Auto Fibonacci indicator for Meta Trader 4 is trend and entry indicator which is suitable for all major Forex pairs. The preferred timeframe will be M5 or higher. Also, it generates enough valid entries per pair per day.
Using Auto Fibonacci indicator
This indicator can be used in any currency pairs and on any time frame, but preferably on higher time frames. Moreover, it’s relatively easy to trade with Auto Fibonacci indicator.
Buy Scalp trade 3 box check, Superscalper 5 blue line, Market watch green bar.
Sell Scalp trade 3 box check, Superscalper 5 red line.
Settings and Input Parameters
When loading the indicator to any chart, you will be presented with a set of options as input parameters. Don’t despair if you think they are too many because parameters are grouped into self-explanatory blocks.
Indicator Settings: The amplitude represents the size of the patterns. The max. history bars parameter is a number of bars in the chart to look back. Fewer bars to evaluate means the indicator will load faster.
Patterns: Choose the colors of the patterns.
Breakouts: The indicator implements breakouts to make trading easier. Moreover, you can select the breakout period (in bars) and the color of the arrows to be displayed in the chart.
Alerts: Enable or disable alerts at will.
How to download and install an indicator?
In order to install the indicator on your MT4 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the post.
- Save the file to your computer.
- Extract and move the files into MT4>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “NAME_template” to apply it on the chart.
Note: This indicator was developed by third-party. AtoZ Markets does not carry any copyrights over this trading tool.