The Waddah Attar Monthly Fibonacci indicator for MT4 calculates and shows the monthly Fibonacci levels on the main trading chart.
This indicator is most useful for swing traders who take advantage of the H1, H4, and daily charts.
Fibonacci levels can be used in multiple ways, for example, to identify trade entries in existing trends (around the 38.2% retracement level).
Key Features
- Displays the monthly Fibonacci levels
- Versatile technical tool
- Works best on H1, H4 and D1 charts
- Good for swing trading
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a simple trend bias technical tool.
Free Download
Download the “Waddah_Attar_Monthly_Fibo.mq4” MT4 indicator
Indicator Example Chart
The EUR/USD 4-hour chart below shows the Waddah Attar Monthly Fibonacci Forex indicator in action.
Buy & Sell Trading Signals
Signals from the Waddah Attar Monthly Fibonacci indicator for Metatrader 4 are easy to interpret and go as follows:
BUY:
- In rising currency markets, buy at the 38.2% Fibonacci retracement level (buy on dips strategy). Confirm the trade entry with additional indicators.
- Place a stop loss just below the 50% retracement level.
- Deploy your take-profit strategy for buy trades.
SELL:
- In falling currency markets, sell at the 38.2% Fibonacci retracement level (sell on rallies strategy). Confirm the trade entry with additional indicators.
- Place a stop loss just above the 50% retracement level.
- Deploy your take-profit strategy for sell trades.
Download Now
Download the “Waddah_Attar_Monthly_Fibo.mq4” MT4 indicator
Elite PRO Scalper + Monthly Fibonacci Zones MT4 Trading Strategy
This strategy combines fast-entry signals from the Elite PRO Scalper Indicator with strong confluence levels from the Waddah Attar Monthly Fibonacci Indicator.
It’s ideal for scalping and short-term intraday trades on the M15 to H1 timeframes.
Indicators Used
- Elite PRO Scalper: Provides high-probability buy/sell signals based on real-time market pressure and volatility filters.
- Waddah Attar Monthly Fibonacci: Plots Fibonacci support/resistance zones based on monthly price data, offering strong reversal and continuation levels.
Buy Trade Setup
- Wait for a buy signal (blue arrow or alert) from the Elite PRO Scalper indicator.
- Check that the price is either bouncing from a Monthly Fibonacci support level (such as the 38.2%, 50%, or 61.8% zone), or breaking above the 23.6% retracement with strong momentum.
- Enter a buy trade on candle close after both conditions are confirmed.
- Set stop loss just below the nearest Fibonacci support level.
- Set a take profit at the next Fibonacci resistance zone or use a 1:2 risk-to-reward ratio.
Sell Trade Setup
- Wait for a sell signal (red arrow or alert) from the Elite PRO Scalper indicator.
- Confirm that price is either rejecting a Monthly Fibonacci resistance level (like 61.8% or 78.6%) or breaking below the 38.2% line with bearish pressure.
- Enter a sell trade after confirmation on candle close.
- Set stop loss above the closest Fibonacci resistance level.
- Set a take profit at the next support level or aim for a minimum 1:2 risk-to-reward ratio.
Trading Strategy Tips
- This setup works best during active sessions (London and New York) when the price respects Fibonacci zones more precisely.
- Use lower timeframes (M15–H1) for entries, but confirm Fibonacci levels on higher timeframes like H4 or D1 for stronger accuracy.
- Optional: Use price action confirmation (pin bars, engulfing candles) at Fibonacci zones for added confidence.
By combining fast, signal-based entries from the Elite PRO Scalper with the reliable structural zones of the Monthly Fibonacci Indicator, this strategy provides both precision and confluence for higher-probability trades.
Customizable Parameters & Settings
Colors, show percent
Feel free to explore the indicator’s different parameters and settings to create your personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: works on any time frame
Indicator Type: Fibonacci
Final Thoughts
The Waddah Attar Monthly Fibonacci Indicator for MetaTrader 4 is a specialized tool designed to assist traders in identifying key monthly Fibonacci levels, which are crucial for determining potential support and resistance zones.
By plotting seven Fibonacci levels based on the previous month’s high and low, this indicator provides clear visual cues that can aid in making informed trading decisions.
It is particularly useful for swing traders who focus on higher timeframes such as H1, H4, and D1, as it helps in identifying significant price levels where reversals or continuations may occur.
For optimal performance, consider combining the Waddah Attar Monthly Fibonacci Indicator with other indicators, such as the Xmaster Formula or RSI, to confirm trade signals and enhance the accuracy of your trading strategy.
