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Auto Fibonacci Fan

The Auto Fibonacci Fan indicator for MT4 pots the Fibonacci Fans on the chart. With the help of this indicator, traders can make informed decisions and maximize their profits in the Forex market.

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Description

The Auto Fibonacci Fan indicator for MT4 is a technical analysis tool for identifying potential support and resistance zones in the financial market. The indicator automatically plots fan-like lines on the chart from the highs and lows of past price action, showing the potential trend direction.

The fan lines displayed on the chart are derived based on the key zones of the Fibonacci retracement ratios. Thus, the fan-like lines are potential support and resistance zones where traders can anticipate a possible trend reversal or continuation.

Features of the Auto Fibonacci Fan indicator for MT4

The indicator is a multi-timeframe tool that automatically identifies the swing highs and lows of the price and plots the Fibonacci Fan lines. The lines are in blue and red, which depict potential bullish and bearish directions, respectively.

Benefits of Using the Indicator

  • Enhances Trend Analysis: The indicator can be an incredible supporting tool for market trend analysis. It eases technical analysis by plotting the Fibonacci Fan levels, which shows the potential direction of the market and key levels that can determine specific price movements like trend reversal and continuation.
  • Identifying Key Levels: The indicator helps traders easily identify potential support and resistance zones.
  • Enhances Decision Making: Finally, traders can use the Fibonacci Fan levels to determine optimal zones for stop loss and take profit, especially for short and medium-term trading setups.

Indicator Settings Description

The indicator comes with the following customizable settings:

Timeframe: Sets the timeframe for chart analysis.

nLeft: Defines how the indicator is drawn on the left side of the chart.

nRight: Defines how the indicator is drawn on the right side of the chart.

Filter: Defines the price filter of the indicator.

Fib1Color: Determines the color of the first Fibonacci Fan line.

Fib1Width: Determines the width of the first Fibonacci Fan line.

Fib1Style: Determines the style of the first Fibonacci Fan line.

Fib2Color: Determines the color of the second Fibonacci Fan line.

Fib2Width: Determines the width of the second Fibonacci Fan line.

Fib2Style: Determines the style of the second Fibonacci Fan line.

FibLevel1: Defines the first Fibonacci retracement level, e.g., 23.6%.

FibLevel2: Defines the second Fibonacci retracement level.

FibLevel3: Defines the third Fibonacci retracement level.

FibLevel4: Defines the fourth Fibonacci retracement level.

FibLevel5: Defines the fifth Fibonacci retracement level.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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