FibotrendMT5 is a powerful indicator from the set of professional trader. The indicator forms a short-term trend line and plots the Fibonacci grid.
The trend line for a downtrend is formed based on the High prices of two previous candles, Low prices are used for an uptrend.
The indicator should be attached in the usual way. It works on any timeframes from M1 to MN and with any currency pairs.
- TrendLineColors - color of the trend line (red by default)
Tips on the Indicator Use
Recommendations for this indicator are the classic ones: trade in the direction of the trend line, using the Fibonacci levels as the support and resistance levels.