Settings Forex Indicator Fibonacci:
The Auto Fibo Retracement indicator is an auxiliary technical analysis tool that applies Fibonacci levels automatically, in the course of price movement.
With this tool, you can easily determine corrective levels on any timeframe and currency pair, because Fibonacci levels are equally effective on all types of charts and assets.
A pleasant feature of this tool is the fact that the Fibonacci indicator highlights the areas of green in the vicinity of which the probability of the end of correction and the resumption of the trend is the highest…
The ability to correctly find and determine correctional levels allows the trader to choose the most attractive and efficient entry points, from which the price, like a clamped spring, shoots towards the trend.
After all, it is the correction points that act as support and resistance, are an additional argument for the trader to make a decision on his own strategy.
Moreover, near these levels the patterns of candlestick analysis, as well as the patterns of Price Action, work out themselves, as nowhere else in the area on the chart.
However, as with any technique of graphical analysis, the effectiveness of building Fibonacci instruments, with the aim of finding corrective levels, is greatly influenced by the human factor.
Beginning traders can very differently define local extremes, on the basis of which the construction takes place.
As a consequence, beginners begin to work out the levels where they really do not exist, which leads to the idea of ineffectiveness of this tool and obtaining losses.
Therefore, at first, you can hedge with auxiliary indicators that will help to discard the subjective human factor.
In the Fibonacci indicator settings, it is possible to customize the visual appearance of the levels according to your own preferences.