Forex Edu
This script discusses an automatic Fibonacci indicator for trading without indicators. It provides instructions on how to download and install the indicator on MetaTrader. Examples of successful trades using the technique are also mentioned.
Using Fibonacci Indicators
Introduction
In the previous video, we discussed easy trading techniques without indicators and how to use Fibonacci retracements. Today, we will share an automatic Fibonacci indicator specifically for this technique. This indicator eliminates the need to manually add Fibonacci levels to your charts. Please note that this indicator can only be used in MetaTrader on a computer or laptop. If you are trading using a cellphone, you will need to add Fibonacci levels manually.
Downloading the Indicator
To begin, please download the Fibonacci indicator using the link provided in the description below. Once you have successfully downloaded the indicator, open MetaTrader and follow the steps provided to insert the indicator into your platform. First, click on the “File” tab, then select “Open Data Folder”. In the folder that appears, click on the “MQL4” folder. Paste or put the Fibonacci indicator in this folder.
Checking the Indicator
After pasting the indicator, go back to MetaTrader and check the navigator menu. You should see the indicator listed there. If it does not appear, close MetaTrader and reopen it. Now, the indicator should be visible in the navigator menu.
Installing the Indicator on the Chart
There are two ways to install the Fibonacci indicator on your chart. The first method is to click and hold the indicator in the navigator menu, then drag it onto your chart. Release the mouse button when a display like this appears. The second method is to simply double-click on the Fibonacci indicator in the navigator menu. This will also bring up a similar display.
Adjusting the Indicator Settings
Once the indicator is on your chart, you can adjust the settings according to the technical rules explained in the previous video. Check the “Allow exporting” box and fill in the “Start Time” with the number 8 and the “End Time” with the number 10. For the color, you can choose the default or customize it to your preference. Once you have made the necessary adjustments, click “OK”.
Automatic Fibonacci Levels
With the Fibonacci indicator set up, you no longer need to manually add Fibonacci levels. These levels will automatically appear on your chart once two candles have been formed. This automation will save you time and effort, allowing you to focus on placing pending orders according to the rules explained in the previous video.
Reviewing Results
Let’s review some results using this simple Fibonacci technique without indicators. On July 4th, we were able to hit TP2 and even TP3, resulting in a profitable trade. On the previous day, July 3rd, we had to cut our losses as the price touched our pending order and then reversed. Unfortunately, it did not reach TP2. On June 30th, we also had a profitable trade, hitting TP2. Similarly, on the 29th, we achieved profit and hit TP2.
Conclusion
In conclusion, using automatic Fibonacci indicators can greatly simplify your trading process. By eliminating the need to manually add Fibonacci levels, you can save time and focus on executing your trading strategy. However, it is important to remember that this indicator can only be used in MetaTrader on a computer or laptop. If you are trading on a cellphone, you will need to add the Fibonacci levels manually. For a more detailed explanation of this technique, please watch our previous video titled “The Easiest and Most Profitable Forex Trading Technique”.
