Auto Fibonacci Retracement MQ4 Indicator – An indicator that automatically draws Fibo Retracement. Indicator uses ZigZag for drawing.
A Fibonacci retracement is a term used in technical analysis that refers to areas of support (stops going lower) or resistance (stops going higher).
Fibonacci retracement levels use horizontal lines to indicate areas of support or resistance at the key Fibonacci levels before the trend continues in the original direction.
These levels are created by drawing a trendline between the high and low and then dividing the vertical distance by the key Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8% and 100%.