Automatic Fibonacci Indicator Download for MT4 - Free | Forex Indicator Download - MetaTrader 4 Resource

Fibonacci ratios, such as 23.6%, 38.2%, 50%, 61.8% and 76.4%, are widely used in technical analysis . These ratios are derived from the Fibonacci sequence and help determine price retracement levels.

Typically, traders determine ratios on charts manually. This Automatic Fibonacci indicator is one of the MetaTrader 4 indicators that automatically draws Fibonacci retracement lines on the chart.

Automatic Fibonacci Indicator Specification Sheet

Automatic Fibonacci Indicator Overview

The indicator automatically identifies highs and lows and plots Fibonacci levels accordingly. Using the automatic Fibonacci indicator, traders can identify key support and resistance levels and optimize their trading strategies themselves.

Automatic Fibonacci indicator in uptrend

30 minute Bitcoin (BTC) price chart showing uptrend condition in automatic Fibonacci indicator. The indicator automatically identifies the highest and lowest lows and plots Fibonacci levels.

In an uptrend, the automatic Fibonacci indicator considers the bottom to be 0 and the top to be 100. Below the 23.6% and 38.2% Fibonacci levels in the uptrend could be a good entry point for long trades.

In this trading situation, a stop loss can be placed below recent support. Set your take profit at a higher resistance level, such as 61.8% or 76.4%.

Automatic Fibonacci Indicator in Downtrend

1 hour price chart of the GBP/USD currency pair showing downtrend condition in the automatic Fibonacci indicator. The indicator automatically identifies the highest and lowest lows and plots Fibonacci levels.

In a downtrend, the automatic Fibonacci indicator considers the top to be 0 and the bottom to be 100. In a downtrend, Fibonacci levels above 23.6% and 38.2% may be good entry points for sell trades. In this trading situation, a stop loss can be placed above recent resistance.

Set your take profit below the lowest support line, such as 61.8% or 76.4%.

Settings

• CB Auto Fibonacci_Level_1: Fibonacci levels set at 0.236;
• CB Auto Fibonacci_Level_2: Fibonacci levels set at 0.382;
• CB Auto Fibonacci_Level_3: Fibonacci levels set to 0.5;
• CB Auto Fibonacci_Level_4: Fibonacci levels set at 0.618;
• CB Auto Fibonacci_Level_5: Fibonacci levels set at 0.764;
• CB Auto Fibonacci_Level_6: Fibonacci levels set at 0.886;
• Theme: allows changing the background color;
• Trend Lines Colors: Settings for changing trend line colors;
• FiboL Colors: Settings for changing the colors of Fibo lines.

Conclusion

The Auto Fibonacci indicator, one of the MT4 level indicators, helps traders analyze price charts by reducing the time required for analysis and analysis. Provides precise levels . This indicator can be used in all financial markets such as Forex , Crypto , and Stocks.

In addition to this indicator, the Fibonacci Calculator tool also calculates Fibonacci levels for free by receiving 3 parameters [Peak, Bottom and Custom Point].