fibocalc_V31(2)

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Author: Copyright � 2006,
fibocalc_V31(2)

This script is designed to analyze historical price data from the previous trading day and project specific visual levels onto your current chart. It uses a combination of daily range statistics and mathematical ratios to identify potential entry points, risk boundaries, and profit goals for active trading.

Core Functionality

The logic operates by first identifying and storing four key pieces of information from the preceding day:

  • Daily High: The highest price reached.
  • Daily Low: The lowest price reached.
  • Daily Open: The price at which the previous day started.
  • Daily Close: The price at which the previous day ended.

Once these boundaries are established, the script monitors the current market price relative to the previous day's closing price to determine the potential direction of the trend.

Dynamic Trading Levels

Depending on whether the current price is trading above or below yesterday's close, the script calculates several distinct levels:

For Bullish Scenarios (Prices above yesterday's close): The script identifies a "Buy Level" and a "Stop Loss" based on specific percentage retracements of the previous day's total range. It then projects three distinct profit targets. Each target is calculated to provide different exit opportunities based on increasing levels of risk and reward.

For Bearish Scenarios (Prices below yesterday's close): The logic mirrors the bullish calculation but in reverse. It identifies a "Sell Level" and a "Stop Loss," along with three corresponding profit targets designed for downward price movements.

Visual Feedback and Analytics

To make this data accessible to the user, the script performs several visual actions:

  • Automatic Labeling: It draws horizontal lines and text labels directly on your chart for the High, Low, Open, and Close of the previous day.
  • Live Trade Levels: It dynamically updates the "Buy/Sell" levels, "Stop Loss," and "Profit Target" lines as the market moves.
  • Risk/Reward Assessment: The script automatically calculates the Risk-to-Reward (R:R) ratio for all three profit targets.
  • Trade Validation: On the chart's information display, the script performs a validation check. It identifies a trade as "OK" only if all three projected profit targets meet a minimum Risk/Reward threshold (greater than 2). If the ratios do not meet this standard, it flags the opportunities as "NO TRADE."

Summary of User Experience

When you use this script, you are provided with a clear visual roadmap of where the market stood yesterday and where the current trend is headed. Instead of guessing where to exit or enter, the script provides mathematically derived levels that help you maintain a disciplined trading plan, ensuring that any potential trade aligns with your desired risk-to-reward objectives.

Miscellaneous
Implements a curve of type %1
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fibocalc_V31(2) 
/*+------------------------------------------------------------------+
 |                                                         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");
   Comment(" ");
//----
   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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