Automatic Fibonacci is an indicator that automatically plots Fibonacci retracement levels based on the ongoing trend direction. The Fibonacci highs and lows are automatically updated in real-time using the maximum and minimum points available on the chart. You can zoom in/out and scroll to adjust the Fibonacci levels accordingly. You can also select the color of the levels thus enabling the trader to be able to attach the indicator several times with different settings and colors.
The Automatic Fibonacci indicator helps to:
– Predict the future profit targets logically.
– Strong reversal possibility when combined with support/resistance or trend lines.
– Provides a low-risk entry in the trending market.
This is a MetaTrader 4 (MT4) indicator and works with all currency pairs and all timeframes. Once you download and install the indicator, it will appear in your trading chart, like the image shown above.
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