The Bobokus Fibonacci Retracement Forex indicator for Metatrader 5 provides simple buy & sell signals based on Fibonacci retracement levels.
The indicator appears on the main screen as the pivot line and a suggested buy and sell signal level.
The idea is to buy a price break above the long level and a price break below the short level.
- The long support line is a buy level.
- Above the pivot is bullish while bearish below.
- The short resistance line is a sell level.
The default chart period is set to the daily time frame but it can be changed by editing the indicator’s inputs.
The following indicator inputs can be modified: chart period, and add levels.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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Bobokus_Fibonacci.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Bobokus Fibonacci Retracement indicator looks when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Bobokus Fibonacci Retracement Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when price closes above the “long support” horizontal line.
- Open a buy trade and place stop loss below the “short resistance” horizontal line.
- Close the buy trade just before key resistance, or utilize your own favorite take profit strategy.
Sell Signal
- A sell signal is given when price closes below the “short resistance” horizontal line.
- Open a buy trade and place stop loss below the “long support” horizontal line.
- Close the sell trade just before key support, or utilize your own favorite take profit strategy.
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Bobokus_Fibonacci.mq5 Indicator (MT5)
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 Bobokus_Fibonacci.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