The indicator will automatically draw any of the following technical chart tools below without the need for the trader to set the price levels, this is one of the most useful drawing indicators a trader will use when they start trading Forex and other symbols.
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A Fibonacci retracement indicator is a charting tool that uses technical analysis to identify support or resistance levels with the use of percentage values.
Support & Resistance Trend Lines
A support and resistance trend line is a line between two points where there are potential buyers and sellers waiting, these points are automatically calculated and drawn by the indicator. A support trend line is created when the symbol price decreases and then rebounds at a pivot point that aligns with at least two previous support pivot points
Support & Resistance Levels
The support level refers to the price level that a symbol does not fall below for a period of time, it is created by buyers entering the market whenever the symbol dips to a lower price. It is also charted by drawing a line along with the lowest lows for the time period being used.
How to Use the Indicator
When you add this indicator to a chart, nothing will be visible, first, you need to press the Ctrl key on the keyboard and then using the mouse right-click from left to right to highlight all the candles you need to use for the calculations.
How To Install & Remove
First, make sure you have the cTrader trading platform installed and then simply unzip the file and double-click on it to automatically install it onto the platform.
Join Telegram Community
You can join a Telegram community and chat with other traders to discuss, share and ask for help.