MT4 / MT5 Fibonacci Indicators
Prices of financial instruments tend to move in long-term circles. These circles include several waves and five times more sub waves. The application of a Fibonacci indicator can prove helpful in determining areas of potential price reversals within these waves and their sub waves.
Fibonacci ratios suggest general price areas and not exact price levels and therefore we must use another tool to confirm any decision such as an indicator, candlestick formation, price pattern, etc. Don't blindly accept reversals near Fibonacci levels. Always confirm your entry signals and trade them very selectively. Adding a Fibonacci Indicator into an existing trading system can bring several benefits:
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Identify high-probability trades
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Place accurate stop-loss orders and thus minimizing the loss potential
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Identify low-risk entries at the early stages of strong trends
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Forecast potential profit targets
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Boost the average Reward/Risk ratio
These are some popular Fibonacci Indicators for MetaTrader-4 and MetaTrader-5. Only the first indicator is commercial, all the others are free. The advantage of the commercial Fibo Machine is that it generates specific trading signals (entry, take-profit, and stop-loss) and delivers them via email. From the six indicators that are presented below, the first 4 are coded for MT4 and the last 2 for MT5.
For those who are beginners and don't know how to insert indicators into MT4 / MT5, there is a short tutorial at the end.
(1) Fibo Machine Pro for MT4
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Platform: MT4
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Generates trading signals based on Fibonacci Ratios and delivers them via email, visually, or pop alerts
Fibo Machine Pro is a commercial MT4 indicator for identifying entry/exit based on smart Fibonacci Levels. The indicator combines algorithms with the Fibonacci ratios to generate specific signal levels.
How it Works
After you apply the Fibo Machine Pro in any chart, it calculates automatically the main Fibonacci levels and then generates three colorful levels that are displayed visually on the chart. These 3 colorful lines represent Entry, Take Profit, and Stop-Loss levels.
Alert System
Fibo Machine Pro indicator incorporates a customizable alert system that includes:
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Email Alert
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Pop-up alert with sound
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Push Notification
Customer Support
There is full customer support for setting up the indicator but also for using it.
Cost
The Fibo Machine Pro costs $87 for unlimited use
(2) AutoFibo - Automated Fibonacci MT4 Indicator
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Platform: MT4
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Automate Fibonacci Levels
AutoFibo is an easy-to-use MT4 indicator for identifying automatically Fibonacci levels in any chart view. That means you don't have to insert manually the Fibonacci levels by using the Fibonacci tool. After you apply the AutoFibo indicator in any chart, the indicator calculates and draws the Fibonacci retracement levels: 23.6%, 38.2%, 50.0%, and 61.8%. The values 100% and 0% represent the move between top and bottom.
As you switch to different timeframes the indicator is adjusting the Fibonacci levels to the corresponding high / low values. It is a nice tool given it is free.
Download it from here:
» https://www.mql5.com/en/code/9383
(3) QuickFib - indicator for MetaTrader 4
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Platform: MT4
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Automate Fibonacci Levels
QuickFib, as in the case of AutoFibo, calculates and draws automatically all Fibonacci levels based on the tops and bottoms of any chart view. When you switch to another timeframe, QuickFib finds new tops and bottoms. The indicator draws two trend-lines and a rectangle which shows the length of the price move.
Download it from here:
» https://www.mql5.com/en/code/9906
(4) AutoFib TradeZones - indicator for MetaTrader 4
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Platform: MT4
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Autotrace Fibonacci Zones for trading Ranging Markets
AutoFib TradeZones is an alternative trading tool based on Fibonacci ratios. The indicator is used for trading ranges or price breakouts.
You can either use auto-retrace a period or use it manually by placing Start / End lines.
Download it from here:
» https://www.mql5.com/en/code/9876
(5) Auto Fibonacci indicator for MetaTrader 5
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Platform: MT5
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Autotrace Fibonacci Zones
This is an automated Fibonacci indicator for MT5. It automatically finds the Higher and Lower points of any chart view and after it calculates and draws the Fibonacci Levels: 23.6%, 38.2%, 50.0%, 61.8%, 161.8%, and 261.8%.
Download it from here:
» https://www.mql5.com/en/code/1535
(6) Fibonacci Pivot Points for MetaTrader 5
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Platform: MT5
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Autotrace Fibonacci Pivots
The MT5 indicator applies Fibonacci multiples to identify and draw significant support and resistance levels. The pivots are displayed as a line between support and resistance. Once it is calculated, the Fibonacci Pivot will stay in the chart until the trading day ends.
The Pivot Points are simply calculated as: Pivot = (High + Low + Close) / 3
Download it from here:
» https://www.mql5.com/en/code/12361
How to Add any Indicator on MT4 or on MT5 (short tutorial for beginners)
It is particularly easy to apply any indicator on MT4 or MT5, here are some simple steps:
(1) Download the MetaTrader indicator, unzip it, and get the file either in .EX4 or .MQL4 (it is practically the same)
(2) Find the location on your hard drive where your platform is installed (you can do that very easily if you right-click on the icon of your platform and then select 'Open File Location')
(3) Save the location of your Platform's install into a text file in order to find it easily every time you add a new indicator
(4) Open the main folder of the platform's install and go to the subfolder 'MQL4', then go to the subfolder 'Indicators'
(5) Copy the new indicator (.ex4 or .mql4) there and remember the name of the file
(6) Now start (or restart) your Metatrader platform
(7) Open any chart and then go to 'INSERT' from the top menu, after to 'INDICATORS', and finally to 'CUSTOM INDICATORS', and click on the indicator you have added before
(8) On the pop-up window adjust your settings and select the timeframes where it will be visible (all timeframes visibility by default)
That is all, your indicator you will be visible until you remove it. Alternatively, you can find also the new indicator in the Navigator Window, left in your Metatrader Client if you press Ctrl-N. If you want to remove it just right-click in any chart and select the 'Indicators list". There you can select the indicator from the list and delete it from any chart view.
■ MT4 / MT5 Fibonacci Indicators
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