AutoDayFibs1
Download script
This script is designed to automatically calculate and display Fibonacci retracement levels on a trading chart based on historical daily price data. Instead of requiring the user to manually plot these levels, the logic automates the process by identifying key price points from recent history.
Core Logic Overview
The script operates by scanning the market's daily performance to establish a clear "trading range." Here is a breakdown of how it achieves this:
1. Data Retrieval and Range Identification The script looks back at specific numbers of previous days (defined by the user) to find the highest price reached (High) and the lowest price reached (Low). By subtracting the low from the high, it determines the total "range" or volatility for that period.
2. Directional Detection A key feature of this logic is its ability to determine the "flow" of the market. It checks whether the highest price occurred before the lowest price (or vice versa) during the specified timeframe. This allows the script to decide whether to project the Fibonacci levels upward or downward, ensuring the levels remain relevant to the current market trend.
3. Automatic Level Calculation Once the high, low, and range are established, the script calculates several standard Fibonacci ratios. These include:
- Standard Retracements: 23.6%, 38.2%, 50.0%, and 61.8%.
- Extension Levels: 161.8%, 2618%, and 4236%.
The script dynamically places these levels based on whether the price action was primarily bullish or bearish, ensuring that "0.0" and "100.0" correctly anchor to the start and end of the move.
4. Visual Management To keep the chart clean and organized:
- Dynamic Updating: The script constantly compares the current range to the previous one. If a new price high or low is established that changes the range, the script automatically wipes the old lines and draws new ones.
- Visual Elements: It renders these levels as horizontal dashed lines across the chart.
- Labeling: Each line is accompanied by a text label identifying its specific Fibonacci percentage, making it easy for a trader to read at a glance.
- Cleanup: When the script is removed from the chart, it includes an automated "cleanup" routine that deletes all drawn lines and labels so that no leftover marks remain on the screen.
13
Views
0
Downloads
0
Favorites
AutoDayFibs1
//+------------------------------------------------------------------+
//| AutoDayFibs V1.0 |
//| |
//| Copyright © 2005, Jason Robinson |
//| (jasonrobinsonuk, jnrtrading) |
//| http://www.jnrtrading.co.uk |
//| |
//| Created by jnrtrading |
//| |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005, Jason Robinson (jnrtrading)"
#property link "http://www.jnrtrading.co.uk"
#property indicator_chart_window
extern int daysBackForHigh = 1;
extern int daysBackForLow = 1;
//---- buffers
double Rates[][6];
//----
double fib000,
fib236,
fib382,
fib50,
fib618,
fib100,
fib1618,
fib2618,
fib4236,
range,
prevRange,
high,
low;
bool objectsExist, highFirst;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//----
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("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()
{
int i = 0;
prevRange = 0;
objectsExist = false;
ArrayCopyRates(Rates, Symbol(), PERIOD_D1);
high = Rates[daysBackForHigh][3];
low = Rates[daysBackForLow][2];
range = high - low;
//----
while(true)
{
if(High[i] == high)
{
highFirst = true;
break;
}
else
if(Low[i] == low)
{
highFirst = false;
break;
}
i++;
}
// 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("fib100");
ObjectDelete("fib100_label");
ObjectDelete("fib1618");
ObjectDelete("fib1618_label");
ObjectDelete("fib2618");
ObjectDelete("fib2618_label");
ObjectDelete("fib4236");
ObjectDelete("fib4236_label");
objectsExist = false;
prevRange = range;
}
//----
if(highFirst == true)
{
fib000 = low;
fib236 = (range * 0.236) + low;
fib382 = (range * 0.382) + low;
fib50 = (high + low) / 2;
fib618 = (range * 0.618) + low;
fib100 = high;
fib1618 = (range * 0.618) + high;
fib2618 = (range * 0.618) + (high + range);
fib4236 = (range * 0.236) + high + (range * 3);
}
else
if(highFirst == false)
{
fib000 = high;
fib236 = high - (range * 0.236);
fib382 = high - (range * 0.382);
fib50 = (high + low) / 2;
fib618 = high - (range * 0.618);
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[40], fib000);
ObjectSet("fib000", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("fib000", OBJPROP_COLOR, Red);
ObjectCreate("fib000_label", OBJ_TEXT, 0, Time[0], fib000);
ObjectSetText("fib000_label"," 0.0", 8, "Times", Black);
//----
ObjectCreate("fib236", OBJ_HLINE, 0, Time[40], fib236);
ObjectSet("fib236", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("fib236", OBJPROP_COLOR, Red);
ObjectCreate("fib236_label", OBJ_TEXT, 0, Time[0], fib236);
ObjectSetText("fib236_label"," 23.6", 8, "Times", Black);
//----
ObjectCreate("fib382", OBJ_HLINE, 0, Time[40], fib382);
ObjectSet("fib382", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("fib382", OBJPROP_COLOR, Red);
ObjectCreate("fib382_label", OBJ_TEXT, 0, Time[0], fib382);
ObjectSetText("fib382_label"," 38.2", 8, "Times", Black);
//----
ObjectCreate("fib50", OBJ_HLINE, 0, Time[40], fib50);
ObjectSet("fib50", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("fib50", OBJPROP_COLOR, Red);
ObjectCreate("fib50_label", OBJ_TEXT, 0, Time[0], fib50);
ObjectSetText("fib50_label"," 50.0", 8, "Times", Black);
//----
ObjectCreate("fib618", OBJ_HLINE, 0, Time[40], fib618);
ObjectSet("fib618", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("fib618", OBJPROP_COLOR, Red);
ObjectCreate("fib618_label", OBJ_TEXT, 0, Time[0], fib618);
ObjectSetText("fib618_label"," 61.8", 8, "Times", Black);
//----
ObjectCreate("fib100", OBJ_HLINE, 0, Time[40], fib100);
ObjectSet("fib100", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("fib100", OBJPROP_COLOR, Red);
ObjectCreate("fib100_label", OBJ_TEXT, 0, Time[0], fib100);
ObjectSetText("fib100_label"," 100.0", 8, "Times", Black);
//----
ObjectCreate("fib1618", OBJ_HLINE, 0, Time[40], fib1618);
ObjectSet("fib1618", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("fib1618", OBJPROP_COLOR, Red);
ObjectCreate("fib1618_label", OBJ_TEXT, 0, Time[0], fib1618);
ObjectSetText("fib1618_label"," 161.8", 8, "Times", Black);
//----
ObjectCreate("fib2618", OBJ_HLINE, 0, Time[40], fib2618);
ObjectSet("fib2618", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("fib2618", OBJPROP_COLOR, Red);
ObjectCreate("fib2618_label", OBJ_TEXT, 0, Time[0], fib2618);
ObjectSetText("fib2618_label"," 261.8", 8, "Times", Black);
//----
ObjectCreate("fib4236", OBJ_HLINE, 0, Time[40], fib4236);
ObjectSet("fib4236", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("fib4236", OBJPROP_COLOR, Red);
ObjectCreate("fib4236_label", OBJ_TEXT, 0, Time[0], fib4236);
ObjectSetText("fib4236_label"," 423.6", 8, "Times", Black);
}
//----
return(0);
}
//+------------------------------------------------------------------+
Comments