fibocalc1_v1

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Author: Copyright � 2006,
fibocalc1_v1

This tool is designed to provide traders with a visual and analytical map of the previous day's price action to help identify potential entry points, risk levels, and profit targets for the current trading session. It automatically identifies key historical price milestones and uses mathematical proportions to project potential trade scenarios.

Key Functionalities

Historical Data Tracking The script automatically scans the market history to locate and display four primary levels from the previous trading day:

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

These levels are displayed as horizontal markers on your chart, allowing you to see instantly where the "boundaries" of yesterday's price movement were established.

Dynamic Trade Projections Based on the relationship between yesterday's high and low, the tool calculates specific trade levels in real-time. The logic adapts based on the current market price:

  • Bullish Scenarios (Buy): If the current price is above yesterday's closing price, the script identifies potential "Buy" entries and calculates three distinct profit targets.
  • Bearish Scenarios (Sell): If the current price is below yesterday's closing price, the script identifies potential "Sell" entries and calculates corresponding profit targets.

Risk Management and Validation One of the core features of this tool is its automated risk assessment. For every trade scenario it projects, it calculates:

  1. Entry Levels: Specific prices where a trade might be initiated.
  2. Stop-Loss Levels: Designated "safety zones" to minimize potential losses.
  3. Profit Targets: Three tiered goals (TP1, TP2, and TP3) based on standard trading proportions.
  4. Risk/Reward Ratio: The tool automatically calculates the ratio between your potential risk and your potential reward.

Smart Filtering

The script includes a built-in validation check. It assesses whether the Risk/Reward ratios for all three profit targets meet a minimum threshold (greater than 2). If the trade setup does not offer a sufficient reward relative to the risk, the tool will display a "NO TRADE" warning in the corner of the screen. If the setup is favorable, it confirms the trade as "OK Trade."

Visual Interface

To keep your workspace organized, the script provides a clean visual experience by:

  • Drawing colored horizontal lines for targets and stops (e.g., Green for profits, Red/Orange for stops).
  • Labeling each line clearly so you don't have to guess what each price point represents.
  • Displaying a text summary box that includes your account information, the current high/low levels, the identified trend, and the specific risk/reward statistics for the active setup.
Miscellaneous
Implements a curve of type %1
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fibocalc1_v1 
/*-----------------------------+
|			       |
| Shared by www.Aptrafx.com    |
|			       |
+------------------------------*/

/*+------------------------------------------------------------------+
 | fibo
 | Author: Copyright © 2006, 
 | 
 | 
 +------------------------------------------------------------------+*/
#property copyright "Copyright © 2006,"
#property link    "mail: " 

#property indicator_chart_window
#property indicator_buffers 4

#property indicator_color1 DarkGreen
#property indicator_color2 Maroon
#property indicator_color3 Yellow
#property indicator_color4 Goldenrod


//---- input parameters

//---- 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()
  {
//---- TODO: add your code here

   
   ObjectDelete("PrevDayHi");
   ObjectDelete("PrevDayLo"); 
   ObjectDelete("PrevDayOpen");
   ObjectDelete("PrevDayClose");
   ObjectsDeleteAll();
  
//
//----
   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);

//----
   SetIndexDrawBegin(0,1);
//----
 

//----
   return(0);
  }

//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start() {
Refresh();

   int    counted_bars=IndicatorCounted();

   int limit, i;
//---- indicator calculation
if (counted_bars==0)
{
   x=Period();
   if (x>240) return(-1);
   ObjectCreate("PrevDayHi", OBJ_TEXT, 0, 0, 0);
   ObjectSetText("PrevDayHi", "                Day High",fontsize,"Arial", White);
   ObjectCreate("PrevDayLo", OBJ_TEXT, 0, 0, 0);   
   ObjectSetText("PrevDayLo", "                Day Low",fontsize,"Arial", White); 
   ObjectCreate("PrevDayOpen", OBJ_TEXT, 0, 0, 0);
   ObjectSetText("PrevDayOpen", "                Prev. Day Open",fontsize,"Arial", White);
   ObjectCreate("PrevDayClose", OBJ_TEXT, 0, 0, 0);
   ObjectSetText("PrevDayClose", "                Prev. Day Close",fontsize,"Arial", White);
    
   //---- last counted bar will be recounted
//   if(counted_bars>0) counted_bars--;
} 
  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];

//Print("TimeDay(Time[i]=",TimeDay(Time[i]),"TimeDay(Time[i+1])",TimeDay(Time[i+1]));
if (TimeDay(Time[i])!=TimeDay(Time[i+1]))
   { 
RefreshRates( ) ;

PrevDayHi=LastHigh;
PrevDayLo=LastLow;
PrevDayOpen=LastClose;
PrevDayClose=Open[i];
LastLow=Open[i];
LastHigh=Open[i];
LastOpen=Open[i];
LastClose=Open[i];
  
   ObjectMove("PrevDayHi", 0, Time[i], PrevDayHi);
   ObjectMove("PrevDayLo", 0, Time[i], PrevDayLo);
    ObjectMove("PrevDayOpen", 0, Time[i], PrevDayOpen);
    ObjectMove("PrevDayClose", 0, Time[i], PrevDayClose);


   }
   
    PrevDayHiBuffer[i]=PrevDayHi;
    PrevDayLoBuffer[i]=PrevDayLo;
    PrevDayOpenBuffer[i]=PrevDayOpen;
    PrevDayCloseBuffer[i]=PrevDayClose;
   
    
}
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;
RefreshRates( ) ;
ObjectCreate("fb", OBJ_TEXT, 0, Time[0], fb);
ObjectSetText("fb", " BUY LEVEL", 8, "Arial", EMPTY);
ObjectCreate("fb Line", OBJ_HLINE, 0, Time[0],fb);
ObjectSet("fb Line", OBJPROP_STYLE, STYLE_DASHDOT);
ObjectSet("fb Line", OBJPROP_COLOR, Blue);
ObjectMove("fb",fb, Time[0], fb);

ObjectCreate("fe", OBJ_TEXT, 0, Time[0], fe);
ObjectSetText("fe", " STOPLOSS LEVEL", 8, "Arial", EMPTY);
ObjectCreate("fe Line", OBJ_HLINE, 0, Time[0],fe);
ObjectSet("fe Line", OBJPROP_STYLE, STYLE_DASHDOT);
ObjectSet("fe Line", OBJPROP_COLOR,OrangeRed );
ObjectMove("fe",fe, Time[0], fe);

ObjectCreate("tp1", OBJ_TEXT, 0, Time[0], tp1);
ObjectSetText("tp1", " PROFIT TARGET 1", 8, "Arial", EMPTY);
ObjectCreate("tp1 Line", OBJ_HLINE, 0, Time[0],tp1);
ObjectSet("tp1 Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("tp1 Line", OBJPROP_COLOR,SpringGreen );
ObjectMove("tp1",tp1, Time[0],tp1 );

ObjectCreate("tp2", OBJ_TEXT, 0, Time[0], tp2);
ObjectSetText("tp2", " PROFIT TARGET 2", 8, "Arial", EMPTY);
ObjectCreate("tp2 Line", OBJ_HLINE, 0, Time[0],tp2);
ObjectSet("tp2 Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("tp2 Line", OBJPROP_COLOR,SpringGreen );
ObjectMove("tp2",tp2, Time[0],tp2);

ObjectCreate("tp3", OBJ_TEXT, 0, Time[0], tp3);
ObjectSetText("tp3", " PROFIT TARGET 3", 8, "Arial", EMPTY);
ObjectCreate("tp3 Line", OBJ_HLINE, 0, Time[0],tp3);
ObjectSet("tp3 Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("tp3 Line", OBJPROP_COLOR,SpringGreen );
ObjectMove("tp3",tp3, Time[0],tp3);

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 ");

}
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;
RefreshRates( ) ;
ObjectCreate("fs", OBJ_TEXT, 0, Time[0], fs);
ObjectSetText("fs", " SELL LEVEL", 8, "Arial", EMPTY);
ObjectCreate("fs Line", OBJ_HLINE, 0, Time[0],fs);
ObjectSet("fs Line", OBJPROP_STYLE, STYLE_DASHDOT);
ObjectSet("fs Line", OBJPROP_COLOR, Red);
ObjectMove("fs",fs, Time[0], fs);

ObjectCreate("fe", OBJ_TEXT, 0, Time[0], fe);
ObjectSetText("fe", " STOPLOSS LEVEL", 8, "Arial", EMPTY);
ObjectCreate("fe Line", OBJ_HLINE, 0, Time[0],fe);
ObjectSet("fe Line", OBJPROP_STYLE, STYLE_DASHDOT);
ObjectSet("fe Line", OBJPROP_COLOR,OrangeRed );
ObjectMove("fe",fe, Time[0], fe);

ObjectCreate("tp1", OBJ_TEXT, 0, Time[0], tp1);
ObjectSetText("tp1", " PROFIT TARGET 1", 8, "Arial", EMPTY);
ObjectCreate("tp1 Line", OBJ_HLINE, 0, Time[0],tp1);
ObjectSet("tp1 Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("tp1 Line", OBJPROP_COLOR,SpringGreen );
ObjectMove("tp1",tp1, Time[0],tp1 );

ObjectCreate("tp2", OBJ_TEXT, 0, Time[0], tp2);
ObjectSetText("tp2", " PROFIT TARGET 2", 8, "Arial", EMPTY);
ObjectCreate("tp2 Line", OBJ_HLINE, 0, Time[0],tp2);
ObjectSet("tp2 Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("tp2 Line", OBJPROP_COLOR,SpringGreen );
ObjectMove("tp2",tp2, Time[0],tp2);

ObjectCreate("tp3", OBJ_TEXT, 0, Time[0], tp3);
ObjectSetText("tp3", " PROFIT TARGET 3", 8, "Arial", EMPTY);
ObjectCreate("tp3 Line", OBJ_HLINE, 0, Time[0],tp3);
ObjectSet("tp3 Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
ObjectSet("tp3 Line", OBJPROP_COLOR,SpringGreen );
ObjectMove("tp3",tp3, Time[0],tp3);


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 ");


}

//----
   return(0);
  }
//+------------------------------------------------------------------+
void Refresh()   {
   ObjectDelete("PrevDayHi"); ObjectDelete("fe");ObjectDelete("fe Line");
   ObjectDelete("PrevDayLo"); ObjectDelete("fs");ObjectDelete("fs Line");
   ObjectDelete("PrevDayOpen");
   ObjectDelete("PrevDayClose");
   ObjectDelete("tp3");ObjectDelete("tp3 Line");
   ObjectDelete("tp2");ObjectDelete("tp2 Line");
   ObjectDelete("tp1");ObjectDelete("tp1 Line");
   ObjectDelete("fb");ObjectDelete("fb Line");}

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