Uses the power of the Fibonacci sequence, in this case the Fibonacci spiral, to indicate trading opportunities.
The Fibonacci spiral is one of the greatest tools produced by the amazing Fibonacci sequence and numbers. It is considered by many traders to be the ultimate tool for predicting human behavior in the financial markets. The formation of a Fibonacci spiral can even be seen in nature on shells, petals of flowers, seed heads, the arrangement of leaves and stems, and even in glaxies.
Fibonacci spiral is a special spiral that grow from the center in the Fibonacci ratio 1.618, which is also called the golden ratio. Every time the spiral makes a full turn it extends it self by Fibonacci ratio.
This indicator will plot Fibonacci golden spiral on the chart. It is very easy and very flexible to use, however you have understand the initial settings before you use it.
– radius: is the initial radius for drawing the spiral.
– goldenSpiralCycle: this parameter represents how many cycles or turns has the spiral to go before it is increased by the golden ratio. (default is: 1)
– clockWiseSpiral: when true the indicator will plot clockwise spiral and when it is false it will plot a counter clockwise spiral.
-spiralColor1, spiralColor2: the colors of the plotted spiral.
After the indicator initialize it will draw square and a spiral. If the square is not correctly scaled you can resize it and the spiral will be redrawn on the next coming price tick. You should rescale the square until you get the desired shape for the spiral.
MT4 Indicators – Download InstructionsFX5_FiboSpiral is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data. FX5_FiboSpiral provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install FX5_FiboSpiral.mq4?
- Download FX5_FiboSpiral.mq4
- Copy FX5_FiboSpiral.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on FX5_FiboSpiral.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator FX5_FiboSpiral.mq4 is available on your Chart
How to remove FX5_FiboSpiral.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete