The Waddah Attar Fibo for Metatrader 5 draws 12 Fibonacci levels on the chart that can serve as effective profit target levels.
Every day, the indicator recalculates all Fibonacci levels.
How to use the indicator properly?
- The 6 upper Fibonacci levels serve as potential take profit levels for buy trades.
- The 6 lower Fibonacci levels serve as potential take profit levels for sell trades.
The indicator needs to be combined with an existing trading strategy or system.
Take profit targets:
- For buy trades, target any of the higher 6 Waddah Attar Fibo levels.
- For sell trades, target any of the lower 6 Waddah Attar Fibo levels.
The indicator contains the following inputs and parameters: chart period, horizontal shift, vertical shift.
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 image below illustrates how the Waddah Attar Fibo indicator looks like when applied to the MT5 chart.
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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 waddahattarfibo.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