Fibonacci Forex Meta Trader 4 indicator is developed for reverse pattern trade it just like betting system which helps to identify price diversity in the market more over it detects the market signal that are beyond understanding of a normal trader.
Fibonacci Forex Meta Trader 4 indicator:
It used mostly to combine with other indicator to eliminate uncertainty of trend move, and it is automated to detect signals.
Characteristics of Fibonacci Forex Meta Trader 4 indicator:
Characteristics of VWAP indicator.
Platform are: MT4, MT5
Type: automatic
Use charted graph for presentation.
Use different colour line (any colour), width (lines), style (solid or dotted) and zone
Fibonacci Levels: 23.9%, 38.2%, 50.0%, 163.8%, and 281.
Timeframe: any M1, M5, M15, H4
Work for any pair of currency. (EUR/USD, GBP/USD, USD/JPY, USD/CAD, AUD/USD, NZD/USD, EUR/GBP, GBP/JPY, EUR/JPY, AUD/JPY, USD/CHF, XAU/USD)
How Fibonacci Forex Meta Trader 4 indicator works:
It is the most important question as it is an automated indicator so you just have to attach it with your chart and then its next step is to identify Fibonacci levels that’s it. That leads you to three main signals:
Buy: enter a buy trade when the Fibonacci trade hit the below level and a new upward trend start for almost two points and signals are green.
Take profit: it depends on trader weather he wants an aggressive profit with high risk or normal profit with minimum risk.
Exit trade: exit trade when it crosses the high aggressive profit line and a new trend is about to enter so, it is time to stop loss.
Sell: enter a buy trade when the Fibonacci trade hit the top level and a new downward trend start for almost two points and signals are red.
Take profit: it depends on trader weather he wants an aggressive profit with high risk or normal profit with minimum risk.
Exit trade: exit trade before when it crosses the high aggressive profit line and a new trend is about to enter so, it is time to stop loss.
Alert System for trends:
- Email Alert
- Pop-up alert with sound
- Push Notification
Benefits of Fibonacci Forex Meta Trader 4 indicator:
- Fibonacci indicator for mt4 and mt5 helps to identify and draw significant support and resistance levels.
- Fibonacci indicator Identify high rate of winning and losing occurrence trades and can be used for any currency pair for any timeframe.
- Identify where to place stop-loss orders and thus minimizing the loss risk
- It helps to Identify entries with minimal risk at the at the very start of trends
- Predict most of profitable trades by identifying theration between profit and loss
Demerits of Fibonacci Forex Meta Trader 4 indicator:
- One of the major drawbacks is its complexity and understanding trader have set a mind set to understand this system.
- It can’t be used in isolation always combined with another indicators.
- There is no doubt it is a winning trade strategy but it does not promise that it will not repaint.
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