The Weekly Fibo Levels indicator for Metatrader 5 calculates and draws the weekly Fibonacci pivot point + support and resistance levels on the chart.
The indicator is based on the weekly chart and fits longer-term traders better.
Generally speaking:
- A candle close above the weekly pivot is a bullish signal.
- A candle close below the weekly pivot is a bearish signal.
The support & resistance levels should be useful for take profit and stop loss placement.
The following indicator inputs and parameters can be modified: display fibos for last weeks (number), colors, level zero style, and levels style.
The Weekly Fibo Levels indicator should work well when trading off the higher time frames (H1, H4, D1, W1).
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
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Weekly fibo levels.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Weekly Fibo Levels indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Weekly Fibo Levels Forex Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal arises when the candlestick crosses back above the gray Fibo Pivot line from below.
- Execute a buy order and place your stop below any of the red colored Fibo support lines.
- Exit the buy trade when the price touches any of the blue colored Fibo resistance lines.
Sell Signal
- A sell signal arises when the candlestick crosses back below the gray Fibo Pivot line from above.
- Execute a sell order and place your stop above any of the blue colored Fibo resistance lines.
- Exit the sell trade when the price touches any of the red colored Fibo support lines.
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Weekly fibo levels.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Weekly fibo levels.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration