The Waddah Attar Monthly Fibonacci indicator for MT4 calculates and shows the monthly Fibonacci levels on the main trading chart.
This indicator is most useful for swing traders that takes advantage of the H1, H4 and daily charts.
Fibonacci levels can be used in multiple ways, for example to identify trade entries in existing trends (around the 38.2% retracement level).
After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.
- Displays the monthly Fibonacci levels
- Versatile technical tool
- Works best on H1, H4 and D1 charts
- Good for swing trading
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a simple trend bias technical tool.
Indicator Example Chart
The EUR/USD 4-hour chart below shows the Waddah Attar Monthly Fibonacci Forex indicator in action.
Basic Trading Signals
Signals from the Waddah Attar Monthly Fibonacci indicator for Metatrader 4 are easy to interpret and goes as follows:
- In rising currency markets, buy at the 38.2% Fibonacci retracement level (buy on dips strategy). Confirm the trade entry with additional indicators.
- Place stop loss just below the 50% retracement level.
- Deploy your own take profit strategy for buy trades.
- In falling currency markets, sell at the 38.2% Fibonacci retracement level (sell on rallies strategy). Confirm the trade entry with additional indicators.
- Place stop loss just above the 50% retracement level.
- Deploy your own take profit strategy for sell trades.
Download This Forex Indicator
Adjustable Parameters & Settings
Colors, show percent
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: works on any time frame
Indicator Type: Fibonacci
How to install the Waddah Attar Monthly Fibonacci indicator in Metatrader 4?
- Copy and paste the Waddah_Attar_Monthly_Fibo.mq4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button