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Fibonacci Indicator Auto Fibo Retracement is an auxiliary technical analysis tool that applies Fibonacci retracements automatically, as the price moves.
Using this tool, you can easily determine correction levels on any timeframe and currency pair, since Fibo levels are equally effective on all types of charts and pairs.
The ability to correctly find and determine correction levels allows the trader to choose the most attractive and effective entry points, from which the price shoots toward the trend like a clamped spring.
After all, it is precisely the correction points that act as support and resistance that are an additional argument for the trader to make a decision on their own strategy.
Moreover, near these levels, candlestick analysis patterns, as well as Price Action patterns, work themselves out, like nowhere else in the chart.
Actually, one should not underestimate and ignore these levels in one's trading. However, like any graphic analysis technique, the human factor influences the efficiency of building Fibonacci tools in order to search for correction levels.
Beginner traders can completely differently determine local extremums, on the basis of which the construction takes place. As a result, beginners begin to work out levels where they really do not exist, which leads to the thought of the inefficiency of this tool and the loss. Therefore, at first, you can secure yourself with auxiliary indicators like this that will help to discard the subjective human factor.
Conclusion
The AFR indicator is good precisely because it objectively builds Fibonacci levels where they really are, and not where you would like to see them. Therefore, when building a trading strategy using Fibonacci levels, we recommend using this indicator as a reference for building levels. We also recommend that you study the principles of level construction and the Fibonacci theory before using this indicator.
Download the AFR Indicator from the button below
Tip: Can’t open the downloaded archive file (ZIP or RAR)?
Try WinRAR for Windows or The Unarchiver for Mac .
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.
