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Fibonacci Candles Forex Indicator (MT5)

    The Fibonacci Candles Forex indicator for Metatrader 5 is mainly based on Fibonacci and draws buy/sell trend candlesticks on the chart.

    In essence, the Fibonacci Candles indicator will assist you in taking informed buy and sell trade decisions.

    The indicator is non-repaint, versatile, reliable and does not slow down the trading platform.

    Buy & sell signal:

    • Open a buy trade when the first teal colored candlestick appears on the activity chart.
    • Open a sell trade when the first magenta colored candlestick appears on the activity chart.
    • Close and reverse the trade when an opposite colored candlestick pops up on the chart.

    Feel free to experiment with the indicator’s different settings and input values.

    The indicator can work together with any existing trading strategy or system of your preference.

    Free Download:

    Download the “fibocandles.mq5” indicator

    Indicator Example Chart (EUR/USD H1)

    The example chart below shows the Fibonacci Candles indicator in action when attached to the trading chart.

    Trading Tips:

    Feel free to use your own favorite trade entry, stop loss and take profit strategy when trading with this technical 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 “fibocandles.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 Efficiency ratio directional.mq5 indicator in the Indicators folder.

    Finally restart the trading 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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