Fibo Retracing Indie

FiboRetrace Indie is a custom indicator created for those using Fibonacci indicator for trading. It enables the traders to use it independently and without limitations.

This is created as an automated Fibonacci custom indicator that automatically plots itself when a trader attaches it to his chart, it will scan the chart and locate the recent trend direction either upward trend or downtrend and plot itself the way it should be. So there is no hassles looking for trend direction by the users, this indicator does it stresslessly.

This indicator can be adjusted to your own candle points, high or low as 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 retracements or pullbacks are over and it has been labeled thus:

• Entry point 1 = 61.8% => This is the first point of entry after the retracements.
• 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 recover from retracements for the first take-profit point.
• Take-profit 2 = -27.2% => The first extension of support or resistance level for second take-profit point.
• Take-profit 3 = -61.8% => The second extension of support or resistance level for the third take-profit point.

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.

Cheers.