Fibo levels (channels) indicator

Trading based on Fibo levels is one of the most common Forex trading strategies; the levels form price channels that serve as the basis for analyzing and forecasting the situation on the Forex market.

Building them manually is quite labor-intensive, so a more rational approach would be to use a technical indicator that will independently perform all the routine work.

All you have to do is analyze the current situation and choose the most suitable trading strategy.

This can be either trading inside a channel or trading on a breakout, and a larger number of lines significantly expands the possibilities of analyzing the market situation.

The indicator is installed in standard mode.

After installing this script in the trading terminal and launching it, eight smooth lines appear on the screen, which are located at a distance from the moving average in accordance with the default settings.

Each line has its own color, which improves their visualization and allows you to better control the channel boundaries.

 In this case, several conditional channels appear, the inner one of which is safer, and with the intersection of each new line, the probability of a reversal increases.

If you wish, you can make the necessary adjustments according to the instructions, which are located in the same archive as this indicator.

In addition, the program has many additional parameters that relate to the moving average itself and allow you to more accurately configure it in accordance with your needs and preferences.

To improve the visual display of information, you are given the opportunity to independently select the colors of the displayed lines and the font size in which the data is written.

Strategy for using the Fibo levels indicator

The script can be used for trading Forex strategies, which are based on the use of price movement channels or Fibo levels.

The most successful entry points into the market are the trend reversals near the support or resistance lines, but we should not forget that less risky trades are opened in the direction of the main trend movement.

When working on short time periods, we focus on two internal lines, they are highlighted in white in the figure; as the trading time period increases, we gradually expand the channel itself.

The Fibo indicator is suitable for use on almost any currency pairs and time frames, and can also be used for technical analysis of the current situation in the forex market.

Download the Fibo indicator for free.

Ready-made strategy for trading using Fibonacci levels - http://time-forex.com/tehanaliz/urovni-fibo