MT4 Platform Automatic Fibonacci Forex MT4 Indicator

Introduction to Automatic Fibonacci Indicator
Trading a trend continuation setup on a pullback is an excellent trading idea. However, a key question is where should we wait for a pullback. There are many areas where we can wait for a pullback. There are some trading pullbacks on breakouts of support and resistance levels. Others simply wait for a reversal signal after a pullback. Others will wait for a continuation pattern to develop.
An effective way to trade retracements is to use Fibonacci levels.
The Auto Fibonacci indicator is a tool that traders can use to objectively trade retracements based on Fibonacci levels.

What is the Auto Fibonacci Indicator?
The Auto Fibonacci indicator does exactly what its name describes. It automatically plots Fibonacci extension tools on the price chart based on recent major pivot highs and pivot lows. This may help traders identify areas where price may reverse based on Fibonacci retracements.

How does the automatic Fibonacci indicator work?
The Auto Fibonacci indicator bases its pivot highs and pivot lows on the underlying ZigZag indicator. It determines the nearest pivot high and pivot low and plots the points for the Fibonacci extension tool on these points.

However, the automatic Fibonacci indicator does not draw a zigzag line.
The variables of the underlying Zigzag indicator can be modified under the Inputs tab of the Auto Fibonacci settings.

How to use the automatic Fibonacci indicator for MT4
As mentioned earlier, the automatic Fibonacci indicator plots the Fibonacci extension tool based on pivot highs and pivot lows. Therefore, it should be used as a Fibonacci extension tool.

One way to trade this indicator is to wait for a reversal signal that may occur in the area between 38.2% and 61.8% of the Fibonacci extension tool. The stop loss should be set above the 23.6% level and the target take profit price should be at the 100% or 161.8% level.

Purchase transaction settings
When to buy?

Identify a chart where the Auto Fibonacci indicator plots the Fibonacci extension tool with a bottom of zero and a top of 161.8%. Wait for a bullish reversal signal in the area between 38.2% and 61.8%. Set your stop loss below 23.6%.

When will it be sold?

Set your take profit target at 100% or 161.8% and wait for price to reach that level.

Sell ​​trade setup
When to buy?

Identify a chart where the Auto Fibonacci indicator plots a Fibonacci extension tool with a top of zero and a bottom of 161.8%. Wait for a bearish reversal signal in the area between 38.2% and 61.8%. Set your stop loss above 23.6%.

When will it be sold?

Set your take profit target at 100% or 161.8% and wait for price to reach that level.

in conclusion
The automatic Fibonacci indicator is a useful tool for predicting possible reversal points in retracement areas. The trade setup it may produce is still a trend continuation setup, but based on a pullback.
Since the Auto Fibonacci tool does not provide entry signals, it is better to trade using the reversal signal indicator. Traders can also build reversal signals based on reversal candlestick patterns.

MT4 indicator download instructions
Automatic Fibonacci MT4 Indicator is a Metatrader 4 (MT4) indicator. The essence of this technical indicator is to convert accumulated historical data.
Automatic Fibonacci MT4 Indicator provides an opportunity to detect various peculiarities and patterns in price dynamics that are invisible to the naked eye.
Based on this information, traders can assume further price movements and adjust their strategies accordingly.

The MT4 installation directory/MQL4/Indicators is the indicator folder (place mq4 and ex4 indicators)
The MT4 installation directory/templates is the template folder (where tpl template files are placed)
Then restart the MT4 platform, and your technical indicators or templates will be installed.
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