Auto Fibonacci Indicator
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The Auto Fibonacci Indicator automatically draws three types of Fibonacci (Retracement, Expansion, and Fan). There is no need to specify start and end points, as it automatically draws based on recent lows and highs calculated by the technical indicator "ZigZag".
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Usage scenarios
For making buy on dips and sell on rally decisions
By using the Auto Fibonacci Indicator to simultaneously draw ZigZag and Fibonacci retracement, it can be used as a decision-making tool for buying on dips when prices start to decline from ZigZag highs. You won't miss trading timing by using the notification function of the Auto Fibonacci Indicator.
For entry and exit timing decisions
You can use Fibonacci Fan as support and resistance lines, and Fibonacci expansion as profit-taking and stop-loss targets to determine your strategy from entry to exit.
For example, when the price starts to decline from a ZigZag high, you can implement a strategic trade by entering a sell position when it falls below 50% of the Fibonacci Fan, using 161.8% of the Fibonacci expansion as the profit-taking line and 61.8% as the stop-loss line.
For range trading
When ZigZag frequently moves back and forth in the same price range indicating a range-bound market, you can use 0% and 100% of Fibonacci retracement as resistance and support lines respectively, using them as guidelines for breakout or bounce trades, making it useful for developing trading strategies even in range-bound markets.
The Auto Fibonacci Indicator facilitates analysis based on ZigZag or Fibonacci. If you rely on these tools, this indicator can be a valuable addition.
How to install
To use the Auto Fibonacci Indicator, follow the steps below to download and install it.
Step 1
Click the button below to download the indicator for MT4/MT5.
Step 2
Click File > Open Data Folder in the top menu of MT4/MT5.
Step 3
In the data folder, double-click the MQL4 or MQL5 folder.
Step 4
In the MQL4/MQL5 folder, double-click the Indicators folder.
Step 5
Save the Auto Fibonacci Indicator in the Indicators folder.
Step 6
Go back to the MT4/MT5. Right-click Indicators in the Navigator, and click Refresh.
Step 7
In the Navigator, click the + icon next to Indicators. Find the Auto Fibonacci Indicator, then either double-click it or drag it onto a chart.
Step 8
In the indicator settings window, customize the settings on the Inputs tab according to the How to set up page, then click OK.
Step 9
The Auto Fibonacci Indicator will be applied to the chart, displaying three types of Fibonacci and ZigZag based on your settings.
How to set up
After applying the indicator to the chart, set the parameters according to your style.
Step 1
First, open the Inputs tab.
Step 2
Set the parameters as follows.
Set the line color for the Fibonacci retracement display.
Set the line color for the Fibonacci expansion display.
Set the line color for the Fibonacci fan display.
Select line thickness from 1 to 5.
Select line style.
・Solid
・Dash
・Dot
・Dashdot
・Dashdotdot
Select "ON" or "OFF" to display corresponding price rates above Fibonacci lines.
Select "ON" or "OFF" for popup alerts. When ON, alerts will notify when the price (current rate or closing price) set in the "Decision timing" parameter crosses a line.
Alert notifications occur once per condition. Notifications reset when the candle that triggered the notification is confirmed, and will notify again when conditions are met again.
Select "ON" or "OFF" for email notifications. Notification conditions are the same as the "Alert" parameter.
Select the timing for judging alert and email notification conditions from "Candlestick closing" or "Realtime".
Candlestick closing: Notifies when the candle body crosses the line, i.e., when the opening and closing prices are on opposite sides of the line.
Realtime: Notifies when the real-time price rate crosses the set Fibonacci line.
Select which Fibonacci type to use for alert and email notification judgment from "Retracement", "Expansion", and "Fan".
Select the Fibonacci ratio for alert and email notification judgment. Since corresponding Fibonacci ratios differ by type, if you select a Fibonacci ratio that doesn't correspond to the type set in the "Fibonacci type" parameter, a popup alert saying "Alert settings do not match" will be displayed.
