AutoDayFibs_001

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Author: Copyright � 2005-2008, Jason Robinson (jnrtrading)
AutoDayFibs_001

This script is designed to automatically plot Fibonacci retracement levels on a trading chart based on daily price movements. It simplifies the technical analysis process by calculating these key support and resistance levels automatically, updating them as market conditions change.

Core Functionality

Dynamic Price Tracking The script identifies the highest and lowest price points within a specific timeframe. It is designed to be intelligent about "current" data:

  • Automatic Adjustment: It can be configured to switch its focus based on the time of day. For example, it can be set to use previous day's data during certain hours and automatically pivot to today’s live price action at a specific time.
  • Custom History: If you prefer not to use the automatic daily switch, the script allows you to manually define how many days back it should look to find its high and low markers.

Directional Awareness A key feature of this logic is its ability to detect the "trend" of the price range. The script checks whether the highest price or the lowest price was hit first during the period.

  • If the price hit the high first, it treats the move as a primary push upward and calculates the Fibonacci levels accordingly.
  • If the price hit the low first, it treats the move as a downward trend and mirrors the calculations. This ensures that the retracement levels are oriented correctly relative to the market's actual momentum.

Visual Output Once the script identifies the range and the direction, it draws a series of horizontal lines on your chart. These represent standard Fibonacci ratios (such as 23.6, 38.2, 50.0, 61.8, etc.). Each line is accompanied by a text label to identify its specific percentage, providing a clean and professional visual guide for identifying potential trade entries or exit points.

Performance & Cleanup To keep your trading chart organized and prevent "ghost" lines from appearing, the script includes logic to clear old drawings. Every time the price range changes significantly, it deletes the previous set of lines and redraws fresh ones based on the new data, ensuring your workspace remains accurate and uncluttered.

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AutoDayFibs_001 
//+------------------------------------------------------------------+
//|                                                AutoDayFibs V1.3  |
//|                                                                  |
//|              Copyright © 2005-2008, Jason Robinson (jnrtrading)  |
//|                                 http://www.spreadtrade2win.com   |
//|                                                                  |
//+------------------------------------------------------------------+

//+------------------------------------------------------------------+
//|                                                                  |
//|Options: AutomaticallyAdjustToToday (true/false);                 |
//|               Determine whether to have the indicator            |
//|               automatically adjust to todays prices.             |
//|         TimeToAdjust (in 24 hour format 0-23);                   |
//|               If AutomaticallyAdjustToToday is set               |
//|               to 'true' then you can determine at                |
//|               what time the fib lines switch to using            |
//|               todays prices instead of yesterdays.               |
//|               Works only for whole hours.                        |
//|         DaysBackForHigh and DaysBackForLow;                      |
//|               If AutomaticallyAdjustToToday is set               |
//|               to 'false' then you can adjust the                 |
//|               amount of days back to take the high               |
//|               and low readings from.                             |
//|                                                                  |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005-2008, Jason Robinson (jnrtrading)"
#property link      "http://www.spreadtrade2win.com"

#property indicator_chart_window
extern bool AutomaticallyAdjustToToday = true;
extern int TimeToAdjust;
extern int DaysBackForHigh;
extern int DaysBackForLow;
extern color ColourOfLines = DodgerBlue;


double Rates[][6];

double fib000,
       fib236,
       fib382,
       fib50,
       fib618,
       fib764,
       fib100,
       fib1618,
       fib2618,
       fib4236,
       range,
       prevRange,
       high,
       low;
    
bool objectsExist, highFirst;

//---- buffers

       

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
//---- indicators
prevRange = 0;
objectsExist = false;
   
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//---- 
   ObjectDelete("fib000");
   ObjectDelete("fib000_label");
   ObjectDelete("fib236");
   ObjectDelete("fib236_label");
   ObjectDelete("fib382");
   ObjectDelete("fib382_label");
   ObjectDelete("fib50");
   ObjectDelete("fib50_label");
   ObjectDelete("fib618");
   ObjectDelete("fib618_label");
   ObjectDelete("fib764");
   ObjectDelete("fib764_label");
   ObjectDelete("fib100");
   ObjectDelete("fib100_label");
   ObjectDelete("fib1618");
   ObjectDelete("fib1618_label");
   ObjectDelete("fib2618");
   ObjectDelete("fib2618_label");
   ObjectDelete("fib4236");
   ObjectDelete("fib4236_label");
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
//---- 
   //Print(prevRange);
   ArrayCopyRates(Rates, Symbol(), PERIOD_D1);   
   
   if (AutomaticallyAdjustToToday == true) {
      if (Hour() >= 0 && Hour() < TimeToAdjust) {
         DaysBackForHigh = 1;
         DaysBackForLow = 1;
      }
      else if (Hour() >= DaysBackForLow && Hour() <= 23) {
         DaysBackForHigh = 0;
         DaysBackForLow = 0;
      }
   }
   high = Rates[DaysBackForHigh][3];
   low = Rates[DaysBackForLow][2];
   range = high - low;
   
   for (int i = 0; i < Bars; i++) {
      if(High[i] == high) {
         highFirst = true;
         break;
      }
      else if(Low[i] == low) {
         highFirst = false;
         break;
      }
   } 
   //Print(highFirst);
   
   // Delete Objects if necessary
   if (prevRange != range) {
      ObjectDelete("fib000");
      ObjectDelete("fib000_label");
      ObjectDelete("fib236");
      ObjectDelete("fib236_label");
      ObjectDelete("fib382");
      ObjectDelete("fib382_label");
      ObjectDelete("fib50");
      ObjectDelete("fib50_label");
      ObjectDelete("fib618");
      ObjectDelete("fib618_label");
      ObjectDelete("fib764");
      ObjectDelete("fib764_label");
      ObjectDelete("fib100");
      ObjectDelete("fib100_label");
      ObjectDelete("fib1618");
      ObjectDelete("fib1618_label");
      ObjectDelete("fib2618");
      ObjectDelete("fib2618_label");
      ObjectDelete("fib4236");
      ObjectDelete("fib4236_label");
      objectsExist = false;
      prevRange = range;
      //Print("Objects do not exist");
   }
   
   if (highFirst == false) {
      fib000 = low;
      fib236 = (range * 0.236) + low;
      fib382 = (range * 0.382) + low;
      fib50 = (high + low) / 2;
      fib618 = (range * 0.618) + low;
      fib764 = (range * 0.764) + low;
      fib100 = high;
      fib1618 = (range * 0.618) + high;
      fib2618 = (range * 0.618) + (high + range);
      fib4236 = (range * 0.236) + high + (range * 3);
   }
   else if (highFirst == true) {
      fib000 = high;
      fib236 = high - (range * 0.236);
      fib382 = high - (range * 0.382);
      fib50  = (high + low) / 2;
      fib618 = high - (range * 0.618);
      fib764 = high - (range * 0.764);
      fib100 = low;
      fib1618 = low - (range * 0.618);
      fib2618 = (low - range) - (range * 0.618);// + (high + range);
      fib4236 = low - (range * 3) - (range * 0.236);// + high + (range * 3);
   }
   
   if (objectsExist == false) {
      ObjectCreate("fib000", OBJ_HLINE, 0, Time[0], fib000);
      ObjectSet("fib000", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("fib000", OBJPROP_COLOR, ColourOfLines);
      ObjectCreate("fib000_label", OBJ_TEXT, 0, Time[0], fib000);
      ObjectSetText("fib000_label","                             0.0", 8, "Times", Black);
   
      ObjectCreate("fib236", OBJ_HLINE, 0, Time[0], fib236);
      ObjectSet("fib236", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("fib236", OBJPROP_COLOR, ColourOfLines);
      ObjectCreate("fib236_label", OBJ_TEXT, 0, Time[0], fib236);
      ObjectSetText("fib236_label","                             23.6", 8, "Times", Black);
   
      ObjectCreate("fib382", OBJ_HLINE, 0, Time[0], fib382);
      ObjectSet("fib382", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("fib382", OBJPROP_COLOR, ColourOfLines);
      ObjectCreate("fib382_label", OBJ_TEXT, 0, Time[0], fib382);
      ObjectSetText("fib382_label","                             38.2", 8, "Times", Black);
   
      ObjectCreate("fib50", OBJ_HLINE, 0, Time[0], fib50);
      ObjectSet("fib50", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("fib50", OBJPROP_COLOR, ColourOfLines);
      ObjectCreate("fib50_label", OBJ_TEXT, 0, Time[0], fib50);
      ObjectSetText("fib50_label","                             50.0", 8, "Times", Black);
   
      ObjectCreate("fib618", OBJ_HLINE, 0, Time[0], fib618);
      ObjectSet("fib618", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("fib618", OBJPROP_COLOR, ColourOfLines);
      ObjectCreate("fib618_label", OBJ_TEXT, 0, Time[0], fib618);
      ObjectSetText("fib618_label","                             61.8", 8, "Times", Black);
   
      ObjectCreate("fib764", OBJ_HLINE, 0, Time[0], fib764);
      ObjectSet("fib764", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("fib764", OBJPROP_COLOR, ColourOfLines);
      ObjectCreate("fib764_label", OBJ_TEXT, 0, Time[0], fib764);
      ObjectSetText("fib764_label","                             76.4", 8, "Times", Black);
   
      ObjectCreate("fib100", OBJ_HLINE, 0, Time[0], fib100);
      ObjectSet("fib100", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("fib100", OBJPROP_COLOR, ColourOfLines);
      ObjectCreate("fib100_label", OBJ_TEXT, 0, Time[0], fib100);
      ObjectSetText("fib100_label","                             100.0", 8, "Times", Black);
   
      ObjectCreate("fib1618", OBJ_HLINE, 0, Time[0], fib1618);
      ObjectSet("fib1618", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("fib1618", OBJPROP_COLOR, ColourOfLines);
      ObjectCreate("fib1618_label", OBJ_TEXT, 0, Time[0], fib1618);
      ObjectSetText("fib1618_label","                             161.8", 8, "Times", Black);
   
      ObjectCreate("fib2618", OBJ_HLINE, 0, Time[0], fib2618);
      ObjectSet("fib2618", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("fib2618", OBJPROP_COLOR, ColourOfLines);
      ObjectCreate("fib2618_label", OBJ_TEXT, 0, Time[0], fib2618);
      ObjectSetText("fib2618_label","                             261.8", 8, "Times", Black);
   
      ObjectCreate("fib4236", OBJ_HLINE, 0, Time[0], fib4236);
      ObjectSet("fib4236", OBJPROP_STYLE, STYLE_DASHDOTDOT);
      ObjectSet("fib4236", OBJPROP_COLOR, ColourOfLines);
      ObjectCreate("fib4236_label", OBJ_TEXT, 0, Time[0], fib4236);
      ObjectSetText("fib4236_label","                             423.6", 8, "Times", Black);
      //Print("Objects Exist");
   }
   
//----
   return(0);
  }
//+------------------------------------------------------------------+

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