Fibonacci Retracement Indicator
A Fibonacci Retracement indicator is often used by traders as an indication of support and resistance. These indicators provide Fibonacci levels that are determined by identifying two extreme points (ex. a swing high and a swing low), and dividing the vertical distance by Fibonacci ratios. Fibonacci Retracement indicators can be used in futures, forex, and stock trading, making them a truly universal indicator.
One of my favorite methods for using Fibonacci Retracement levels is to trade breakouts. While the method is quite simple, it is much easier to explain via the video I have posted at the following link:
The Fibonacci Retracement indicator will automatically find new swing high and low points, and update the Fibonacci Retracement levels on your charts for you. This makes it easy for you to spot potential trading opportunities and act accordingly.
Click the link below to download our Free Automatic Fibonacci Retracement indicator for NinjaTrader: