The Bobokus Fibo Forex System indicator that runs on Metatrader 4 is a real Forex system based on the famous Fibonacci Levels.
The indicator appears in the main MT4 chart window in the form of easy to trade buy and sell Fibonacci entry levels.
All entry levels are clearly displayed in the chart, as well as profit target levels for both long and short trades.
Key Takeaways:
- The trend is considered bullish when price trades above the Fibonacci entry level for long trades.
- The trend is considered bearish when price trades above the Fibonacci level for short trades.
- No lagging indicator.
- Based on pure price action.
The Bobokus Fibo Forex System indicator can also be used to confirm trading signals issued by other trading systems or strategies, or as an additional trend filter.
Free Download:
Download the “bobokusfibo-indicator.mq4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
The example chart below displays the Bobokus Fibo Forex System indicator in action on the trading chart.
Trading Signals (example):
Buy signal: A buy signal occurs as soon as price reaches the Bobokus Fibo Forex System Fibonacci entry level for long trades.
Sell signal: A sell signal occurs as soon as price reaches the Bobokus Fibo Forex System Fibonacci entry level for short trades.
As always, please trade in agreement with the overall trend and practice on a demo account first.
Utilize your own favorite stop loss and take profit method.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Trading signals
Repaint? No.
Download Now:
Download the “bobokusfibo-indicator.mq4” indicator for Metatrader 4
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the bobokusfibo-indicator.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.