There is such an indicator in Code Base Fibo Bars 2 created by Ivan Karnilov. While working with it, the idea arose of simultaneously combining several Fibo Bars 2 in one indicator. The meaning is as follows: there are Fibo Bars 2 with a large period, there are two other periods, the work is carried out in the direction of the older one, when two younger periods match the color of the bars of the older period. As soon as any of the two Fibo Bars 2 of a smaller period starts to turn into a color that contradicts the color of the older period, the indicator turns yellow, thereby showing the trader that the movement that has arisen is going against the main trend.
period – the larger the set period value, the less sensitive the indicator
fiboLevel – Correction level
level1 – 0.236
level2 – 0.382
level3 – 0.5
level4 – 0.618
level5 – 0.762
By choosing the fiboLevel in Fibo Bars 3, it will be the same for all Fibo Bars 2 layers.
To adjust the indicator to your requirements and traded intervals, you need to look at the initial Fibo Bars 2, which will be considered an older trend for you. After that, on the lower Fibo Bars 2 periods, see what corrections you want to trade, and what will be considered a reversal for you.
The settings are very flexible, if you use oscillators when Fibo Bars 3 is colored yellow, you can find even earlier entry points. You can hold a trade either until the oscillator is overbought / oversold, or until the yellow color reappears on Fibo Bars 3.
If you find more interesting examples of how to work with this indicator, write I will be glad! If you are looking for a reliable broker, and also want to quickly select by instruments and spreads, there is a good selection of top companies, here is the link of TOP brokers.
Fibo Bars 3 – Download Instructions
Fibo Bars 3 is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.Subway 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 the software?
- Download the mq4 file from the zip file.
- Copy the mq4 file 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 the mq4 file.
- Attach to a chart
- Modify settings or press ok
- Indicator should be available on your Chart
How to remove tim.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
MT4 Indicators Download below: