By CountingPips.com
We are excited to announce that we have released our latest indicator for the Metatrader 4 platform: Automatic Fibonacci Retracements
The standard Fibonacci Retracement indicator in the Metatrader 4 platform is great but it is static. Traders have to determine the trend, draw the indicator and update the chart when trends change.
This indicator was designed to do all that for you automatically – Automatic trend determination, plotted Fibonacci levels and updated retracements as price action changes.
There are user inputs for the number of periods to consider in drawing the fibonacci retracements as well as coloring and styling options. The indicator will update upon the completion of the latest bar or candle and a new retracement will be drawn when a new high or low is made over the chosen time-frame.
This is our fourth forex indicator for the MT4 platform and you can find our Automatic Fibonacci Indicator here. Our previous indicators include Pivot Point Levels, Linear Regression Channels and the High Low Support Resistance Indicator which all can be found in our Forex Apps section.
As always, we love to hear your feedback or suggestions for new indicators or apps that you may have (email us).