This MT4 indicator automatically draws Fibonacci levels. It should make trading easier and be quite useful, especially if you trade often with both Fibonacci retracements and extensions.
Example displayed on the EuroDollar hourly chart
How the indicator works:
This indicator first automatically detects the high and low values of the chart. After this, the Fibonacci level is drawn based on the high and low prices (see the image below).
How to use Fibonacci levels:
This indicator automatically draws the Fibonacci levels, but some people may not know yet how to use the Fibonacci levels in the first place.
You can read these articles to learn more about the Fibonacci retracements and extensions:
