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Fibonacci Auto Channel Indicator (MT5)

    The Fibonacci Auto Channel indicator for MT5 draws Fibonacci trend channels on the chart that can help to enter and exit trades.

    The indicator appears as a colored channel that follows the overall trend.

    Key points:

    • The trend is considered bullish when the Fibonacci Auto Channel is colored green.
    • The trend is considered bearish when the Fibonacci Auto Channel is colored orange.

    Buy & sell signal:

    • Execute a buy trade when the channel changes its color from orange to green (bullish).
    • Execute a sell trade when the channel changes its color from green to orange (bearish).
    • Close and reverse the position when an opposite bar appears on the chart.

    Fibonacci Auto Channel (mt5) can work together with an existing trading strategy or system as an additional trend confirmation indicator.

    Free Download:

    Download the “Fibonacci_auto_channel.mq5” indicator

    Indicator Example Chart (EUR/USD H1)

    After you downloaded and installed the Fibonacci Auto Channel indicator on the trading platform, it should look like the image as shown below.

    Trading Tips:

    Feel free to use your own favorite trade entry, stop loss and take profit strategy when trading with this trend-following indicator.

    As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.

    Please note that even the best trading indicator cannot yield a 100% win rate over long periods.

    Indicator Specifications & Inputs:

    Trading Platform: Developed for Metatrader 5 (MT5)

    Trading Instruments: Works for Forex, Stocks, Commodities, Equity Indices, Precious Metals, Energies and Shares

    Time frames: Works for any time frame

    Trade Style: Works for scalping, day trading and swing trading

    Input Parameters: Variable (inputs tab), color settings & style

    Indicator type: Fibonacci

    Does the indicator repaint? No.

    Download Now:

    Download the “Fibonacci_auto_channel.mq5” indicator

    How to install this indicator on Metatrader 5?

    Open the Metatrader 5 platform

    From the top menu, click on “File”

    Then click on “Open Data Folder”

    Then double click with your mouse button on “MQL5”

    Now double click on “Indicators”

    Paste the indicator in the Indicators folder.

    Finally restart the MT5 platform and attach the indicator to any chart.

    How to remove the indicator?

    Right click with your mouse on the chart that you have the indicator attached to.

    Select “Indicator List” from the drop down menu.

    Select the indicator and press delete.

    How to edit the indicator’s inputs and parameters?

    Right click with your mouse on the chart that you have the indicator attached to.

    From the drop down menu, click on indicators list.

    Select the indicator from the list and press edit.

    Now you can edit the indicator.

    Finally, press the OK button to save the updated configuration.

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