fibocalc_V31_001

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Author: Copyright � 2006,
fibocalc_V31_001

Overview

This script is a technical analysis tool designed to help traders visualize key price levels and potential entry/exit points based on the previous day's market activity. It automatically identifies significant historical data—such as the high, low, opening, and closing prices of the preceding day—and uses them to project Fibonacci-based trading levels on your current chart.

Core Logic and Functionality

1. Historical Data Tracking The script continuously monitors the price movement to identify the exact boundaries of the previous trading session. It tracks four primary data points:

  • Previous Day High: The highest price reached during the last day.
  • Previous Day Low: The lowest price reached during the last day.
  • Previous Day Open: The price at which the market started the last day.
  • Previous Day Close: The price at which the market ended the last day.

These levels are visually displayed on your chart as horizontal markers to help you understand the immediate "trading range" from which today's price is reacting.

2. Dynamic Entry and Exit Projections Depending on where the current market price sits in relation to yesterday's closing price, the script calculates specific "Buy" or "Sell" scenarios using Fibonacci retracement principles:

  • Buy Scenarios: If the current price is trading above yesterday's close, the script identifies an "Up Trend." It automatically calculates a recommended entry point (Buy Level), a safety net (Stop Loss), and three distinct profit targets.
  • Sell Scenarios: If the current price is trading below yesterday's close, the script identifies a "Down Trend." It then projects a corresponding sell entry point, a stop loss, and three separate profit targets based on downward movement.

3. Automated Risk/Reward Assessment One of the key features of this script is its ability to perform a "health check" on potential trades. For every projected trade, the logic calculates the Risk/Reward Ratio.

  • It evaluates whether the potential profit justifies the amount of risk being taken.
  • If the ratio meets a specific minimum threshold (greater than 2), the script labels the trade as an "OK Trade."
  • If the ratio is too low, it warns you with a "NO TRADE" status.

4. Visual Feedback and Reporting To ensure the user has all the information at a glance, the script performs the following visual actions:

  • On-Chart Labeling: It draws horizontal lines for the Stop Loss and all three Profit Targets, color-coding them (e.g., OrangeRed for risk and SpringGreen for profit).
  • Real-Time Commentary: It provides a detailed text summary in the corner of your screen. This summary displays your account details, the trend direction, the exact price levels for entry and exit, and the calculated Risk/Reward ratios for all three targets simultaneously.

Summary for the User

Essentially, this tool automates the "math" of technical analysis. Instead of you having to manually calculate where a Fibonacci retracement sits or decide if a trade is worth the risk, the script scans yesterday's data, draws the necessary lines on your screen, and tells you whether the current setup meets your mathematical requirements for a high-quality trade.

Miscellaneous
Implements a curve of type %1
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fibocalc_V31_001 
/*+------------------------------------------------------------------+
 |                                                         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 DarkGreen
#property indicator_color2 Maroon
#property indicator_color3 Magenta
#property indicator_color4 Goldenrod
//---- 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, "Maroon");
   SetIndexLabel(2, "Magenta");
   SetIndexLabel(3, "Goldenrod");      
//----
   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];
           //----
           if(ObjectFind("PrevDayHi") != 0)
             {
               ObjectCreate("PrevDayHi", OBJ_TEXT, 0, 0, 0);
               ObjectSetText("PrevDayHi", "                Day High", fontsize, "Arial", Black);
             }
           else
             {
               ObjectMove("PrevDayHi", 0, Time[i], PrevDayHi);
             }
           //----
           if(ObjectFind("PrevDayLo") != 0)
             {
               ObjectCreate("PrevDayLo", OBJ_TEXT, 0, 0, 0);
               ObjectSetText("PrevDayLo", "                Day Low", fontsize, "Arial", Black);
             }
           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", Black);
             }
           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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