The Best Fibo Indicator for Mt4 Vs Trading View Indicator
In this article, I will discuss the best Fibonacci indicator for mt4 2024 and we will focus on the trading view indicator, which is better than the mt4 indicator. Traders normally use it to find pullbacks on charts. It uses different Fibonacci ratios in its calculation.
It automatically sets up peak and bottom levels on your trading chart. We can easily find overbought and oversold on our chart. You can use this indicator on lower and higher time frames in forex, crypto, and stocks.
Let’s Understand the Use of the Auto Fibonacci Retracement Indicator
This indicator consists of various ranges. The range starts from 0 and ends at 100 level. The 0 level is the the oversold level as per the indicator. The 100 level is the key area of overbought levels on the chart. There is a 38.2% Fibonacci level in the middle and it’s the key area of interest near traders. In the uptrend, traders prefer to enter into a buy trade from this key level. You can set up the stop loss below the 50 level with a safe approach. You can set up your take profits at the next available resistance. The 78.6% level is widely used for trading pullbacks.
How to Download The Best Fibonacci Indicator for Mt4?
All you need is to google the best Fibonacci indicator for mt4 and within the 3 top websites, you can download it for free. Now, I am going to give you the best Fibonacci retracement indicator trading view which is 1000 times better than all mt4 indicators.
Auto Fibonacci Retracement by Atilla Yurtseven (Trading View)
Just go to tradingview.com and search Auto Fibonacci retracement. Choose the one written by Atilla Yurtseven. It does not require your experience from traders to plot it on the chart. There is one huge plus point in this indicator. When the retracement is confirmed then it will plot a buy-sell signal with the word retraced. It also displays trendlines on the chart.
Conclusion:
Both indicators are good. I have personally found the trading view indicator the best one. Traders find it hard to confirm retracements. The trading view indicator easily lets us know that retracement is confirmed.
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