The Fibonacci Spiral technical indicator for MT4 plots Fibonacci in the form of a spiral on the chart.
The indicator is useful in spotting turning points with great accuracy. It uses the 1.618 golden ratio.
The indicator works for any currency pair and time frame.
It’s recommended to combine this indicator together with other trading tools to build a complete trading solution.
Key Points
- Draws the Fibonacci Spiral on the trading chart.
- Does not repaint the spiral.
- Combine with other trading indicators.
- Works for any time frame and pair.
Free Download
Download the “FX5_FiboSpiral_v1_0.mq4” MT4 indicator
Indicator Example Chart
The EUR/USD 15-minute chart below displays the Fibonacci Spiral Forex indicator in action.
Basic Trading Signals
Signals from the Fibonacci Spiral indicator for Metatrader 4 are easy to interpret and goes as follows:
Buy Signal: Open a buy trade as soon as the blue Fibonacci Spiral appears on the chart and the underlying trend is upwards.
Place a stop loss 2-3 pips below short-term support or apply your own stop loss method.
Apply your own take profit method for buy trades or wait until you receive an opposite trading signal.
Sell Signal: Open a sell trade as soon as the red Fibonacci Spiral appears on the chart and the underlying trend is downwards.
Place a stop loss 2-3 pips above short-term resistance or apply your own stop loss method.
Apply your own take profit method for sell trades or wait until you receive an opposite trading signal.
Download This Forex Indicator
Download the “FX5_FiboSpiral_v1_0.mq4” MT4 indicator
Adjustable Parameters & Settings
Radius, golden spiral cycle, clock wise spiral, colors, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Recommended Currency pairs: Any + Stocks + Commodities + Cryptocurrencies + Gold
Trading Platform: Metatrader 4 (MT4)
Time Frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Fibonacci
Installation
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.