AutoFibo Metatrader 4 Indicator
The AutoFibo indicator automatically calculates and draws the Fibonacci retracement levels on the Metatrader 4 charts. The retracement levels include: 0.0%, 23.6%, 38.2%, 50.0%, 61.8% and the 100% level. The 0% to 100% trading range represents the move from bottom to the top.
The most important retracement level to keep an eye on in forex: 38.2% level. Fibonacci traders typically watch this level to go long in an uptrending marktet or go short in a downtrending market. Use other indicators to pin-point your entry.
USD/JPY 1 Hour Chart Example