RED FIBEX Indicator V1.06 for MT4
Overview
The RED FIBEX Indicator V1.06 is designed to find trend extensions and determine optimal entry points (OP), stop-loss (SL), and take-profit (TP) levels. It stands for Fibonacci Expansion and offers high accuracy in identifying key reference points.
Key Details
- Minimum Deposit: $500
- Timeframe: M5 (5-minute chart)
- Platform: MetaTrader 4 (MT4)
- Currency Pairs: EURUSD, EURJPY, GBPUSD
Strategy
The RED FIBEX Indicator V1.06 follows a specific trading strategy:
- Fibonacci Expansion Analysis:
- The indicator automatically calculates Fibonacci levels without manual input.
- It identifies potential trend extensions based on Fibonacci ratios.
- These levels serve as reference points for trade decisions.
- Entry Points (OP):
- When the indicator detects a trend extension, it suggests entry points.
- Traders can enter long (buy) or short (sell) positions based on these signals.
- Stop-Loss (SL):
- The SL level is determined by the indicator.
- It helps protect against adverse price movements.
- Traders can set their SL slightly below the identified level.
- Take-Profit (TP):
- The TP level is also provided by the indicator.
- It represents the target price where traders can close their position.
- Traders can set their TP slightly above the identified level.
Strategy Type
The RED FIBEX Indicator V1.06 is not a martingale or hedging strategy. It operates as a scalping tool, aiming for quick profits within short timeframes.
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