Overview of the Fibonacci-CompassFX-Daily Indicator
The Fibonacci-CompassFX-Daily indicator automatically draws daily Fibonacci retracement levels on your MT4 chart. It highlights important price zones like breakout levels, retracement buy/sell areas, and profit targets using clearly labeled horizontal lines. These levels help traders identify potential reversal or continuation areas based on the previous day’s price action.
This tool simplifies decision-making by pre-marking Fibonacci zones, allowing traders to quickly evaluate trade opportunities without manually plotting levels each day.
How to Use It in Practice
In practice, the Fibonacci-CompassFX-Daily indicator can be used to:
- Identify key intraday price levels for entries, take-profits, or stop-loss zones.
- Trade breakouts or reversals from the predefined Fibonacci levels.
- Plan entries on retracements toward 23.6% or 78.6% zones, which are marked as “Retrace buy/sell”.
- Use the TP (-23.6%) level for extended profit-taking targets beyond the daily low.
The color and visibility make it easy to spot these levels even on busy charts, and it is especially helpful for day traders using price action or Fibonacci-based strategies.
Parameter Explanations
FiboColour
Sets the color of all Fibonacci level lines and their labels on the chart. Useful for customizing visibility against different background themes.
