Auto Fibo Indicator for MT5 Download - Free - [TradingFinder]

The Auto Fibo Indicator for Meta Trader 5 automatically plots Fibonacci retracement levels on the price chart. Fibonacci ratios like 23.6%, 38.2%, 50%, 61.8%, and 76.4% are widely used in technical analysis.

Fibonacci ratios help traders identify potential price retracement areas. Typically, traders manually calculate and plot Fibonacci ratios on the chart, which can be prone to errors. Using this indicator reduces the errors in Fibonacci calculations.

Specifications Table for Automatic Fibonacci Indicator

Uptrend Condition

In an uptrend, the Auto Fibo Indicator sets zero at the low and one hundred at the high points. The 1-hour Binance Coin (BNB) price chart shows the uptrend condition in the Auto Fibonacci Indicator.

In an uptrend, Fibonacci levels between 23.6% and 38.2% can be good entry points for long trades. Additionally, recent support levels can act as Stop Loss, while Fibonacci levels of 61.8% and 76.4% can serve as Profit targets.

Downtrend Condition

The 30-minute price chart of Silver against the US Dollar (XAG/USD) shows a downtrend trading condition. In a downtrend, the Auto Fibo Indicator sets zero at the highest and one hundred at the lowest low.

The image shows that points near the 23.6% and 38.2% levels can be good entry points for sell trades. In such a trading scenario, recent resistance levels can act as Stop Loss, while Fibonacci levels of 61.8% and 76.4% can serve as Profit targets.

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: Changes related to the background color;
• Trend Lines Colors: To change the Fibonacci trend line colors;
• FiboL Colors: To change Fibonacci line colors.

Conclusion

The Auto Fibonacci Indicator (Auto Fibo), by considering highs and lows and plotting accurate Fibonacci levels, reduces the time needed for price chart analysis.

It also provides suitable entry and exit points for traders. This indicator is usable in all financial markets, including Crypto, Forex, and Stocks.