The Intraday Fibonacci Levels indicator for Metatrader 5 assists traders seeking to capitalize on intraday Fibonacci levels.
This indicator performs daily calculations and visually displays 4 intraday support & resistance Fibonacci levels on the price chart.
The Intraday Fibonacci Levels indicator works well in spotting trend reversal signals.
Various inputs and parameters of the indicator can be customized, including chart period, and horizontal and vertical shift.
This tool is designed to function effectively across all time frames and trading instruments, including Forex, Gold, Indices, Stocks, and others.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
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The following picture shows how the Intraday Fibonacci Levels indicator looks when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Intraday Fibonacci Levels Indicator?
Find a simple trading example below:
- Open a buy trade when the price touches any of the 4 lower intraday Fibonacci levels.
- Add a stop loss below the lowest intraday Fibonacci level (blue line).
- Exit the buy trade for a minimal risk to reward ratio of 2.0.
- Alternatively, wait for the price to reach any of the 4 upper intraday Fibonacci resistance levels.
- Execute a short trade when the price touches any of the 4 upper intraday Fibonacci levels.
- Add a stop loss above the highest intraday Fibonacci level (blue line).
- Exit the sell trade for a minimal risk to reward ratio of 2.0.
- Alternatively, wait for the price to touch any of the 4 lower intraday Fibonacci support levels.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the i-intradayfibonacci.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration