The Auto Fibonacci Lines MrVB forex Metatrader 4 indicator is an advanced Fibonacci trading indicator that automatically plots all retracement and extension levels on the activity chart.
Levels plotted are: 0,0% level, 14,6% level, 23,6% level, 38,2% level, 50,0% level, 61,8% level; 76,4% level, 100,00% level, 123,6% level, 138,2% level, 150,0% level and the 161,8% level.
The most important Fibonacci level to remember is the 38,2% retracement level.
In up trending markets, one would look to buy near the 38,2% retracement level (buy on dips).
Similarly, in down trending markets, one would look to sell near the 38,2% retracement level (sell on pullbacks).
The EUR/USD H1 chart below displays the Auto Fibonacci Lines MrVB forex indicator in action.
Basic Trading Signals
Buy Trade: Open buy order near the 38,2% Fibonacci retracement level in the up trend (buy on dips).
Sell Trade: Open sell order near the 38,2% Fibonacci retracement level in the down trend (sell on rallies).
Exit Trade: Use your own preferred exit method.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (levelColor, searchBars) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the AutoFibLinesMrVB.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)