The all Fibos levels indicator for Metatrader 5 enables Forex traders to identify precise entry levels in trending markets.
This indicator plots the most commonly used Fibonacci retracement levels (0.236, 0.382, 0.5, 0.618, 0.764, 0.886) directly on the price chart.
Our primary focus lies on the retracement level of 0.382%.
The 0.382% Fibonacci retracement level is used to buy dips in uptrends and sell rallies in downtrends.
The following indicator inputs and parameters can be modified: high to low (true/false), fibo level 1, fibo level 2, fibo level 3, fibo level 4, fibo level 5, fibo level 6, bars back.
It should work equally well across all time frames and trading instruments (Forex, Gold, Indices, Stocks, etc.).
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
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The following chart shows how the Fibo Pivots Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Fibo Pivots Indicator?
Find a simple trading example below:
- Buy market condition: it is crucial for the Forex pair to demonstrate a clear uptrend.
- A buy signal is created when price retraces back towards the 0.382% Fibonacci retracement level.
- Open a buy trade and place a protective stop loss below the most recent swing support.
- Exit the buy trade for a minimal risk to reward ratio of 2.0.
- Sell market condition: it is crucial for the Forex pair to demonstrate a clear downtrend.
- A sell signal is created when price rallies back towards the 0.382% Fibonacci retracement level.
- Open a sell trade and place a protective stop loss above the most recent swing resistance.
- Exit the sell trade for a minimal risk to reward ratio of 2.0.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the fibos.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration