I am a 100% pure fibonacci trader. I use multiple fibonacci tools to calculate swings in chart but in this article I am going to cover fibonacci retracement as an example.
Plotting Fibonacci is very easy, takes 5 seconds, but watching if price is coming to your level e.g. 2.618 can give you some stress.
Here are some reasons of stress
In this chart you can see I plotted fibo but it takes ages for price to come to Level 1 so in this case if you keep watching chart expecting price to come there so you can trading decision it will be troublesome and full of stress.
Now in this chart you can see you plotted fibonacci high to low but price broken the high making this a failure so this fibonacci tool needs to be removed.
Now in real market there can be hundreds of situations like this may come everyday. If you keep adding fibo and removing it will be very stressful.
So I have coded an Alert system which makes you add Two Alerts one on top and one on bottom , e.g. your Level 1
You can set these alerts by just double click on chart.
To add an alert on chart you need to just double click
To add second alert on chart you need to hold shift and then double click and thats all, You can close your eyes, relax and do whatever you want, and wait for alert where you take your actions.
For MT5 - > https://www.mql5.com/en/market/product/97761
For MT4 -> https://www.mql5.com/en/market/product/97767
