Get this indicator here (.mq4)
We all know the mysterious behavior of nature and mass psychology according to the Fibonacci numbers and ratios. Fibonacci Retracements are most commonly used by traders to identify retracement levels, which become significant support and resistance zones. Here’s one indicator that draws these lines for you automatically.
This MT4 indicator automatically updates fibo levels using lowest low and the highest high in the currently visible portion of your chart.
This indicator also draws two trendlines, 1) resistance (from the highest high to the high that creates the trend-line with the highest slope), and the corresponding opposite for the 2) support line.
So you get Fibo retracement lines and trend lines all drawn automatically for you.
A beige rectangle shows the amount of the move not yet retraced. Certainly a convenient tool for Fibo lovers.
Please comment below and let us know what other indicators can work together with this one.
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You have uploaded a great site.
Agree with logo…
I still don’t understand the beige portion?
Hello Gill,
The Creator of this indicator programmed the beige portion to represent the retracement potential at the current price. Assuming you are trading the retracement after a down trend, and a Fibo line is drawn from the last swing high to swing low, there will be a beige area above current price to show how much prices can potentially retrace upwards. So the taller the beige box, the greater the potential retracement.
We do not find it very useful but that’s what it is.