The Powerful Fibonacci Forex indicator for Metatrader 4 analyses current and past price data and draws all Fibonacci retracement levels on the chart.
Professional traders use the 38.2% Fibonacci retracement level to buy and sell currency pairs in existing market trends at a discounted price.
The indicator works for scalping, day trading and swing trading purposes.
Buy & sell signal:
- During up trending markets, look to buy near the 38.2% Fibonacci retracement level (buy on dips).
- During down trending markets, look to sell near the 38.2% Fibonacci retracement level (sell on rallies).
From our testings, the indicator does not repaint and works for any currency pair and time frame without slowing down the trading platform.
It can be used as a standalone technical tool or it can be combined with other technical indicators and trading strategies.
Try first on a demo account until you fully understand how this indicator works!
Free Download
Download the ifibonacci-indicator.mq4 indicator file (MT4)
Indicator Chart Example
The picture above shows the indicator attached to the Euro / U.S. Dollar chart.
How to install the Powerful Fibonacci indicator to your Metatrader 4 platform?
- Download the ifibonacci-indicator.mq4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration
