The Fibonacci Expansion Assistant Indicator is one of the trading tools in MetaTrader 5, specifically designed for technical analysts. This indicator calculates Fibonacci levels, enabling traders to identify price targets and potential retracement points.
Utilizing this tool allows traders to set profit targets based on Fibonacci levels. Combining this indicator with price action analysis can enhance trading forecasts and improve profit-taking strategies.
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 MT5 Indicators
Trading Assist MT5 Indicators
Levels MT5 Indicators
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Platforms:
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MetaTrader 5 Indicators
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Trading Skills:
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Elementary
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Indicator Types:
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Entry & Exit MT5 Indicators
Reversal MT5 Indicators
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Timeframe:
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Multi-Timeframe MT5 Indicators
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Trading Style:
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Intraday MT5 Indicators
Scalper MT5 Indicators
Day Trading MT5 Indicators
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Trading Instruments:
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Forex MT5 Indicators
Stock MT5 Indicators
Indices MT5 Indicators
Share Stock MT5 Indicators
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Fibonacci Levels in an Uptrend
On the 15-minute chart of the GBP/USD currency pair, the Fibonacci Expansion Indicator precisely maps key price levels, illustrating potential market movements. This tool enables traders to set price targets for buy trades and identify optimal exit points.
By using this indicator, traders can develop a more structured trading strategy. Combining Fibonacci levels with other technical analysis tools can enhance prediction accuracy, leading to more informed decisions.
Determining Levels in a Downtrend
On the 15-minute chart of the GBP/JPY currency pair, the Fibonacci Expansion Indicator maps key price levels. This analytical tool helps traders set profit targets and identify potential retracement points.
This indicator is particularly effective for sell trades, as it allows traders to detect critical resistance levels and strategically determine profit targets based on Fibonacci levels.
Fibonacci Expansion Assistant Indicator Settings
Below are the settings for the Fibonacci Expansion Assistant Indicator in MetaTrader 5:
- Fibo Color: Set the color for Fibonacci Expansion levels.
Conclusion
The Fibonacci Expansion Assistant Indicator is one of the MetaTrader 5 indicators. It uses the Fibonacci Expansion tool to plot predefined levels.
Traders can identify potential price movement zones by marking three points on the chart and setting profit targets.
What is the Fibonacci Expansion Assistant Indicator?
This indicator is designed for MetaTrader 5, allowing traders to plot Fibonacci Expansion levels on the chart. It is mainly used to identify price targets and potential retracement points.
How does this indicator work?
Traders can define three points on the chart to identify potential price movement levels. These levels act as support and resistance zones, helping traders set profit targets.