Din Fibo High Indicator

Din Fibo High Indicator

Din Fibo High Indicator For MT4 plots bullish and bearish forex price channels based on Dinapoli and Fibonacci levels. Best trend channel for trend trading

Categories: MT4, Channels, Levels
The Din Fibo High indicator for MT4 plots channel based on the Dinapoli and Fibonacci levels. As a result, the indicator plots best possible channel on the forex chart. The slope of the channel indicates the trend direction and the lower and upper channel lines act as best support and resistance levels.

The indicator is a simple channel and works well for new and advanced forex traders. Furthermore, it works well in all chart time frames. Moreover, the channel trading rules are simple and effective for automated trading strategies.

Din Fibo High Indicator For MT4 Trading Signals

The indicator plots a blue upper channel line and yellow lower channel. A positive channel slope or an upward channel indicates a bullish market condition. Similarly a negative slope channel or a downward channel is bearish.

The best trading strategy is to enter a buy trade at the bottom of the channel if the channel is pointing upwards. Traders should place a stop loss below the previous swing low to secure this position. This indicator does not provide a profit target. So traders should look to secure profits if the price hits the opposite side of the channel or in a change of slope. Alternately, traders should look to book profits with a good risk reward ratio.

Similarly, if the channel slopes downwards and the price hit the upper channel traders should open a sell position. Traders should follow a similar strategy to place stop loss and take profit points. It is important to note that most reversal trading signals often generate false signals so traders should confirm using price action.

Conclusion
In summary, the Din Fibo high indicator for MT4 is a simple channel indicator that uses Dinapoli and Fibo levels.