AutoFiboPhenomenon Indicator

AutoFiboPhenomenon Indicator

AutoFiboPhenomenon Indicator For MT4 automatically plots Fibo levels and provides buy and sell forex trading signals with 3 different take profit targets

The AutoFibophenomenon indicator for MT4 automatically identifies a swing low and swing high and plots Fibonacci levels. Furthermore, provides buy or sell forex trading alerts if the price retraces to 38.2%. Additionally, it plots a stop loss at 61.8% Fibo level and 3 take profit levels using the risk reward ratios of 2.6, 4.2 and 6.9 respectively.

The indicator is suitable for new and advanced forex traders and works well on all intraday chart frames and the daily, weekly and monthly charts. Moreover, the indicator can be very useful to create auto trading strategies based on the Fibonacci indicator.

AutoFiboPhenomenon Indicator For MT4 Trade Setup

The indicator plots the entry line as white, stop loss as red and 3 take profits lines as green. Additionally, the comments corner of the chart displays the trend direction, entry price, stop loss price and the price to book profits.

The indicator works based on the trading rules of the Fibonacci indicator. So, it’s prudent to enter a buy position while the market is in an upward trend. The entry level, stop loss and take profit levels are available in advance. So, forex traders can place the limit orders and automate the process.

However, advanced traders using technical analysis can anticipate price reversal at these Fibo levels. This enables them to use additional indicators or price action to confirm the trade decision. As the indicator provides three different take profit levels, traders can exit the position by partial closing of the positions. On the other hand, traders can place three positions with same stop loss and three different take profit levels.

Conclusion
The AutoFibopehnomenon indicator for MT4 helps new forex traders by automatically plotting the Fibo levels. Though the indicator plots the entry level, stop level and the take profit levels, traders should use price action of additional trade confirmation.