Fibonacci fans are created by first drawing a trendline through two points (usually the high and low in a given period), and then by dividing the vertical distance between the two points by the key Fibonacci ratios of 38.2%, 50% and 61.8%. The result of these divisions each represent a.
The Trade Channel Fibonacci MT4 forex indicator is a channel trading indicator with Fibonacci retracements levels for trade entry.
The trade channel marks the high and low price for a specified period (thick blue lines) and the Fibonacci levels give a clue where to enter buy or sell trades.
The Fibonacci levels being displayed on the chart: 38.2%, 50.0% and 61.8%.
Basic interpretation:
Try FIBONACCI RETRACEMENT Metatrader indicator in your mt4 platform. This is also known as FIBONACCI RETRACEMENT indicator. Read our tutorial on installing indicators below if you are not sure how to add this indicator into your trading platform. Fibonacci Miracle Trading System is a combination of Fibonacci Miracle indicator with 50 period and 200 period SMA providing easy entry and exit points BTC: $19,218.82 ETH: $602.90 XRP: $0.59 Market Cap: $579B BTC Dominance: 61.66%. Fibonacci is a very popular series of mathematical numbers. The Fibonacci sequence is; 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, etc. There is also what people refer to as the “Golden Ratio” which is 1.618, or its inverse 0.618. The 0.618 is a very commonly used level in trading.
The market is in an uptrend when the trade channel shows higher highs and higher lows.
In this case, we are looking to buy the pair near the 38.2% Fibonacci level in the uptrend.
The market is in a downtrend when the trade channel show lower highs and lower lows.
In this case, we are looking to sell the pair near the 38.2% Fibonacci level in the downtrend.
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Example Chart
The EUR/USD 1-Hour chart below displays the Trade Channel Fibonacci Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Trade Channel Fibonacci MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy order when the trade channel is trending up and price retraces back to the 38.2% Fibonacci level (buy on dips). Place a protective stop-loss below the 50% Fibonacci level.
Sell Signal: Open sell order when the trade channel is trending down and price rises back to the 38.2% Fibonacci level (sell on rallies). Place a protective stop-loss above the 50% Fibonacci level.
Trade Exit : Use your own method of trade exit.
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MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (nLeft, nRight, filter) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: channel | Fibonacci
Installation
Copy and paste the trade-channel.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
Fibonacci Trading System Metatrader For Mac Free
File > Open Data Folder > MQL4 > Indicators (paste here)