Support & Resistance Fibonacci Retracement Metatrader 4 Indicator
This forex indicator identifies key support and resistance levels but also minor S&R levels and important fibonacci retracement levels. You can use support and resistance levels to trade reversals or break-outs and fib retracements to buy dips in uptrends and sell rallies in downtrends.
In uptrends, traders look to buy near the 38.2% Fibonacci Retracement level (buy on dips). In downtrends, traders look to sell near the 38.2% Fibonacci Retracement level (sell on rallies).
Uptrends: Look to go long at support levels in uptrends (buy dips). Buy breaks above resistance levels. Buy near the 38.2% fib level.
Downtrends: Look to go short at resistance levels in downtrends (sell rallies). Sell breaks below support levels. Sell near the 38.2% fib level.
Currency pairs: any
Preferred Time frames: any
Configurable Indicator Options