The AutoFibo (Fibonacci) indicator for MT4 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 up trending market or go short in a down trending market.
Use other indicators to pin-point your entry.
USD/JPY 1 Hour Chart Example
How to install the AutoFibo custom indicator in Metatrader 4?
- Download the AutoFibo.mq4 indicator to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator file in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicator to the chart.