Watch below video review
My name is Cris and i’m from Need For Spread welcome to my channel and welcome in today’s video.
Today i will share with you and i’ll review a new trading indicator for mt4 platform which is called Auto Fibo Phenomenon and it is an mt4 indicator as i said and is based on Fibonacci retracements so if you want to see what’s all about this indicator and how you can download this indicator, if you like it, of course, stay here until the end of this video and if you’re new to my channel don’t forget to subscribe and also hit the notification bell in this way you’ll be notified every time i’m uploading new videos.
So, that being said without further ado, let’s jump into the video!
All right everyone, i hope you are all well today. It is Sunday, tomorrow it’s starting a new week and i want to share with you this amazing indicator i can say because i tested on the mt4 platform demo account and i gained very good results with it and you will see it looks very, very, very nice.
So, the indicator is called Auto Fibo Phenomenon and is based on Fibonacci retracements, so until the end of this video you’ll be able to know how this indicator works and of course, as usual, you will be able to download it for free this indicator and the best thing about this indicator is that, let me go ahead and i will show it a little bit, of course, there will be a link below this video in the description area where you will be able to download this indicator.
The link it will take you to my website and there you will find a button where it says “Download” and you will be able to download it to your computer.
It will be a WinRAR file like this one as you can see here. Let me go ahead and i’ll open the pen, of course, i’m always repeating these steps because there are a lot of new subscribers on my youtube channels who wants to learn more things because they don’t know too many things about trading and i want to help them reach their goals. So it will be a file like this one as you can see here Winrar file you need the WinRAR to unzip this file you’ll find it on google. Google winrar and then you will be able to download to extract the file and you will have a folder like this one auto fibo phenomenon and the best thing, let me close the pen, the best thing about it is that inside you’ll have the indicator but you’ll have the mql4 source file so you will be able to edit this indicator as the way you wish.
Of course, if you have a few mql4 coding skills, so this is for more experienced traders which are working with indicators. All right, let me go ahead and i’ll go back to the… so what you should do is to extract here file you’ll find this Auto Fibo Phenomenon, click on copy here, yes, click copy then all you have to do is to go here on your mt4 platform, go to files, open data folder and next go to mql4, go to indicators and then copy-paste. Paste that indicator over here.I already have it here auto fibo phenomenon as you can see, so i will not do it again. And then refresh here the page or close the mt4 platform and open it again and you will see this auto fibo phenomenon folder here. Just click on this little plus and then drag and drop on any chart you want this indicator. Go here, to common and be sure that always this all of the rally imports will be checked and click on ok and voila, here it is the magic happens and as you can see here there is a signal of fibo phenomenon auto fibo phenomenon indicator and it looks very very nice to me as you can see here.
Let me go ahead and i will show you a little bit what that means. So we have this red line here which is the entry price and this is the stop loss line and this is the take profit. This is a sell, by the way this is a sell signal and we have the first- let me put the pen here to see it better- so, this is the entry price here. Here this line is the stop loss and here it is that first take profit the second take profit and the third take profit of course if the price will reach these values of course and very important here you need to have a look on this window here which will tell you what’s all about this. This is on m this is on 15 minutes chart but i will use it i will show it a little bit because this is what this works best on one hour chart but for the sake of this video i will show it also here on a 15-minute chart and as you can see we have a gbp usd yes we have the sell, we have the trend is down and we have the sell we have the stop loss here take profit take profit to take profit free of course so we have all this information here on information tab as you can see here.
And the best thing that i like to this indicator is that it’s putting the stop loss not too far from the entry price and that means- let me go ahead and i’ll show you a little bit what i want to see. So, here it is the entry price and we have only 18 20 pips 15 pips until the stop loss. So it will not be a very very big loss if the price it will go against the indicator provision. Yes, so this is very important and from the, uh, from the entry price, uh, at the first stop loss we have 71 pips until the second until the first take profit sorry 71 pips until the second we have 109 pips as you can see here and at the third stop loss, we have 177 pips.
So, it’s important not to be greedy, to take it step by step what i am my suggestion for you when you are using this indicator is to go here and when the price it will reach halfway to the first take profit you will move the stop loss here. Yes, you will move out manually move the stop loss over here.
Let me go ahead and i’ll put the pen again so when the price is here as it is right now the best thing to do is to move the stop loss over here yes at the entry price you manually move it over here.
All right and then when you’ll take the first the second take profit you move the stop loss at the first take profit and so on. When you reach the third take profit you move the stop loss over here. Yes, the stop loss over here and the take profit here. Even if the price is good that means the first take profit to take profit free if you ever asked yourself what that means take profit to take profit free
All right, let me go ahead and i’ll close this one and i’ll show you let me go to eur/usd. This is on one hour time frame let me close this grid here to have a better look. So here we have, as you can see let me put the pen again, we have here the entry price. It was the entry price we have the stop loss over here we have the first take profit here the second take profit here and the third take profit here.
Of course, this is a down signal you can write everything over here on this panel. The sell, the entry price here we have the stop loss here the first take profit uh the second take profit and the third take profit so everything looks nice on this indicator.
My advice to you is to use it on a demo account to try it on a demo account on several currency pairs and you play with more time frames for example you can try it on 15 minutes, you can try it on five minutes, also you can try it on 30 minutes, on one hour on four hours and then you see where it works the best.
For me, it’s working the best on a one-hour time frame.
So, that’s all about these indicators that it’s for the mt4 platform. It works the best in a one-hour time frame, it is very accurate and it’s beginner-friendly. As you can see, it’s everything shown here and you have the mql4 source code.
So, for those of you who are more experienced in mq4 coding, you can go ahead and modify this indicator.
All right, so that being said, i’ll put a link below this video in the description area, which will take to my website and from there you’ll have a button where you can download for free this indicator.
If you like the video and if you have questions, put a question below this video in the comments area and give me a Like. Also, you can share this video with your friends so don’t be greedy and i’ll see you in the next video.
Have a great day! Bye!