Auto Fibonacci Lines MrVB Metatrader 4 Forex Indicator

The Auto Fibonacci Lines MrVB forex Metatrader 4 indicator is an advanced Fibonacci trading indicator that automatically plots all retracement and extension levels on the activity chart.

Levels plotted are: 0,0% level, 14,6% level, 23,6% level, 38,2% level, 50,0% level, 61,8% level; 76,4% level, 100,00% level, 123,6% level, 138,2% level, 150,0% level and the 161,8% level.

The most important Fibonacci level to remember is the 38,2% retracement level.

In up trending markets, one would look to buy near the 38,2% retracement level (buy on dips).

Similarly, in down trending markets, one would look to sell near the 38,2% retracement level (sell on pullbacks).

Free Download

Download the “AutoFibLinesMrVB.mq4” MT4 indicator

Example Chart

The EUR/USD H1 chart below displays the Auto Fibonacci Lines MrVB forex indicator in action.

Basic Trading Signals

Buy Trade: Open buy order near the 38,2% Fibonacci retracement level in the up trend (buy on dips).

Sell Trade: Open sell order near the 38,2% Fibonacci retracement level in the down trend (sell on rallies).

Exit Trade: Use your own preferred exit method.

Download

Download the “AutoFibLinesMrVB.mq4” Metatrader 4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: chart pattern

Customization options: Variable (levelColor, searchBars) Colors, width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: Fibonacci

Installation

Copy and paste the AutoFibLinesMrVB.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL4 > Indicators (paste here)

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