Auto Fibonacci Button
- Indicators
- Lee Teik Hong
- Version: 1.0
- Activations: 20
Auto Fibonacci Button
The Fibonacci retracement is a popular and reliable technical analysis tool for traders to determine support and resistance areas.
It employs the "Golden Ratio," a mathematical pattern seen throughout nature and even the universe, to forecast particular levels of support level and resistance level.
This tool is generated in technical analysis by dividing the vertical distance between two extreme points on the chart (typically a peak and a low) by the important Fibonacci coefficients of 23.6 %, 38.2 % , 50 % , 61.8 % , and 100 % .
Because so many traders utilise this trading approach and keep an eye on these price levels, the Fibonacci levels frequently become a self-fulfilling prophesy.
A Fibonacci retracement tool is available on the MetaTrader 4 platform, which allows the user to draw one on the chart.
But how do you represent this on a graph?
Excellent guide from Mr. Lee
Very clear, simple and effective
5 stars