In this post I will be reviewing the Fibonacci Golden Zone Indicator for the MetaTrader 4 (MT4) online trading platform. MT4 is one of the most widely used forex trading platform and is used by some of the best forex brokers worldwide.
With the Fibonacci Golden Zone Indicator you will no longer need to manually draw and delete Fibonacci lines on your charts. For those of you who do not know, the Fibonacci levels are numbers found throughout nature and have for many years been used by traders to find important price points whilst trading the markets.
Fibonacci levels can be notoriously difficult to pin point exactly where they should be plotted but this is where the Fibonacci Golden Zone Indicator comes into play and does all of the hard work for you so there is no guess work needed. You should always confirm signals with any forex system using your own analysis.
Of course, where the lines are drawn can be subjective, something that the Fibonacci Golden Zone Indicator is not able to overcome but none the less the levels the indicator finds can still be very useful for things like potential entries, exits, support, resistance and more.
Whilst there is a default Fibonacci indicator included within MT4, it will not automatically plot the lines for you, which is where this indicator comes in handy.
Fibonacci Golden Zone Indicator Features
The Fibonacci Golden Zone Indicator works by attaching it to any currency pair and any time frame chart that you wish for it to plot the Fibonacci levels for you. Thus, it is suitable for any level of forex trader, from beginners to the more advanced amongst you.
I personally believe that the major currency pairs will work best with the Fibonacci levels as they tend to be the most widely traded. Furthermore, when trading the major currency pairs on a good ECN forex broker you can get competitive spreads, commissions and minimal slippage due to the vast amount of liquidity providers (LP’s) used by such brokers.
The Fibonacci Golden Zone is something that not many forex traders know about. In fact, the 38.2, 50, 61.8 lines have all historically been shown to be the amongst retracement lines to use with the Fibonacci Indicator. Many professional traders and big banks use Fibonacci as their primary tool to analyse price reversal and retracement zones. Thus, you can understand how powerful a tool the Fibonacci Golden Zone Indicator can be in your trading arsenal.
Fibonacci Golden Zone Indicator Summary
Overall, the Fibonacci Golden Zone Indicator is a useful tool should you need assistance drawing your Fibonacci lines. Whatever forex trading system you use, it is very useful to know these levels as they can help find turning points (reversals) or breakouts in the market.
One thing to keep in mind is that you may not want to trade the Fibonacci Golden Zone Indicator alone and will possibly need additional technical, fundamental and price action analysis to compliment the Fibonacci lines it draws on your behalf.
The Fibonacci Golden Zone Indicator includes instructions, full support and a money back guarantee.