MT5 Automatic Fibonacci Indicator Download - Free | Forex Indicator Download - MetaTrader 5 Resource

The Automatic Fibonacci indicator automatically plots retracements on Fibonacci price charts. Fibonacci numbers such as 23.6%, 38.2%, 50%, 61.8% and 76.4% are specifically and widely used in technical analysis.

Fibonacci ratios help traders identify price reversal areas. Use this MetaTrader 5 indicator to reduce errors when calculating Fibonacci numbers.

Automatic Fibonacci Indicator Specification Sheet

Automatic Fibonacci Indicator Overview

The automatic Fibonacci indicator identifies the highest and lowest lows and plots the Fibonacci levels accordingly. This indicator helps traders identify key support and resistance levels in Meta Trader 5, allowing them to optimize their trading strategies themselves.

Uptrend Condition

In an uptrend, the Auto Fibonacci indicator sets 0 at the lows and 100 at the highs. The 1 hourly Binance Coin (BNB) price chart shows uptrend condition in the automatic Fibonacci indicator.

In an uptrend, Fibonacci levels between 23.6% and 38.2% can be good entry points for long trades. Additionally, the nearest support levels can serve as stops, while the 61.8% and 76.4% Fibonacci levels can serve as profit targets.

Downtrend Condition

The 30 minute price chart of Silver against the US Dollar (XAG/USD) shows downtrend trading conditions . In a downtrend, the Auto Fibonacci indicator is set to zero at the highest highs and 100 at the lowest lows.

The chart shows that points near the 23.6% and 38.2% levels could be good entry points for sell trades. In this trading scenario, the near-term resistance level can serve as a stop loss, while the Fibonacci levels of 61.8% and 76.4% can serve as profit targets.

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: changes related to background color;
• Trend Lines Colors: Change the color of Fibonacci trend lines;
• FiboL Colors: Change Fibonacci line colors.

Conclusion

The Auto Fibonacci indicator as a level indicator for MT5 can accurately plot Fibonacci levels by taking into account highs and lows, reducing the time required for price chart analysis. Additionally, this indicator provides traders with suitable entry and exit points.

This indicator can be used on all trading markets, including Crypto , Forex , and Stocks.