The AutoDayFibs indicator for Metatrader 4 calculates all Fibonacci retracement levels based on the previous day high and low prices.
The majority of traders use Fibonacci retracement levels to pinpoint the prefect trade entry.
Just add the indicator to the MT4 chart and start experimenting with it.
In trending markets, traders will pay the most attention to the 38.2% Fibonacci retracement level.
They try to join the trend around this retracement level.
The indicator works on all trading instruments (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..).
Free Download
Download the “AutoDayFibs.mq4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
How to trade with it?
Open a buy trade as soon as price touches 38.2% Fibonacci retracement level (pullback) and the trend is upwards.
Confirm the buy trade with additional indicators or with price action.
Place a stop loss below the most recent swing low price.
Open a sell trade as soon as price touches 38.2% Fibonacci retracement level (rally) and the trend is downwards.
Confirm the sell trade with additional indicators or with price action.
Place a stop loss above the most recent swing high price.
Feel free to use your own favorite trading methods to open and close trades with the AutoDayFibs Forex indicator .
Indicator Specifications
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Days back for high, days back for low, color settings & style
Indicator type: Fibonacci
Repaint? No, it does not repaint the Fibonacci horizontal level.
Download Now
Download the “AutoDayFibs.mq4” indicator for Metatrader 4
Usage:
Works for any trade style: scalping, day trading and swing trading
Combine the AutoDayFibs technical indicator with additional technical indicators or with a price action strategy.
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the AutoDayFibs.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.
