QuickFib (Fibonacci) plots Fibonacci retracement levels on the MT4 charts.
It automatically calculates the 23.6%, 38.2%, 50.00% and 61.2% level for any currency move.
This is an awesome indicator if you like to buy dips in an uptrend or sell rallies in an downtrend.
BUY: In uptrends: Wait for the pair to fall back to the 38.2% level. Look here to buy.
SELL: In downtrends: Wait for the pair to rally back to the 38.2% level. Look here to sell.
Use in conjunction with other trading tools to pin-point you entries.
Take a look at the EUR/JPY picture below.
You would be looking for buy signals around the 115.60 level (38.2%).
EUR/JPY Daily Chart Example
How to install the QuickFib custom indicator in Metatrader 4?
- Download the QuickFib.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.