Fibo Retracing Indie
FiboRetrace Indicator is a custom indicator for those using Fibonacci indicator for trading. This was created in order to remove limiting rates of Fibonacci indicator since it is default indicator in MT4 software. This will enable the traders to use it independently and without limitation.
This is created as an automated Fibonacci indicator that plots itself when a trader attaches it to his chart, it will scan the chart and locate if the trend is an upward trend, it will plot itself the way it should be and if the trend is a downward trend, it will equally plot the same.
This indicator can be adjusted to your own candle points, high or low that you want.
This indicator has been configured in a way that the trader using it doesn’t have to worry about where to enter the trade after the retracement or exit afterward, it has been labeled thus:
- Entry point 1 = 61.8% => This is the last point of entry after retracement if the trader missed the first two points.
- Entry point 2 = 50.0% => This is second point of entry if the trader missed the first point
- Entry point 3 = 38.2% = >This is third point of entry if the trader missed the second point
- Invalid entry point = 75.0% => If the price retrace to this point, then it is not likely to be a retracement anymore but a complete reversal, so entering trade at this point is invalid.
- Stop-loss = 100% => if the trader entered at the third entry point, this is good for stop-loss
- Take-profit 1 = 0.0% => The nearest level of support or resistance to the time when the price came back from retracements for take-profit
- Take-profit 2 = -27.2% => The first extension of support or resistance level for second take-profit
- Take-profit 3 = -61.8% => The second extension of support or resistance level for the third take-profit.
Feel free to adjust this indicator from its parameter settings to your own desired settings.
Wishing you the best as you use it to your own profits and more pips.