Advanced Fibonacci Tool can be located within the indicators section of the MQL5 marketplace, there may be several Fibonacci tools so we have provided a link to the exact one that we are looking at. The indicator was uploaded by its creator Onur Uzuncakmak on the 20th of September 2017, it was last updated on the 16th of November 2016 and is currently on version 1.2.
Advanced Finobbacci Tool is an indicator designed for the MetaTrader 4 trading platform, there is also a MetaTrader 5 version available too. Its main purpose is to give a more advanced version of the standard Fibonacci levels indicator and will draw the levels onto the charts.
Some of the key features of the indicator:
-Drawing of Fibonacci retracement and expansion levels using hotkeys.
-Auto-adjusting of retracement levels once the market makes new highs/lows.
-Ability to edit/remove any retracement & expansion levels on the chart.
-Auto snaps to exact high and low of bars while plotting on the chart.
-Getting very clear charts even though many retracement and expansion series marks.
In terms of parameters, there is a number available that you can alter. Some of the options include the text font, font size, color of retracement levels, the color of expansion levels, width of resistance and expansion levels, custom retracement, and custom expansion.
The Advanced Fibonacci Tool can be purchased with a one-off payment of $89 which gets you unlimited access and no limitations. Unlike many indicators on the MQL5 marketplace, there is no option to rent it. There is also a free demo version, this will have some limitations attached to it, unfortunately, the site does not indicate what they are so we cannot say for sure, it may still be worth downloading to try out, just to see if it functions how you need it to be for making a purchase.
There are only two reviews for the indicator but they are both positive giving it an overall rating of 4.5 out of 5.
“Best Fibonacci Indicator in the market!!” – A 5-star review.
“Please add some function for multi-timeframe” – Not really a review but it gave 4-stars.
So the indicator has received some good rating and the developer has been replying to comments offering support which is a good indication towards the type of post-purchase customer support that you will receive. We would advise you to try out the demo version, and send any queries you have to the developer so you can be sure that it is the right indicator for you before you make a purchase.
This Forex Indicator is currently available in the MQL5 marketplace: https://www.mql5.com/en/market/product/5577