BeST_Fibonacci Retracement Lines is an MT4 Indicator that by default is based on common Fibonacci levels but it can also draw any 3 desired levels of Retracement or
Support of a trending move. It can be used to identify pullback points
but also additionally as a kind of a Trailing Stop.
BeST_Fibonacci Retracement Lines indicator:
• by default draws 38.2%,
50% and 61.8% Retracement Levels of the current price
move defined using the Highest High (HH) and Lowest Low (LL) of a desired Look
Back Period.
• it can also draw any 3 desired levels of Retracement
or Support of the current move.
Inputs
The Input parameters of the indicator
are the following:
• Select Look Back Period: It is the number of bars that we Look Back on the Chart
defining HH and LL in order to calculate the % Retracement Levels.
• Select 1st, 2nd and 3rd
Fibonacci Retracement Levels: in fact you can select to be drawn any 3 Retracement % Levels of the
current move, you want.
• Select Text Font size and Color: You can select the text settings of the drawn
levels.