As you can propably guess on the name of this indicator – it is combination of Fibonacci levels and trendlines. There is also a word ‘auto’ in the name, so it means that this indicator automatically do all the tough stuff like choosing the ideal moments to place Fibonacci or looking for perfect spots to draw your trendlines. Auto Fibo Trend completly replace a human in those activities, so a trader can have more time and can place trades more easily.
When to open a trades with the Auto Fibo Trend indicator?
The trader is simply supposed to open a trade once a Fibonacci is drawn. The order should be placed within the 0 and 23.6 Fibo level. If you open a trade and the market price has already passed this levels, avoid the trade and wait for next opportunity. The order should get closed when the market price hits the 61.8 Fibo level.