The Intraday Fibonacci Levels indicator for Metatrader 5 assists traders seeking to capitalize on intraday Fibonacci levels.
This indicator performs daily calculations and visually displays 4 intraday support & resistance Fibonacci levels on the price chart.
The Intraday Fibonacci Levels indicator works well in spotting trend reversal signals.
Various inputs and parameters of the indicator can be customized, including chart period, and horizontal and vertical shift.
This tool is designed to function effectively across all time frames and trading instruments, including Forex, Gold, Indices, Stocks, and others.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
Free Download
i-intradayfibonacci.mq5 Indicator (MT5)
Chart Example
The following picture shows how the Intraday Fibonacci Levels indicator looks when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Intraday Fibonacci Levels Indicator?
Find a simple trading example below:
Buy Signal
- Open a buy trade when the price touches any of the 4 lower intraday Fibonacci levels.
- Add a stop loss below the lowest intraday Fibonacci level (blue line).
- Exit the buy trade for a minimal risk to reward ratio of 2.0.
- Alternatively, wait for the price to reach any of the 4 upper intraday Fibonacci resistance levels.
Sell Signal
- Execute a short trade when the price touches any of the 4 upper intraday Fibonacci levels.
- Add a stop loss above the highest intraday Fibonacci level (blue line).
- Exit the sell trade for a minimal risk to reward ratio of 2.0.
- Alternatively, wait for the price to touch any of the 4 lower intraday Fibonacci support levels.
