Description
Monitor the price against the channel and zones
Fibonacci Diamonds is an indicator for MetaTrader 4 and MetaTrader 5 that overlays a price channel, additional zones and BUY/SELL signals onto the chart. It helps to correlate directional markers with the price level and the context of the selected base timeframe.
Two ways of presenting signals
Diamonds
They indicate the first time the price breaks out of the channel and subsequent new highs or lows on the same side. They enable you to track the development of the price movement outside the channel’s main range.
Arrows
This refers to a pattern involving two candles: the first breaks through the channel and closes in the direction of the breakout, whilst the next closes in the opposite direction. You can select how the signals are displayed in the settings.
The broader context on the current chart
The base timeframe is selected automatically or set manually. For example, on an M15 chart, you can view a channel calculated using H1 data. This allows you to see where the price stands in relation to the channel on the higher timeframe without having to switch the entire chart.
- The channel defines the upper and lower boundaries and an optional centre line.
- The additional zones highlight instances where the price moves outside the channel.
- Price labels and interval markings make it easier to read the levels and identify the source of the data.
Platforms and licence
The licence covers MT4 and MT5. MT4 version 1.06 and MT5 version 1.06 are currently available. One-off payment, perpetual licence.
The indicator also accepts a valid Fibonacci Club licence.
The nature of the signals
Signals are analytical indicators and may vary depending on the calculations used to derive the indicator. They do not guarantee a specific outcome of a trade.
Add Fibonacci Diamonds to your basket and analyse the price against the channel, zones and signals in MT4 and MT5.
