The Bands with True Fibonacci Forex indicator for Metatrader 4 draws 7 colored Fibonacci bands on the chart that act as support and resistance levels.
The indicator provides interesting levels to enter the market at a discounted price.
The trade logic goes as follows:
- In an up trending market, one can enter the market at a discounted price near the Fibonacci support bands (below the blue dotted line).
- In a down trending market, one can enter the market at a discounted price near the Fibonacci resistance bands (above the blue dotted line).
Free Download
Download the “bands-fibo-true.mq4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
How to trade with it (example)?
Open a buy trade when the Fibonacci bands are sloping up and prices touches one of the Fibonacci support bands below the blue dotted line.
Exit the trade at the Fibonacci resistance bands (above the blue dotted line).
Open a sell trade when the Fibonacci bands are sloping down and prices touches one of the Fibonacci resistance bands above the blue dotted line.
Exit the trade at the Fibonacci support bands (below the blue dotted line).
Place a stop loss above or below the most recent swing high or low price, or use your own stop loss placement method.
Naturally, feel free to use your own favorite trading methods to open and close trades with the Bands with Fibonacci 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: Bands period, bands shift, periods ATR, Color settings & style
Indicator type: Fibonacci
Repaint? Does not repaint the Fibonacci bands.
Download Now
Download the “bands-fibo-true.mq4” indicator for Metatrader 4
Usage:
Works for any trade style: scalping, day trading and swing trading
It’s advised to combine this indicator with other analytical tools or price action techniques in order to find the best exit price.
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 bands-fibo-true.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.
