Abiroid Auto Fibonacci Indicator

About:

A Fibonacci indicator is best used with other indicators like Pivots, Support/Resistance etc.

Price tends to use Fibo levels as Support or Resistance lines. So, this indicator is very useful to know when price might reverse or if a level is crossed, price might continue the trend.

Also, to find the best Take Profit and StopLoss lines.

Don't use Fibo Indicator alone for trading as it might not always be accurate. Use it to make your strategies better as a supporting indicator.

Settings:

High/Low Detection:

Auto Fibo Indicator plots Fibonacci Retracements by automatically finding high and low price points using following 2 ways:

ZigZag

Set: ZigZag_Depth, ZigZag_Deviation, ZigZag_Backstep

3LZZ Semafor

Set: Period_1,2,3

Using these settings an auto Fibonacci retracement is drawn. Red Fibo means current trend is bearish and Green Fibo means trend is bullish.

Golden Zone:

You can also specify a golden Zone: GoldenZone_Start_Percent and End_Percent

And indicator will mark Golden Zone when price enters inside it.

Comma Separated Levels:

- Show Levels:

FiboShowLevelsStr = "23.6,38.2,50,61.8,78.6"

Which Fibo Levels to Show on chart. By default 0 and 100 levels will be show. Specify all other levels you want to see as comma separated values.

- Mark Levels:

Which Fibo Levels to Mark when price crosses that level.

Price Cross Direction:

Specify direction from drop-down:

WithTrend, WithRetracement, WithBoth

If you like to trade only Trends select WithTrend, If you want to trade retracements specify WithRetracement.

Try not to use WithBoth as that will give too many signals.