Auto Fibonacci Retracement (Auto Fibo) Metatrader 4 Forex Indicator

The Auto Fibonacci retracement indicator for MT4 draws retracement levels based on the popular ZigZag forex indicator.

An Italian, Leonardo Pisano Bogollo introduced the basics for the Fibonacci indicator.

This indicator gives you a clue where to enter a trade in the primary (up or down) trend on a pullback.

This Fibonnacci retracement indicator does all the hard work for you and calculates and shows all possible retracement levels directly on the MT4 chart for any symbol and timeframe.

Free Download

Download the “Auto_Fibo.mq4” MT4 indicator

The EUR/USD H1 Min chart below shows the Auto_ fibo forex indicator in action.

Example Chart

Basic Trading Signals

The vast majority of traders use this indicator as follows:

Buy trades: First and foremost, there must be an up trending market, next, wait for the price retrace back to around the 38.2% level and enter a long trade.

Typically, a stop-loss is placed around the 50% retracement level.

Sell trades: First and foremost, there must be an down trending market, next, wait for the price retrace back to around the 38.2% level and enter a short trade.

Typically, a stop-loss is placed around the 50% retracement level.

Download

Download the “Auto_Fibo.mq4” Metatrader 4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: chart pattern indicator

Customization options: Variable (ZigZag Depth, ZigZag Deviation, ZigZag BackStep, ZigZag Leg, Levels 1-9) 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 Auto_Fibo.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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