![MQL5 - Language of trade strategies built-in the MetaTrader 5 client terminal](https://c.mql5.com/i/registerlandings/logo-2.png)
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
The main principle of identifying strong Fibonacci levels is to identify strong trend. Once a strong trend is present there is a good chance of a Fibonacci Retracement to take place. Be sure to confirm the retracement level with support\resistance or other mechanisms. You shouldn't enter just on a retracement level that was not checked previously.
I have not found a consistent indicator that draws Fibonacci Levels. But it is not that hard.. just find a strong and steep trend and use the Fibonacci Retracement tool. The key here is to find a strong trend.
One can be dowloaded from this thread I think
kreslik.com - Traders Community :: View topic - 2009.07.12 FUN WITH FIBS