Forex Fibonacci Fan Indicator is a good technical tool. The Fibonacci indicator is used to determine the support & resistance level. There are major retracement levels. Which are 23.6 %, 50 %, 38.2 %, 61.8 %. If you draw Fibonacci between high point & low point, you can identify where can be price reversal.
How to install the Forex Fibonacci Fan Indicator.
Download Fibonacci indicator > Open meta trader platform > Go File menu> open data folder> open MQL4> Open Indicator folder> Insert indicator. Restarts meta trader folder & insert the Fibonacci indicator to chart. You can use forex Fibonacci levels to enter & exit. You can use this indicator for any currency pairs & you can apply this indicator to any time frames.
Combined this indicator with your other analysis. So, you can get an idea about turning points of price reversal. Then you must confirm that entry point from other forex technical tools.
otherwise, you can use a price action method for confirming trend reversal. Famous price action methods are Head & shoulder, Double Top, Double bottom, 1-2-3.
This forex indicator is good for scalping. Because once you enter a trade you can get an idea where you want to exit. You can exit with take profit from Fibonacci levels. Also, you can place a stop loss for the Fibonacci level.
You can exit with take profit from Fibonacci levels. Also, you can place a stop loss for the Fibonacci level.
Benefits of Fibonacci Indicator
You can identify price reversal points, You will get an entry point & exit point.
You can place stop-loss, upper Fibonacci level, or lower Fibonacci level from entry points. Also, you can identify major & minor trends. If you trade in 1 Hour chart you can follow the trend of 4 Hour forex chart or 1 Day charts.
When you trade-in 15-minute chart you can follow the trend of 1 Hour or 4 Hour charts. This Fibonacci Fan indicator display as a fan. There are Fibonacci retracement lines. Once, you install this forex indicator, you can see, how user-friendly indicators is that.
When you practice with this forex indicator you can get a good idea about this.
So, practice with a demo account & get an idea about this indicator.