Elliott Wave With Fibonacci Forex Indicator MT4

Elliott Wave With Fibonacci Forex Indicator for MT4

Introduction to the Elliott Wave With Fibonacci Indicator

The Elliott Wave With Fibonacci Indicator combines Elliott Waves with Fibonacci retracements. These two gauges used together make a powerful price action indicator that can used as a standalone buy/sell indicator.

The Elliott Wave With Fibonacci Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.

Closer look on the Elliott Wave With Fibonacci Forex Indicator

To use the indicator properly and get the most out of it, one needs to have a pretty solid knowledge of Elliot Waves and Fibonacci extensions. Signals provided by the Elliott Wave With Fibonacci Indicator need manual interpretation. Generally speaking, when the price is making new higher highs and lower highs for uptrend or lower lows and higher lows for a downtrend, the moves are dividend into so-called Elliot Waves – strong impulse and then a correction. Fibonacci extensions are important market levels where the price tends to react. Combining these two tools can give really good results, but it requires experience and knowledge.

Elliott Wave With Fibonacci Indicator Anatomy

Buy Trade Example

In the example below, one can see a price is going generally upward. It made the 4th wave and the price reacted around near 50% Fibonacci level. Most probably the price will make a strong upward move soon.

Elliott Wave With Fibonacci Indicator Buy Signal Example

Sell Trade Example

In the example below, one can see a price is going generally downward. It rejected 61.8 Fibonacci level, then made 2nd corrective wave and is ready to fall further soon.

Elliott Wave With Fibonacci Indicator Sell Signal Example

How to set up the Elliott Wave With Fibonacci indicator in MetaTrader (MT4)?

Installation Guide

Download the Elliott Wave With Fibonacci.rar archive at the bottom of this post, unpack it, then copy and paste the Elliott Wave With Fibonacci.ex4 or Elliott Wave With Fibonacci.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.

Elliot Wave with Fibonacci Indicator in MT4 Trading Platform Navigator

Summary Of That Forex Indicator

The Elliott Wave With Fibonacci 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 Elliott Wave With Fibonacci Indicator

To download the Elliott Wave With Fibonacci Indicator for Metatrader 4 (MT4) for free just click the button below:

Elliott Wave With Fibonacci Indicator Free Download

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