Auto Fibo Indicator for MT4 Download - Free - [TradingFinder]

Fibo 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 identify price retracement levels.

Typically, traders manually analyze and plot these ratios on the chart, which can be time consuming and prone to errors.

The Auto Fibonacci Indicator (Auto Fibo) for Meta Trader 4 automatically plots Fibonacci retracements on the chart.

Specifications Table for Automatic Fibonacci Indicator

Automatic Fibonacci Indicator in an Uptrend

The 30-minute Bitcoin (BTC) price chart shows the uptrend condition in the Auto Fibonacci Indicator. This indicator automatically identifies the highest and lowest low and plots the Fibonacci levels.

In an uptrend, the Auto Fibonacci Indicator considers zero at the bottom and one hundred at the top. Fibonacci levels below 23.6% and 38.2% in an uptrend can be good entry points for long trades.

In such a trading situation, one can Place a Stop Loss below the recent support levels. Set the Take Profit at higher resistance levels, such as 61.8% or 76.4%.

Automatic Fibonacci Indicator in a Downtrend

The 1-hour price chart of the GBP/USD currency pair shows the downtrend condition in the Auto Fibonacci Indicator. This indicator automatically identifies the highest and lowest low and plots the Fibonacci levels.

In a downtrend, the Auto Fibonacci Indicator considers zero at the top and one hundred at the bottom. In a downtrend, Fibonacci levels above 23.6% and 38.2% can be good entry points for sell trades. In such a trading situation, one can Place a Stop Loss above the recent resistance levels.

Set the Take Profit below the lowest support line, such as 61.8% or 76.4%.

Settings

• CB Auto Fibo _ level _ 1: Fibonacci level set at 0.236;
• CB Auto Fibo _ level _ 2: Fibonacci level set at 0.382;
• CB Auto Fibo _ level _ 3: Fibonacci level set at 0.5;
• CB Auto Fibo _ level _4: Fibonacci level set at 0.618;
• CB Auto Fibo _ level _ 5: Fibonacci level set at 0.764;
• CB Auto Fibo _ level _ 6: Fibonacci level set at 0.886;
• Theme: Allows changing the background color;
• Trend Lines Colors: Settings are used to change the trend line colors;
• FiboL Colors: Settings for changing Fibonacci line colors.

Conclusion

The Auto Fibonacci Indicator helps traders in chart analysis by reducing the time required for analysis and providing accurate levels.

This indicator can be used in all financial markets, including Forex, stocks, and cryptocurrencies.