The Auto Fibonacci Fan Indicator is a useful and popular Forex indicator for the MT4 trading platform. This free indicator is designed to automatically draw Fibonacci fan lines on the chart, which can be used to identify potential support and resistance levels. The Auto Fibonacci Fan Indicator works by drawing three lines on the chart. The first line is drawn from the highest high to the lowest low of the selected period, and is referred to as the base line. The second line is drawn from the highest high to the highest low, and is referred to as the trend line. The third line is drawn from the lowest low to the lowest high, and is referred to as the support line. The Auto Fibonacci Fan Indicator is a useful tool for traders who want to quickly identify potential support and resistance levels. It is easy to use and can be quickly set up on the MT4 trading platform.
Auto Fibonacci Fan
The Auto Fibonacci Fan Indicator is a useful tool for Forex traders. It is popular among MT4 users and is available for free. This indicator uses Fibonacci retracement levels to plot support and resistance levels on the chart. It will automatically draw lines from the highest and lowest points of the price action and divide the chart into several sections. Traders can use this indicator to identify possible support and resistance levels and make trading decisions accordingly. With the help of this indicator, traders can make informed decisions and maximize their profits in the Forex market.
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Category: Price Action
How to Install
How install MT4/5 indicator in the terminal?
To install an MT4/5 indicator in the terminal, follow these steps:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.
Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.
And if asks to confirm DLL?
If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.
DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.
If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.
It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.