Free Automatic Fibonacci

What is Free Automatic Fibonacci?

• Free Automatic Fibonacci is a trading indicator designed to plot Fibonacci retracement levels automatically.
• This indicator works by analyzing a specified number of bars to detect price extremes, thus providing traders with essential retracement levels.
• The indicator updates in real time as new highest and lowest prices are detected among the selected bars, ensuring accuracy. 🌟

Key Features

• BarsToScan: Set the number of bars for the indicator to evaluate.
• Customizable Levels: Allows traders to define specific Fibonacci levels and display them based on preference.
• Color Selection: Traders can customize the colors of the Fibonacci levels, enabling multiple versions of the indicator on a single chart with different colors.
• User-Friendly: Ideal for both amateur and professional traders; requires minimal expertise for setup and utilization.

Settings Explained

• Level_1 to Level_6: Define the Fibonacci levels that will be plotted on the chart.
• LevelsColor: Customize colors for each level for better visibility and aesthetics.
• FiboName: Set a unique name for each Fibonacci instance when applied multiple times on the same chart.

Practical Applications

• Utilize the automatic plotting feature to save time on manual Fibonacci retracement drawing.
• This indicator facilitates quick analysis and decision-making without cluttering the chart with irrelevant data.
• Especially useful in trending markets where understanding retracement levels is crucial for entry and exit points. 📈

User Experience

• Many users have reported the indicator's ease of use and effectiveness in various market conditions.
• Overall ratings reflect satisfaction and appreciation for its automated features and flexibility in settings.
• ⚠️ Potential drawbacks may include reliance on historical data accuracy and market volatility impacting the effectiveness of Fibonacci levels.