA indicator. Else, price breaks below the 38.2% Fibonacci channel level on the Channels Fibo MTF indicator.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, price bar is seen to open and close above the 200 SMA indicator. Else, price breaks above the 38.2% Fibonacci channel level on the Channels Fibo MTF indicator.
Tips: The Channels Fibonacci MTF indicator is a sure way for traders to maximize profit and also keep their emotions in check.
Although, a bit tricky, combining the Channels Fibo MTF indicator with the longer period moving averages allows for prompt understanding of the overall trend direction.
It’s therefore possible to know when price is about to retrace.
Oscillators such as the Stochastic can also be of great use when designing a strategy around the Channels Fibo MTF indicator.
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Source Data Timeframe, depth extremum search, ma period, ma method, ma price, fibo level 1, fibo level 2, fibo level 3, fibo level 4, number of bars to display.
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
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.