The Automated Fibonacci indicator for MT4 is a complete Forex system that provides the entry, stop loss and take profit target.
The indicator is solely based on Fibonacci levels and looks for optimal entry points that might occur in both up and downtrending markets.
It appears in the main chart and paints all buy and sell signals on the chart.
In order to make it even more easy, all signals will appear in the left part of the screen in the colored rectangle.
Trade Logic
- In an uptrend, it will wait for the optimal retracement level (buy on dips) and then signals a buy entry accompanied with stop loss and take profit target.
- In a downtrend, it will wait for the optimal retracement level (sell on rallies) and then signals a sell entry accompanied with stop loss and take profit target.
- Please note that the indicator also identifies trend reversal signals.
After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.
Key Points
- Based on Fibonacci retracements
- Non-repaint trading signals
- Complete Forex system
- Provides the entry, stop loss and take profit
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a simple buy/sell entry confirmation tool.
Free Download
Download the “Automatic Fibonacci Indicator (zip file)” MT4 indicator
Indicator Example Chart
The EUR/USD 5-minute chart below shows the Fibonacci Indicator system in action.
Basic Trading Signals
Signals from the Automated Fibonacci Indicator Forex System for Metatrader 4 are easy to interpret and goes as follows:
BUY:
- Open a buy trade when the Fibonacci system signals a new buy trade.
- Place stop loss for the buy signal as indicated by the system.
- Set the take profit target as indicated by the system.
SELL:
- Open a sell trade when the Fibonacci system signals a new sell trade.
- Place stop loss for the sell signal as indicated by the system.
- Set the take profit target as indicated by the system.
Download This Forex Indicator
Download the “Automatic Fibonacci Indicator (zip file)” MT4 indicator
Adjustable Parameters & Settings
Analysis, depth, leg, line color, font, rectangle fill, risk money, ATR period, entry
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Trading Instruments: works for any currency pair + any other trading instrument
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: works for any time frame
Indicator Type: Fibonacci signals
How to install the Automated Fibonacci Indicator Forex System in Metatrader 4?
- Unzip the Automatic Fibonacci Indicator file
- Copy and paste all 3 indicators in the MQL4 indicators folder
- Copy and paste the template in the MQL4 templates folder
- You can access the indicator folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste indicators here)
- You can access the template folder from the top menu as follows:
- File > Open Data Folder > templates (paste template here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button