Features:
- Automatic Fibonacci Levels: This nifty indicator automatically charts Fibonacci retracement lines based on the latest ZigZag peaks and troughs, giving you a clear roadmap of potential reversal zones.
- Dynamic and Static Fibonacci Options: You have the flexibility to choose between dynamic Fibonacci levels that refresh with every new ZigZag point or static levels that stick to previous significant highs and lows.
- Customizable Appearance: Tailor the colors, styles, and widths of the Fibonacci lines to fit your charting preferences, ensuring your analysis stands out against various backgrounds.
- Optimized for MetaTrader 5: Built to leverage MT5's advanced graphical capabilities, this indicator offers a smooth and efficient trading experience.
Parameters:
- ZigZag Settings (ExtDepth, ExtDeviation, ExtBackstep): Modify these settings to adjust how sensitive the ZigZag indicator is to price movements, allowing you to capture more or fewer swings in the market.
- Dynamic Fibonacci Settings: Personalize the color, line style, and width of the dynamic Fibonacci retracement lines to match your trading style.
- Static Fibonacci Settings: Adjust the look of the static Fibonacci levels based on the second most recent ZigZag high or low for consistent analysis.
How to Use: The AutoFibo indicator is perfect for both trend-following and reversal strategies. By layering Fibonacci levels over the ZigZag pattern, you can easily visualize retracement levels and identify potential entry and exit points. Whether you’re day trading or looking at long-term positions, this tool is versatile enough for any timeframe.
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