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 1 st , 2 nd and 3 rd 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.
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