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Fibo Bands is an innovative indicator and analyzer for trading in the direction of the current trend. The indicator builds a Fibonacci channel (bands), and consists of a trend line (middle line), channel bands, colored bars and reference information.

After the end of the formation of the current bar, the trend line, channel and color of the bar are not redrawn. However, the channel width can be changed after restarting or restarting the indicator, depending on the volatility.

The channel is built in accordance with the Fibonacci extensions, which the user can set individually for each timeframe. Channel boundaries can serve as a target for takeprofit.

The change in market sentiment is calculated at the user’s request based on one of the fourteen basic indicators included in the standard MT4 package, and affects the color of the trend line.

The reference information tables contain data on the color of the bars and the midline on the last two bars for all timeframes. The color of the bars and the midline characterizes the market sentiment.

At the request of the user, the colored bars, the middle line, the stripes or the reference information both together and separately may not be shown on the chart, an example in the screenshots.

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The indicator can be used for manual or automatic trading as part of an Expert Advisor. For automatic trading, the readings of indicator buffers of the double type can be used:

The data of indicator buffers should not be equal to EMPTY_VALUE.


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