Fibonacci Bar 3 - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resources

There is such an indicator Fibonacci Bar 2 in Code Base. The creator is: Ivan Karnilov. In the process of using it, the idea of ​​combining several Fibo Bars 2 simultaneously into one indicator emerged. The meaning is as follows: there is Fibonacci bar 2 with a larger period, and there are two other periods, and the work is done in the direction of the older period, when the two newer periods match the color of the older period bar. As soon as either of the two Fibonacci bars 2 of the smaller period begins to turn into a color that contradicts the color of the earlier period, the indicator turns yellow, thereby indicating to traders that a move has occurred that is contrary to the main trend.

period - the larger the set period value, the less sensitive the indicator will be

fiboLevel - correction level

By selecting fiboLevel in Fibo Bars 3, all Fibo Bars 2 layers will be the same.

To adjust the indicator to your requirements and trading intervals, you need to look at the initial Fibonacci bar 2, which will be considered the older trend to you. Afterwards, on the lower Fibonacci bar 2 period, look at the correction you want to trade and what would be considered a reversal for you.

The setup is very flexible and if you use the oscillator when Fibonacci bar 3 is yellow, you can find earlier entries. You can hold the trade until the oscillator is overbought/oversold, or until yellow reappears on Fibonacci bar 3.

If you find more interesting examples of how to use this indicator, please write to me and I will be happy!

Attachment download

📎 fibobars_3.mq4 (9.17 KB)

Source: MQL5 #31731