The SpudFibo Forex indicator draws a wide range of interesting Fibonacci levels on the Metatrader 4 chart.
Currency traders use the 38.2% retracement level for identifying great trading entries in trending markets.
The indicator is very reliable, lightweight, and will not slow down your trading platform.
Indicator Example Chart (EUR/USD H1)
How to trade with it?
In an up trending market, look to buy the currency pair when price retraces back towards the 38.2% Fibonacci retracement level.
In a down trending market, look to sell the currency pair when price rallies back towards the 38.2% Fibonacci retracement level.
Naturally, feel free to use your own favorite trading methods to open and close trades with the SpudFibo Fibonacci Forex indicator .
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Draw main Fibonacci lines, inner Fibs, color settings & style
Indicator type: Fibonacci
Repaint? Does not repaint the Fibonacci lines.
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the #SpudFibo.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
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 button in the chart with the indicator attached onto it.
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.