• Functional in the Forex market.
• Functional in the B3 market – Bolsa Brasil Balcão.

Motivation

The technical indicator of Fibonacci retraction for many is essential and the basis for all forecasts of market movements. The name of the tool comes from the Italian mathematician Leonardo de Pisa (13th century).This FULL version will work in Meta Trader 5 on any type of account.

Operation

The Fibo Retraction is an automated indicator that traces the Fibonacci retraction according to the values ​​of the Maximum and Minimum prices of the day, the retraction is created to serve as a support or resistance reference in the percentage levels: 23.6%, 38.2%, 50 % and 61.8%.

Input parameters

• Crossline color – Select a color or leave it default.
• Level Color – Select a color or leave it default.
• Levels line style – Choose the line type or leave it default.
• Line width of Levels – Choose the width of the lines or leave default.
• Background levels – Select how to display in the overlay or background graphic.
• Activate Fibonacci on wave II – Select true or false to display the second fibo in the retraction of the maximum or minimum of the day.
• Line width of the Wave II Levels – Select the width of the wave II fiber or leave default.
• Color of wave II levels – Select a color of wave II levels or leave default.

[spoiler title=”Read More…”]

To test on the DEMO account, download the free version at:

If you like this tool, take a minute to leave a comment.

If you have any suggestions for improving it, please send me a message and we can discuss further.

Feel free to visit my profile and “Add to friends”

A Universal Master Trader product.

[/spoiler]