Auto Fibonacci Retracement Indicator for MT4

Fibonacci Retracement Indicator for MT4 is used by many Technical traders, which will help you identify Take Profit and Stop Loss places

There are multiple Fibonacci Tools out there like:

  • Fibonacci Retracement
  • Fibonacci Extensions
  • Fibonacci Arcs
  • Fibonacci Fans

In this article we will focus only on Fibonacci Retracement Indicator which is arguably mostly used Indicator from Fibonacci tools. Fibonacci numbers can be used and are found in nature, architecture, science and forex. In MT4 charts the Fibonacci Retracement levels are treated as support and resistance for instance 23.6%, 38.2%, 50%, 61.8%, 100% and others. In Forex the 0.382, 0.500, 0.168, 1.000 are most used numbers for traders. But there are others which you can add like 0.236, 0.764,…

Meta Trader 4 / MT4 has already built in Fibonacci Retracement Indicator tool, but you will have to manually draw it. In order to make your life easier we provided you with few Fibonacci Retracement Indicator’s which will draw Auto Fibonacci Retracements on their own.

After a significant price movement towards Bullish or Bearish path, the support and resistance levels are very often at or near these lines.

 

This are the available settings for Fibonacci Retracement Indicator’s:

 which you can change:

Auto Fibonacci Retracement-V2:

  • Auto FibonacciRetracement indicator settingsfiboColor: Color to display Fibonacci lines
  • fiboWidth: Width for Fibonacci lines
  • fiboStyle: what style for the Fibonacci lines (solid, dotted,…)
  • unretracedZoneColor: what color to show the Unretraced Zone
  • showUnretracedZone: do we show the Unretraced Zone?

XIT_FIBS:

  • none :)

Fibonacci_Retracement:

  • ExtDepth: how far back do we want to use to calculate for Fibonacci RetracementFibonacci Retracement Indicator settings
  • FiboLevels: set Fibonacci levels you want displayed
  • Fibo1Color: Fibonacci (color for first drawing of Fibonacci Retracement)
  • Fibo1Width: Line width of first Fibonacci drawing vertical line between low and high on the chart)
  • Fibo1Style: Line style of first Fibonacci drawing vertical line between low and high on the chart (solid, dotted,…)
  • Fibo1LevelsStyle: Line style of first Fibonacci drawing levels (solid, dotted,….)
  • Fibo2Color: Fibonacci (color for second drawing of Fibonacci Retracement)
  • Fibo2Width: Line width of second Fibonacci drawing vertical line between low and high on the chart)
  • Fibo2Style: Line style of second Fibonacci drawing vertical line between low and high on the chart (solid, dotted,…)
  • Fibo2LevelsStyle: Line style of second Fibonacci drawing levels (solid, dotted,….)
  • ShowPrevious: only show one Fibonacci drawing or two
  • alertsOn: enable alerts
  • alertsTolerance: what is the alert tolerance
  • touchChanell: do we want alerts when touching channel
  • alertsMessage: message for alert
  • alertsSound: do we want allert sound
  • alertsEmail: alert via email
  • alertsShowTouched: show touched alerts

Auto Fibonacci Retracement.mq4

Download 24.96 KB 1165 downloads
FileDownload
Auto Fibonacci Retracement-V2.mq4 Download
XIT_FIBS.mq4 Download
Fibonacci_Retracement.mq4 Download

How to install Fibonacci Retracement Indicator in MetaTrader 4 / MT4:

  1. Download/Copy/Save the MQ4/EX4 file into your C:\Program Files\MetaTrader 4\experts\indicators folder (or change the folder to your installation sometimes forex broker name)
  2. Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
  3. On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
  4. Locate the indicator which you have just downloaded into the folder stated in Step 1
  5. Drag (Click and drag) the indicator onto the chart
  6. Choose your settings and click OK.
  7. TADA and your done!

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