QuickFib is an interesting indicator that can automatically update fibo levels using lowest low and the highest high in the presently noticeable portion of your chart. It illustrates the high/low of a trend as well as pullback points. I am fond of this indicator as it is very user-friendly. It as well draws two trend lines:
1. Resistance line (from the highest high to the high that makes the trend-line with the highest slope, and the corresponding opposite).
2. Support line.
As a result, you obtain Fibo retracement lines and all trend lines will be drawn automatically for you. It plots Fibonacci retracement levels on the MT4 charts and automatically calculates the 23.6%, 38.2%, 50.00% and 61.2% level for every currency move. This awesome indicator is highly recommended if you like to purchase dips in an uptrend or sell rallies in a downtrend. You can use it in conjunction with other trading tools to identify you entries.
BUY: In uptrend: You wait for the pair to fall back to the 38.2% level and look to buy.
SELL: In downtrend: You wait for the pair to rally back to the 38.2% level and look to sell.
Other Searched For :
- quickfib indicator review