For quite some time now I have been studying ranges and how previous period levels (e.g. day) are useful in trading. Most traders are mindful of e.g. yesterday’s high and low but what about the Fibonacci external retracements and extensions? The Pipnotic Fibonacci Channels MT4 indicator enables you to keep an eye on external extension and retracement levels based on e.g. yesterday’s range, and plots these levels nicely on the current day’s price action.
The indicator also operates in what I’ll call dynamic mode, which enables it to dynamically draw levels that are a user specified number of periods greater than the currently active chart.
Hold the mouse cursor over each line for more information about the level.