The Fibonacci retracement levels Forex indicator for Metatrader 4 draws the most important Fibonacci retracement levels directly on the trading chart.
It’s all on autopilot, no calculations need to be done.
The following FIB retracement levels will appear on the chart:
23.6%, 38.2%, 50%, 61.8% and 76.4%
Fibonacci retracement levels are popular and can be used for buy and sell trade entries in trending markets.
The 38.2% level in this case is the most important level to keep an eye on.
During uptrends, traders will look to enter a new buy trade near the 38.2% retracement level.
Vice versa, during downtrends, traders will look to enter a new sell trade near the 38.2% retracement level.
It’s recommended to combine Fibonacci retracement levels with other indicators or price action techniques to pinpoint new trade entries around the 38.2% retracement level.
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Fibonacci Retracement Levels Indicator Chart
Here’s an example of how the Fibonacci Retracement Levels 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.
Finding Buy and Sell Triggers With Fibonacci Retracement Levels Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy trade when the price pulls back to the 38.2% retracement level in an uptrending market.
A stop loss can be placed slightly below the previous swing low support, or use your own stop loss strategy.
Exit the buy trade when an opposite sell signal appears on the trading chart, or you exit the buy trade at a fixed profit target of 2:1 reward:risk or better.
Sell Trigger: Open a sell trade when the price rallies back to the 38.2% retracement level in a downtrending market.
A stop loss can be placed slightly above the previous swing high resistance, or use your own stop loss strategy.
Exit the sell trade when an opposite buy signal appears on the trading chart, or you exit the sell trade at a fixed profit target of 2:1 reward:risk or better.
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Draw main Fibonacci lines, 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,…)
- 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
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.