Fibonacci levels can be notoriously difficult to pin point exactly where they should be plotted but this is where the Fibonacci Golden Zone Indicator comes into play and does all of the hard work for you so there is no guess work needed. You should always confirm signals with any forex system using your own analysis.
Of course, where the lines are drawn can be subjective, something that the Fibonacci Golden Zone Indicator is not able to overcome but none the less the levels the indicator finds can still be very useful for things like potential entries, exits, support, resistance and more.
Whilst there is a default Fibonacci indicator included within MT4, it will not automatically plot the lines for you, which is where this indicator comes in handy.
Fibonacci Golden Zone Indicator Features
The Fibonacci Golden Zone Indicator works by attaching it to any
currency pair and any time frame chart that you wish for it to plot the
Fibonacci levels for you. Thus, it is suitable for any level of forex
trader, from beginners to the more advanced amongst you.
I personally believe that the major currency pairs will work best with the Fibonacci levels as they tend to be the most widely traded. Furthermore, when trading the major currency pairs on a good ECN forex broker you can get competitive spreads, commissions and minimal slippage due to the vast amount of liquidity providers (LP’s) used by such brokers.
The Fibonacci Golden Zone is something that not many forex traders know about. In fact, the 38.2, 50, 61.8 lines have all historically been shown to be the amongst retracement lines to use with the Fibonacci Indicator. Many professional traders and big banks use Fibonacci as their primary tool to analyse price reversal and retracement zones. Thus, you can understand how powerful a tool the Fibonacci Golden Zone Indicator can be in your trading arsenal.
Feature #1-Trend lines
The Fibonacci Golden Zone Indicator also shows you the previous Fibonacci Zone because these lines are still valid.
All other Fibonacci Indicators will not show you this, but we know how important it was based on the strategy which is why we added this feature into this indicator.
All other Fibonacci Indicators will not show you this, but we know how important it was based on the strategy which is why we added this feature into this indicator.
Feature #2- Previous Fibonacci Zone
You will also see the exact Fibonacci Level the current price action is located.
Feature #3- Current Fibonacci Level
The above features are great, but the One of most powerful tools that is implemented into the this system is the Fibonacci Custom Dashboard.
You can see a small chart image for each time frame with this dashboard with the Fibonacci Indicator attached...
So that means you can see where the exact price action is from a M1 time chart all the way up to a Monthly chart. That can be the difference between a winning trade and a losing trade since you know exactly where the price action is on all of these time frames!
Multiple time frame analysis is very important to analyze with every trade, so this custom dashboard makes it that much easier to do then ever before!
So that means you can see where the exact price action is from a M1 time chart all the way up to a Monthly chart. That can be the difference between a winning trade and a losing trade since you know exactly where the price action is on all of these time frames!
Multiple time frame analysis is very important to analyze with every trade, so this custom dashboard makes it that much easier to do then ever before!
