Auto Fibonacci Fan Indicator

Auto Fibonacci Fan Indicator

Forex BUY and SELL signals from the best Auto Fibonacci Fan Indicator. Detect support and resistance levels based on Fibonacci ratios.

The Auto Fibonacci Fan Indicator is an MT4 indicator that uses Fibonacci ratios to draw support and resistance levels. The indicator uses Fibonacci ratios like 23.6%, 38.2%, 50%, 61.8%, and 80.9% for its calculations. The Indicator converts these ratios into five lines.

The indicator draws the lines from the high or low point and detects the direction of the trend. It automatically draws blue and red lines to determine bullish or bearish trends so that traders can take positions accordingly. Although the Indicator works best on every timeframe, traders must use longer timeframes to limit false signals.

Auto Fibonacci Fan Indicator BUY/SELL signals

The above GBP/USD H4 chart shows BUY and SELL signals with the Indicator. To determine the BUY and SELL signals, traders must locate the lines. The Indicator draws blue and red lines to indicate market trends. These lines act as both support and resistance. Whenever the indicator draws red lines, it’s a downtrend signal, and traders need to take short or exit long positions.

Conversely, when the indicator plots blue lines, it’s an upward signal, and traders need to enter long or exit short positions. Traders can also apply the Indicator with other indicators like the RSI or MACD for further signal confirmation.

Conclusion
The Auto Fibonacci Fan Indicator uses Fibonacci ratios to draw five levels on the chart. Through these levels, traders can detect the direction of the trend. In addition, you can download the Auto Fibonacci Fan Indicator for free from our website.
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