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Fibonacci Cluster

The Fibonacci Cluster indicator for MT4 highlights zones where multiple Fibonacci levels converge. Traders can use this information to make informed decisions when entering or exiting trades.

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Description

The Fibonacci Cluster indicator for MT4 is a custom indicator for identifying high-probability zones for trend reversal/continuation setups based on the Fibonacci retracement levels. The indicator highlights swing zones where multiple Fibonacci retracement levels overlap or are nearby.

In essence, the indicator highlights a confluence of different Fibonacci levels, which tend to act as stronger potential support or resistance zones. Thus, Forex traders can use the identified Fibonacci cluster levels to determine the probable direction of the market.

Features of the Fibonacci Cluster Indicator for MT4

The indicator uses algorithms that analyze the price data for past Fibonacci retracement levels. It then identifies and plots horizontal lines on the zones where multiple past Fibonacci levels meet or are very close to each other.

Therefore, traders can anticipate certain price movements at the horizontal lines, which represent the Fibonacci cluster zones of past price action. For instance, traders might watch the horizontal line displayed by the indicator for potential trend continuation trading opportunities after the price breaks and retest it.

Benefits of Using the Indicator

  • Enhances Strong Support/Resistance Identification: The indicator helps traders to identify reliable support and resistance zones from different Fibonacci levels, which enhances trading accuracy compared to using a single Fibonacci zone.
  • Objective Analysis: The indicator helps improve objective trend analysis, thereby increasing trading efficiency.
  • Increases Confidence: Making trading decisions on zones where multiple Fibonacci levels of past price action converge increases traders’ confidence in the zones.

Indicator Settings Description

The indicator comes with the following customizable settings:

Factor: Determines the type of multiplier applied to the ATR.

ATR_Period: Determines the number of periods for the ATR.

ATR_Multiplier: Determines the number of multipliers for the ATR.

LevelsColor: Determines the color of the Fibonacci cluster levels.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. 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.

 

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