FRZ Fibonacci Auto Drawer (Fibonacci Indicator MT4) automatically plots the Fibonacci Retracement levels. Fibonacci levels can be very important to identify the potential reversal points in a trend. The indicator provides several settings that can be customized as per the user requirement.
How to Use
One great way to use this Fibonacci Indicator MT4 is to identify the potential support and resistance levels and then check out if they line up with Fibonacci retracement levels. In case Fibonacci retracement levels are already support and resistance levels, and you can combine them with other price areas that many other traders are watching, then the likelihood of price bouncing from those areas could be expected.