fibocalc_V31

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Author: Copyright � 2006,
fibocalc_V31

This script is designed as a technical analysis tool for the MetaTrader platform to help traders identify key price levels and potential entry/exit points based on the previous day's market activity. It automates the calculation of Fibonacci-based support and resistance levels and provides real-time feedback on trade viability.

Core Functionality

1. Historical Data Tracking The script automatically monitors the price action to identify four critical data points from the preceding trading day:

  • The Highest Price (High)
  • The Lowest Price (Low)
  • The Opening Price
  • The Closing Price

As the market moves, the script constantly updates these values and displays them clearly on your chart as visual markers.

2. Automated Level Calculation Once it has captured the previous day's highs and lows, the script uses Fibonacci proportions to calculate specific trading zones. Depending on the current market direction, it identifies:

  • Entry Levels: Specific price points where a trade might be initiated.
  • Stop-Loss Levels: Safety boundaries to limit potential losses.
  • Profit Targets: Three distinct price targets (TP1, TP2, and TP3) where a trader might choose to exit the position for profit.

3. Dynamic Visual Feedback The script translates these complex calculations into a visual layout on your trading screen:

  • Color-Coded Lines: It draws horizontal lines representing your Buy/Sell levels (Blue for Buy, Red for Sell), Stop-Losses (Orange-Red), and Profit Targets (Spring Green).
  • Labels: Each line is accompanied by text labels so you can instantly identify which price level corresponds to which part of your trading plan.

Trading Logic and Alerts

The script includes an intelligent filtering system to help with decision-making:

  • Directional Awareness: It checks the current market price against the previous day's close. If the price is currently trading above the previous close, it focuses on "Buy" logic; if below, it focuses on "Sell" logic.
  • Risk/Reward Validation: This is a key feature of the script. For every potential trade identified, the script calculates the Risk-to-Reward Ratio for all three profit targets.
  • Trade Status Comments: The script will display a text commentary directly on the chart. If the calculated Risk-to-Reward ratios are favorable (specifically, if they meet a predetermined quality threshold), it will label the trade as "OK Trade." If the reward does not sufficiently outweigh the risk, it will flag the scenario as "NO TRADE," helping to prevent low-probability entries.

User Experience

By using this tool, a trader can quickly see where the "key levels" of the day are without performing manual math. It provides a structured roadmap for every trade, showing exactly where to enter, where to cut losses, and three different options for taking profits, all while providing an automated "quality check" on the risk involved.

Miscellaneous
Implements a curve of type %1
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fibocalc_V31 
/*+------------------------------------------------------------------+
 |                                                         FiboCalc  |
 |                                         Author: Copyright © 2006, |
 |                                                                   |
 |                                                                   |
 +------------------------------------------------------------------+*/
#property copyright "Copyright © 2006,"
#property link      "http://www.metaquotes.net"

#property indicator_chart_window
#property indicator_buffers 4
#property indicator_color1 Blue
#property indicator_color2 Red
#property indicator_color3 ForestGreen
#property indicator_color4 HotPink
//---- buffers
double PrevDayHiBuffer[];
double PrevDayLoBuffer[];
double PrevDayOpenBuffer[];
double PrevDayCloseBuffer[];
//----
int fontsize = 8;
double PrevDayHi, PrevDayLo, PrevDayOpen , PrevDayClose, fb, fs, fe, tp1, tp2, tp3;
double LastHigh, LastLow, LastOpen, LastClose, x;
double ri, re1, re2, re3, ra1, ra2, ra3;
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
   ObjectDelete("PrevDayHi");
   ObjectDelete("PrevDayLo");
   ObjectDelete("PrevDayOpen");
   ObjectDelete("PrevDayClose");
   ObjectDelete("fe");
   ObjectDelete("fe Line");
   ObjectDelete("fs");
   ObjectDelete("fs Line");
   ObjectDelete("tp3");
   ObjectDelete("tp3 Line");
   ObjectDelete("tp2");
   ObjectDelete("tp2 Line");
   ObjectDelete("tp1");
   ObjectDelete("tp1 Line");
   ObjectDelete("fb");
   ObjectDelete("fb Line");
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
   string short_name;
//---- indicator line
   SetIndexStyle(0,DRAW_LINE);
   SetIndexStyle(1,DRAW_LINE);
   SetIndexStyle(2,DRAW_LINE);
   SetIndexStyle(3,DRAW_LINE);
//----
   SetIndexBuffer(0, PrevDayHiBuffer);
   SetIndexBuffer(1, PrevDayLoBuffer);
   SetIndexBuffer(2, PrevDayOpenBuffer);
   SetIndexBuffer(3, PrevDayCloseBuffer);
//---- name for DataWindow and indicator subwindow label
   short_name="Prev Hi-Lo levels";
   IndicatorShortName(short_name);
   SetIndexLabel(0, short_name);
   SetIndexLabel(1, "Red");
   SetIndexLabel(2, "ForestGreen");
   SetIndexLabel(3, "HotPink");      
//----
   SetIndexDrawBegin(0,1);
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start() 
  {
   int counted_bars = IndicatorCounted();
   int limit, i;
//---- indicator calculation
   if(counted_bars == 0)
     {
       x = Period();
       if(x > 240) 
           return(-1);
     }
   limit = (Bars - counted_bars) - 1;
//----
   for(i = limit; i >= 0; i--)
     {
       LastHigh = High[Highest(NULL, 0, MODE_HIGH, i + 1)];
       LastLow = Low[Lowest(NULL, 0, MODE_LOW, i + 1)];
       if(Open[i+1] > LastOpen) 
           LastOpen = Open[i+1];
       //----
       if(TimeDay(Time[i]) != TimeDay(Time[i+1]))
         {
           PrevDayHi = LastHigh;
           PrevDayLo = LastLow;
           PrevDayOpen = LastClose;
           PrevDayClose = Open[i];
           //----
           LastLow = Open[i];
           LastHigh = Open[i];
           LastOpen = Open[i];
           LastClose = Open[i];
           //----========================            Previous HIGH and Previous LOW =========================
           if(ObjectFind("PrevDayHi") != 0)
             {
               ObjectCreate("PrevDayHi", OBJ_TEXT, 0, 0, 0);
               ObjectSetText("PrevDayHi", "           Day High", fontsize, "Arial");
               ObjectSet("PrevDayHi", OBJPROP_COLOR, Yellow);
               ObjectSet("PrevDayHi", OBJPROP_WIDTH,5);
             }           
           else
             {
               ObjectMove("PrevDayHi", 0, Time[i], PrevDayHi);
               
             }
           //..............................................................
           if(ObjectFind("PrevDayLo") != 0)
             {
               ObjectCreate("PrevDayLo", OBJ_TEXT, 0, 0, 0);
               ObjectSetText("PrevDayLo", "           Day Low", fontsize, "Arial");
               ObjectSet("PrevDayLo", OBJPROP_COLOR, Yellow);
               ObjectSet("PrevDayLo", OBJPROP_WIDTH,5);
               
                            }
           else
             {
               ObjectMove("PrevDayLo", 0, Time[i], PrevDayLo);
             }
           //----........................................................
           if(ObjectFind("PrevDayOpen") != 0)
             {
               ObjectCreate("PrevDayOpen", OBJ_TEXT, 0, 0, 0);
               ObjectSetText("PrevDayOpen", "   Prev. Day Open", fontsize, 
                             "Arial", White);
             }
           else
             {
               ObjectMove("PrevDayOpen", 0, Time[i], PrevDayOpen);
             }
           //----.......................................................
           if(ObjectFind("PrevDayClose") != 0)
             {
               ObjectCreate("PrevDayClose", OBJ_TEXT, 0, 0, 0);
               ObjectSetText("PrevDayClose", "   Prev. Day Close", fontsize, 
                             "Arial", White);
             }
           else
             {
               ObjectMove("PrevDayClose", 0, Time[i], PrevDayClose);
             }

         }
       PrevDayHiBuffer[i] = PrevDayHi;
       PrevDayLoBuffer[i] = PrevDayLo;
       PrevDayOpenBuffer[i] = PrevDayOpen;
       PrevDayCloseBuffer[i] = PrevDayClose;
     }
// -------------------------------------------------BUY
   if(Ask > LastClose) 
     {
       fb = PrevDayHi - (PrevDayHi - PrevDayLo)*0.382;
       fe = PrevDayHi - (PrevDayHi - PrevDayLo)*0.618;
       tp1 = ((PrevDayHi - PrevDayLo)*0.618) + fb;
       tp2 = (PrevDayHi - PrevDayLo) + fb;
       tp3 = 1.618*(PrevDayHi - PrevDayLo) + fb;
       ri = MathRound((fb - fe)*10000) / 10000;
       re1=MathRound((tp1 - fb)*10000) / 10000;
       re2=MathRound((tp2 - fb)*10000) / 10000;
       re3=MathRound((tp3 - fb)*10000) / 10000;
       ra1=MathRound((re1 / ri)*10) / 10;
       ra2=MathRound((re2 / ri)*10) / 10;
       ra3=MathRound((re3 / ri)*10) / 10;
       //----
       if(ObjectFind("fb") != 0)
         {
           ObjectCreate("fb", OBJ_TEXT, 0, Time[0], fb);
           ObjectSetText("fb", " BUY LEVEL", 8, "Arial", EMPTY);
         }
       else
         {
           ObjectMove("fb",fb, Time[0], fb);
         }
       //----
       if(ObjectFind("fb Line") != 0)
         {
           ObjectCreate("fb Line", OBJ_HLINE, 0, Time[0],fb);
           ObjectSet("fb Line", OBJPROP_STYLE, STYLE_DASHDOT);
           ObjectSet("fb Line", OBJPROP_COLOR, Blue);
         }
       else
         {
           ObjectMove("fb Line",0, Time[0], fb);
         }
       //----
       if((ra1 > 2) && (ra2 > 2) && (ra3 > 2))
           Comment("Owner : ", AccountName()," Account number : ", AccountNumber(),
           "\n\nPrevDayHi ",PrevDayHi,"\nPrevDayLo ", PrevDayLo,"\nTrend was UP ",
           "\nBUY @ ",fb ,"\nStopLoss ",fe,"\nTakeProit 1 ",tp1 ,
           " Risk/Reward Ratio : ", ra1 ," OK Trade ","\nTakeProit 2 ",tp2 ,
           " Risk/Reward Ratio : ", ra2 ," OK Trade ","\nTakeProit 3 ",tp3,
           " Risk/Reward Ratio : ", ra3 ," OK Trade ");
       else
           Comment("Owner : ", AccountName()," Account number : ", AccountNumber(),
           "\n\nPrevDayHi ",PrevDayHi,"\nPrevDayLo ", PrevDayLo,"\nTrend was UP ",
           "\nBUY @ ",fb ,"\nStopLoss ",fe,"\nTakeProit 1 ",tp1 ,
           " Risk/Reward Ratio : ", ra1 ," NO TRADE ","\nTakeProit 2 ",tp2 ,
           " Risk/Reward Ratio : ", ra2 ," NO TRADE ","\nTakeProit 3 ",tp3,
           " Risk/Reward Ratio : ", ra3 ," NO TRADE ");

     }
// SELL
   if(Bid < LastClose) 
     {
       fs = (PrevDayHi - PrevDayLo)*0.382 + (PrevDayLo);
       fe = (PrevDayHi - PrevDayLo)*0.618 + (PrevDayLo);
       tp1 = ((PrevDayLo - PrevDayHi)*0.618) + fs;
       tp2 = (PrevDayLo - PrevDayHi) + fs;
       tp3 = 1.618*(PrevDayLo - PrevDayHi) + fs;
       ri = MathRound((fs - fe)*10000) / 10000;
       re1 = MathRound((tp1 - fs)*10000) / 10000;
       re2 = MathRound((tp2 - fs)*10000) / 10000;
       re3 = MathRound((tp3 - fs)*10000) / 10000;
       ra1 = MathRound((re1 / ri)*10) / 10;
       ra2 = MathRound((re2 / ri)*10) / 10;
       ra3 = ((re3 / ri)*10) / 10;
       //----
       if(ObjectFind("fs") != 0)
         {
           ObjectCreate("fs", OBJ_TEXT, 0, Time[0], fs);
           ObjectSetText("fs", " SELL LEVEL", 8, "Arial", EMPTY);
         }
       else
         {
           ObjectMove("fs",fs, Time[0], fs);
         }
       //----
       if(ObjectFind("fs Line") != 0)
         {
           ObjectCreate("fs Line", OBJ_HLINE, 0, Time[0],fs);
           ObjectSet("fs Line", OBJPROP_STYLE, STYLE_DASHDOT);
           ObjectSet("fs Line", OBJPROP_COLOR, Red);
         }
       else
         {
           ObjectMove("fs Line",0, Time[0], fs);
         }
       //----
       if((ra1 > 2) && (ra2 > 2) && (ra3 > 2))
           Comment("Owner : ", AccountName(),"Account number : ", AccountNumber(),
           "\n\nPrevDayHi ",PrevDayHi,"\nPrevDayLo ", PrevDayLo,"\nTrend was Down ",
           "\nSELL @ ",fs ,"\nStopLoss ",fe,"\nTakeProit 1 ",tp1 ,
           " Risk/Reward Ratio : ", ra1 ," OK Trade ","\nTakeProit 2 ",tp2 ,
           " Risk/Reward Ratio : ", ra2 ," OK Trade ","\nTakeProit 3 ",tp3,
           " Risk/Reward Ratio : ", ra3 ," OK Trade ");
       else
           Comment("Owner : ", AccountName(),"Account number : ", AccountNumber(),
           "\n\nPrevDayHi ",PrevDayHi,"\nPrevDayLo ", PrevDayLo,"\nTrend was Down ",
           "\nSELL @ ",fs ,"\nStopLoss ",fe,"\nTakeProit 1 ",tp1 ,
           " Risk/Reward Ratio : ", ra1 ," NO TRADE ","\nTakeProit 2 ",tp2 ,
           " Risk/Reward Ratio : ", ra2 ," NO TRADE ","\nTakeProit 3 ",tp3,
           " Risk/Reward Ratio : ", ra3 ," NO TRADE ");
     }
//----
   if(ObjectFind("fe") != 0)
     {
       ObjectCreate("fe", OBJ_TEXT, 0, Time[0], fe);
       ObjectSetText("fe", " STOPLOSS LEVEL", 8, "Arial", EMPTY);
     }
   else
     {
       ObjectMove("fe",fe, Time[0], fe);
     }
//----
   if(ObjectFind("fe Line") != 0)
     {
       ObjectCreate("fe Line", OBJ_HLINE, 0, Time[0],fe);
       ObjectSet("fe Line", OBJPROP_STYLE, STYLE_DASHDOT);
       ObjectSet("fe Line", OBJPROP_COLOR, OrangeRed );
     }
   else
     {
       ObjectMove("fe Line",0, Time[0], fe);
     }
//----
   if(ObjectFind("tp1") != 0)
     {
       ObjectCreate("tp1", OBJ_TEXT, 0, Time[0], tp1);
       ObjectSetText("tp1", " PROFIT TARGET 1", 8, "Arial", EMPTY);
     }
   else
     {
       ObjectMove("tp1",tp1, Time[0],tp1 );
     }
//----
   if(ObjectFind("tp1 Line") != 0)
     {
       ObjectCreate("tp1 Line", OBJ_HLINE, 0, Time[0],tp1);
       ObjectSet("tp1 Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
       ObjectSet("tp1 Line", OBJPROP_COLOR, SpringGreen );
     }
   else
     {
       ObjectMove("tp1 Line",0, Time[0],tp1 );
     }
//----
   if(ObjectFind("tp2") != 0)
     {
       ObjectCreate("tp2", OBJ_TEXT, 0, Time[0], tp2);
       ObjectSetText("tp2", " PROFIT TARGET 2", 8, "Arial", EMPTY);
     }
   else
     {
       ObjectMove("tp2",tp2, Time[0],tp2);
     }
   if(ObjectFind("tp2 Line") != 0)
     {
       ObjectCreate("tp2 Line", OBJ_HLINE, 0, Time[0],tp2);
       ObjectSet("tp2 Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
       ObjectSet("tp2 Line", OBJPROP_COLOR, SpringGreen );
     }
   else
     {
        ObjectMove("tp2 Line",0, Time[0],tp2);
     }
//----
   if(ObjectFind("tp3") != 0)
     {
       ObjectCreate("tp3", OBJ_TEXT, 0, Time[0], tp3);
       ObjectSetText("tp3", " PROFIT TARGET 3", 8, "Arial", EMPTY);
     }
   else
     {
       ObjectMove("tp3",tp3, Time[0], tp3);
     }
//----
   if(ObjectFind("tp3 Line") != 0)
     {
       ObjectCreate("tp3 Line", OBJ_HLINE, 0, Time[0],tp3);
       ObjectSet("tp3 Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
       ObjectSet("tp3 Line", OBJPROP_COLOR, SpringGreen );
     }
   else
     {
       ObjectMove("tp3 Line",0, Time[0],tp3);
     }
//----
   return(0);
  }
//+------------------------------------------------------------------+

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