Introduction to the Auto Fibo Trend Indicator
The Auto Fibo Trend Indicator is combination of Fibonacci levels and trendlines. There is also a word ‘auto’ in its name, so it means that this indicator automatically does all the tough stuff like choosing the ideal moments to place Fibonacci extensions or looking for perfect spots to draw your trendlines. The Auto Fibo Trend completely replaces a human in those activities, so a trader can have more time and can place trades more easily.
When to open a trade with the Auto Fibo Trend indicator?
A 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 the next opportunity. The order should get closed when the market price hits the 61.8 Fibo level.
How to set up the Auto Fibo Trend indicator in MetaTrader (MT4)?
Download the Auto Fibo Trend.rar archive at the bottom of this post, unpack it, then copy and paste the Auto Fibo Trend.ex4 or Auto Fibo Trend.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Auto Fibo Trend indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.
Download Free Forex MT4 Auto Fibo Trend Indicator
To download the Trend Logic Indicator for Metatrader 4 (MT4) for free just click the button below: