BobokusFibo
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This script is designed for the MetaTrader 4 platform to automatically generate and project Fibonacci retracement levels based on historical price data. It serves as a visual tool to help traders identify potential support, resistance, and target zones by calculating price ranges from previous trading sessions.
Core Functionality
The logic operates by scanning the daily historical data to determine the most relevant price points for the current market session. Specifically, it looks back at the previous day's performance to establish a "High," "Low," and "Range."
One notable feature of this script is its handling of weekends; if the current day is a Sunday, the logic automatically incorporates Friday's price data into the calculations. This ensures that the Fibonacci levels remain relevant even when the market has been closed for a period.
Visual Components
The script automatically renders three distinct types of Fibonacci objects on your chart:
- Daily Long Targets: These are projected based on the previous day's high price and its total range. They highlight specific percentage levels (34% and 55%) to help identify potential upside targets for bullish movements.
- Daily Short Targets: Conversely, these are projected from the previous day's low price. They highlight specific percentage levels to identify potential downside targets for bearish movements.
- Intraday Levels: This is a more comprehensive Fibonacci set that spans the entire range between the previous day's high and low. It plots seven distinct levels, providing a complete "map" of the intraday environment. These include:
- Low and High markers
- Specific Support and Resistance levels (S1, R1)
- Pivot points (50% mark)
- Intermediate Short and Long targets
Key Technical Features
- Dynamic Updating: The script automatically calculates and draws these lines on the chart, ensuring they stay updated as new price data becomes available.
- Visual Clarity: Each set of levels is assigned a unique color (Navy, Royal Blue, or Dodger Blue) to help distinguish between long targets, short targets, and intraday pivots at a glance.
- Automatic Cleanup: To keep the chart clean, the script includes a command to remove these specific Fibonacci objects when the indicator is deactivated, preventing clutter on your workspace.
Price Data Components
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BobokusFibo
//+------------------------------------------------------------------+
//| #BobokusFibo.mq4 modified from
//| #SpudFibo.mq4
//| http://www.forexfactory.com/showthread.php?t=50767
//+------------------------------------------------------------------+
#property indicator_chart_window
#property indicator_buffers 3
#property indicator_color1 Navy
#property indicator_color2 RoyalBlue
#property indicator_color3 DodgerBlue
double HiPrice, LoPrice, Range;
datetime StartTime;
int init()
{
return(0);
}
int deinit()
{
ObjectDelete("LongFibo");
ObjectDelete("ShortFibo");
ObjectDelete("IntradayFibo");
return(0);
}
//+------------------------------------------------------------------+
//| Draw Fibo
//+------------------------------------------------------------------+
int DrawFibo()
{
if(ObjectFind("LongFibo") == -1)
ObjectCreate("LongFibo",OBJ_FIBO,0,StartTime,HiPrice+Range,StartTime,HiPrice);
else
{
ObjectSet("LongFibo",OBJPROP_TIME2, StartTime);
ObjectSet("LongFibo",OBJPROP_TIME1, StartTime);
ObjectSet("LongFibo",OBJPROP_PRICE1,HiPrice+Range);
ObjectSet("LongFibo",OBJPROP_PRICE2,HiPrice);
}
ObjectSet("LongFibo",OBJPROP_LEVELCOLOR,indicator_color1);
ObjectSet("LongFibo",OBJPROP_FIBOLEVELS,2);
ObjectSet("LongFibo",OBJPROP_FIRSTLEVEL+0,0.34); ObjectSetFiboDescription("LongFibo",0,"Daily Long Target 1 - %$");
ObjectSet("LongFibo",OBJPROP_FIRSTLEVEL+1,0.55); ObjectSetFiboDescription("LongFibo",1,"Daily Long Target 2 - %$");
ObjectSet("LongFibo",OBJPROP_RAY,true);
ObjectSet("LongFibo",OBJPROP_BACK,true);
if(ObjectFind("ShortFibo") == -1)
ObjectCreate("ShortFibo",OBJ_FIBO,0,StartTime,LoPrice-Range,StartTime,LoPrice);
else
{
ObjectSet("ShortFibo",OBJPROP_TIME2, StartTime);
ObjectSet("ShortFibo",OBJPROP_TIME1, StartTime);
ObjectSet("ShortFibo",OBJPROP_PRICE1,LoPrice-Range);
ObjectSet("ShortFibo",OBJPROP_PRICE2,LoPrice);
}
ObjectSet("ShortFibo",OBJPROP_LEVELCOLOR,indicator_color3);
ObjectSet("ShortFibo",OBJPROP_FIBOLEVELS,2);
ObjectSet("ShortFibo",OBJPROP_FIRSTLEVEL+0,0.34); ObjectSetFiboDescription("ShortFibo",0,"Daily Short Target 1 - %$");
ObjectSet("ShortFibo",OBJPROP_FIRSTLEVEL+1,0.55); ObjectSetFiboDescription("ShortFibo",1,"Daily Short Target 2 - %$");
ObjectSet("ShortFibo",OBJPROP_RAY,true);
ObjectSet("ShortFibo",OBJPROP_BACK,true);
if(ObjectFind("IntradayFibo") == -1)
ObjectCreate("IntradayFibo",OBJ_FIBO,0,StartTime,HiPrice,StartTime+PERIOD_D1*60,LoPrice);
else
{
ObjectSet("IntradayFibo",OBJPROP_TIME2, StartTime);
ObjectSet("IntradayFibo",OBJPROP_TIME1, StartTime+PERIOD_D1*60);
ObjectSet("IntradayFibo",OBJPROP_PRICE1,HiPrice);
ObjectSet("IntradayFibo",OBJPROP_PRICE2,LoPrice);
}
ObjectSet("IntradayFibo",OBJPROP_LEVELCOLOR,indicator_color2);
ObjectSet("IntradayFibo",OBJPROP_FIBOLEVELS,7);
ObjectSet("IntradayFibo",OBJPROP_FIRSTLEVEL+0,0.0); ObjectSetFiboDescription("IntradayFibo",0,"Intraday Low - %$");
ObjectSet("IntradayFibo",OBJPROP_FIRSTLEVEL+1,0.191); ObjectSetFiboDescription("IntradayFibo",1,"Intraday S1 - %$");
ObjectSet("IntradayFibo",OBJPROP_FIRSTLEVEL+2,0.382); ObjectSetFiboDescription("IntradayFibo",2,"Intraday Short - %$");
ObjectSet("IntradayFibo",OBJPROP_FIRSTLEVEL+3,0.500); ObjectSetFiboDescription("IntradayFibo",3,"Intraday Pivot - %$");
ObjectSet("IntradayFibo",OBJPROP_FIRSTLEVEL+4,0.618); ObjectSetFiboDescription("IntradayFibo",4,"Intraday Long - %$");
ObjectSet("IntradayFibo",OBJPROP_FIRSTLEVEL+5,0.809); ObjectSetFiboDescription("IntradayFibo",5,"Intraday R1 - %$");
ObjectSet("IntradayFibo",OBJPROP_FIRSTLEVEL+6,1.000); ObjectSetFiboDescription("IntradayFibo",6,"Intraday High - %$");
ObjectSet("IntradayFibo",OBJPROP_RAY,true);
ObjectSet("IntradayFibo",OBJPROP_BACK,true);
}
//+------------------------------------------------------------------+
//| Indicator start function
//+------------------------------------------------------------------+
int start()
{
int shift = iBarShift(NULL,PERIOD_D1,Time[0]) + 1; // yesterday
HiPrice = iHigh(NULL,PERIOD_D1,shift);
LoPrice = iLow (NULL,PERIOD_D1,shift);
StartTime = iTime(NULL,PERIOD_D1,shift);
if(TimeDayOfWeek(StartTime)==0/*Sunday*/)
{//Add fridays high and low
HiPrice = MathMax(HiPrice,iHigh(NULL,PERIOD_D1,shift+1));
LoPrice = MathMin(LoPrice,iLow(NULL,PERIOD_D1,shift+1));
}
Range = HiPrice-LoPrice;
DrawFibo();
return(0);
}
//+------------------------------------------------------------------+
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