Break Out With TP and SL Fibonacci Indicator
Start using Break Out With TP and SL Fibonacci Indicator. The MT4 Fibonacci indicator is available for free download. highest-quality trend reversal indicator. trend-following indicator.
- Description
- Indicator Settings
Description
The Break Out With TP and SL Fibonacci Indicator for The MetaTrader is a custom indicator that plots a Fibonacci level with the best entry and take-profit points after automatically detecting a breakout.
Key support and resistance areas on the chart are identified by the Fibonacci mathematical sequence, which can be utilized as a buy/sell signal or as a stop loss/take profit. As a result, the Fibonacci and breakout together form a potent trading technique with increased winning potential.
What is the Fibonacci method for breakouts?
Before placing a BUY/SELL order, wait for a breakout, plot a Fibonacci, and watch for the price to retrace into an ideal zone. You don’t have to worry because the indicator takes care of the aforementioned tasks automatically.
Beginner, intermediate, and experienced forex traders would all benefit from the indication. Additionally, it is advised for day/intraday traders as well as scalpers.
How to Use the Break Out With TP and SL Fibonacci Indicator to Trade With the Breakout
Break Out With TP and SL Fibonacci Indicator is displayed on a EURUSD chart in the image above. The greatest number of pip points that the price may probably BUY or SELL before reversing is indicated by the red box. Conversely, the optimum Take Profit zone is shown by the pale green box. Additionally, the indicator indicated a breakout zone with a corresponding Take profit and a SELL indication (SELL Order).
You may then initiate a SELL/SHORT position under the aforementioned circumstances, setting your Take Profit at the same amount as the chart’s TP1. To get the most out of the signal, you can additionally trail your stop loss after TP1.
Remember to act on the BUY/SELL indication when it matches the market’s trend. This raises the likelihood that the trade will be successful. To put it another way, don’t pay attention to BUY signs that appear, for example, in a bear market.
Conclusion
The MT4 Break Out With TP and SL Fibonacci indicator employs Fibonacci retracement levels and trend breakouts. Lastly, you can download it for free.
The indicator offers several customizable settings:
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Show Session Period with Different Background Color: Highlights the trading session with a distinct background.
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Box Color OK: Sets the color representing the ideal Take Profit zone.
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Box Color NOK: This parameter currently has no significant function.
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Box Color Max: Defines the color for the maximum limit zone.
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Level Color: Sets the color for Fibonacci levels.
