"AutoFibo" MT4 Indicator - Display Fibonacci Levels Automatically

​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:
​

• How Fibonacci Retracements are Used in Forex Trading

 

• Forex Trading with Fibonacci Extensions ​

Compatibility: MT4
 
Parameters:

• None

Download the "AutoFibo" MT4 indicator from the button below

free download