The Fibonacci Expansion Assistant Indicator is one of the trading assistant in MetaTrader 4, designed to facilitate professional use of Fibonacci Expansion levels.
This indicator enables traders to identify key price levels more accurately and utilize them for setting trading strategies and profit-taking levels.
- Accurate Calculation of Fibonacci Levels: Displays precise potential retracement points, allowing traders to refine their trading strategies based on these critical levels.
- Highly Effective for Technical Analysts: A valuable tool for traders who rely on advanced technical analysis to make informed trading decisions.
Fibonacci Expansion Assistant Indicator Table
Below is the specification table for the Fibonacci Expansion Assistant Indicator:
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Indicator Categories:
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Price Action MT4 Indicators
Trading Assist MT4 Indicators
Levels MT4 Indicators
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Platforms:
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MetaTrader 4 Indicators
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Trading Skills:
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Elementary
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Indicator Types:
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Entry and Exit MT4 Indicators
Reversal MT4 Indicators
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Timeframe:
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Multi-Timeframe MT4 Indicators
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Trading Style:
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Day Trading MT4 Indicators
Intraday MT4 Indicators
Scalper MT4 Indicators
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Trading Instruments:
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Share Stocks MT4 Indicators
Indices Market MT4 Indicators
Stock Market MT4 Indicators
Forex MT4 Indicators
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Determining Levels in an Uptrend
On the 4-hour timeframe of the NZD/USD currency pair, the Fibonacci Expansion Assistant Indicator accurately plots various levels, highlighting key price points.
This tool helps traders identify significant support and resistance zones and utilize them for setting price targets and optimal exit points.
Determining Levels in a Downtrend
On the 15-minute timeframe of the USD/CAD currency pair, the Fibonacci Expansion Assistant Indicator accurately maps key price levels.
This advanced analytical tool provides traders with precise Fibonacci levels, enabling them to identify retracement zones and set trading targets.
Using this indicator, traders can define optimal exit points, improving their risk management strategies. For sell trades, Fibonacci Expansion levels help determine profit targets.
Fibonacci Expansion Assistant Indicator Settings
Below are the settings for the Fibonacci Expansion Assistant Indicator in MetaTrader 4:
- Fibo Color: Set the color for Fibonacci Expansion levels.
Conclusion
The Fibonacci Expansion Assistant is a MetaTrader 4 indicator that enables traders to identify key price levels. By utilizing Fibonacci levels and requiring three user-defined reference points, this tool highlights potential reversal and continuation zones.
Traders can use this indicator to:
- Determine trade targets
- Identify high-potential price zones
Combining this tool with price action analysis can significantly improve forecasting accuracy.
What is the Fibonacci Expansion Assistant Indicator?
This indicator is a technical analysis tool for MetaTrader 4, helping traders plot Fibonacci Expansion levels and utilize them for setting trading targets and profit levels.
How does this indicator differ from MetaTrader’s built-in Fibonacci tool?
The Fibonacci Expansion Assistant Indicator is a specialized tool for drawing Fibonacci levels. Traders can leverage the predefined Fibonacci levels in the indicator to set their trading targets.