Written by: ggekko
If you’re on the hunt for a reliable tool to enhance your trading strategy, the Fibonacci retracement indicator for MetaTrader 5 is worth your attention. This nifty indicator conveniently plots Fibonacci retracement levels directly on your chart, eliminating the hassle of manually drawing the Fibonacci retracement object.
To get started, you simply set the number of bars you want the indicator to analyze. It will then track the highest highs and lowest lows, plotting the levels accordingly. This way, you can easily identify potential support and resistance zones.
Here’s the kicker: If the most recent high surpasses the recent low, the indicator signals an uptrend, suggesting where the price might find support during a retracement. On the flip side, if the latest low is lower than the recent high, it indicates a downtrend, highlighting potential resistance levels.
This concept and its code were first introduced in the Code Base on mql4.com back in April 2011. So, if you haven’t added this tool to your trading arsenal yet, now’s the time!
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