What is Fibonacci-CompassFX-Daily Indicator?
Fibonacci-CompassFX-Daily is an MT4 indicator that draws daily Fibonacci retracement levels from the previous day’s price range. The horizontal lines and labels organize the displayed retracement references directly on the chart.
The indicator reduces the need to redraw the same daily levels manually. The displayed percentages are chart references for reviewing price behavior, not fixed expectations about future movement.
How to Use It in Practice
Use the displayed Fibonacci levels as a chart reference:
- Add the indicator to an MT4 chart and review the daily retracement lines and labels.
- Compare current price behavior with the displayed percentage levels and the prior day’s range.
- Use the existing FiboColour setting to adjust line and label visibility.
- Review the levels together with broader chart structure and other visual references.
Daily Fibonacci references are drawn automatically, percentage labels organize the chart view, and the color setting supports visibility on different chart backgrounds.
MT4 Indicator Parameters
The screenshot above shows the default input parameters in the MT4 settings window.
| Parameter | Description |
|---|---|
| FiboColour | Sets the color of all Fibonacci level lines and their labels on the chart. Useful for customizing visibility against different background themes. |
