fibocalc[1]_v1

Download script
Author: Copyright � 2006,
fibocalc[1]_v1

This tool is designed to provide traders with automated visual data and actionable trade signals based on the previous day's price action. It simplifies the process of identifying key support and resistance levels, calculating technical entries, and determining profit targets.

Core Functionality

The script automatically monitors the "Previous Day" market data to establish four critical benchmarks on your chart:

  • Previous Day High
  • Previous Day Low
  • Previous Day Open
  • Previous Day Close

By identifying these levels, the tool helps traders understand the immediate historical range and volatility of the currency or asset they are watching.

Automated Trade Logic

Once the previous day's data is established, the script analyzes the current price relative to those benchmarks to suggest specific trading setups. It distinguishes between two primary market directions:

1. Bullish Setup (Buy Signals) If the current price is trading above the previous day's closing price, the script identifies an upward potential. It automatically calculates and plots:

  • Buy Level: A specific entry point based on Fibonacci-inspired proportions.
  • Stop Loss: A safety level to protect against market reversals.
  • Profit Targets (1, 2, and 3): Three distinct levels where you can take gains.

2. Bearish Setup (Sell Signals) If the current price is trading below the previous day's closing price, the script identifies a downward potential. It mirrors the logic above to provide:

  • Sell Level: The suggested entry point for a short position.
  • Stop Loss: The corresponding safety level.
  • Profit Targets (1, 2, and 3): Three distinct levels for exiting with profit.

Risk Management and Trade Validation

A key feature of this script is its built-in Risk/Reward Ratio calculation. For every suggested trade, the tool calculates how much potential profit you stand to make relative to what you are risking.

  • Trade Validation: The script evaluates these ratios automatically. If the risk-to-reward ratio meets a specific quality standard (greater than 2), it will display an "OK Trade" notification on your screen.
  • Warning System: If the calculated risk is too high compared to the potential reward, it will display a "NO TRADE" warning, helping you avoid low-probability setups.

Visual Interface

The tool provides real-time visual feedback by drawing horizontal lines and text labels directly on your chart. These lines change colors (such as Blue for Buy levels, Red for Sell levels, and Green for Profit Targets) to give you a clear, at-a-glance map of where the key price action is occurring.

Miscellaneous
Implements a curve of type %1
12 Views
0 Downloads
0 Favorites
fibocalc[1]_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");}

Similar scripts

fibocalc_v1

This indicator identifies previous day price boundaries to automatically plot dynamic entry zones, stop-loss coordinates, and multi-stage profit targets based on specific Fibonacci retracement ratios.

fibocalc1_v1

This indicator identifies previous day's price extremes to project dynamic Fibonacci retracement levels and automated risk-to-reward trade signals.

fibocalc[1]

This indicator identifies previous day's price extremes to dynamically project Fibonacci retracement levels and automated risk-to-reward trade execution zones.

fibocalc1

This indicator identifies previous day's price boundaries to project dynamic entry levels, stop losses, and multi-tiered profit targets based on Fibonacci retracement ratios and real-time risk-to-reward validation.

fibocalc

This indicator identifies previous day's price extremes to project dynamic entry levels, stop losses, and tiered profit targets based on Fibonacci retracement ratios and real-time risk-reward validation.

Eng_Bassam_Day_Trader_Market_In_Profile

This indicator maps price action density by identifying TPOs, Point of Control (POC), Value Areas, and Initial Balance to visualize historical liquidity zones and market sentiment.

TRO_Multi_Meter_LinReg#Pr

This indicator aggregates visual trend bias from multiple timeframes by calculating the price delta of a linear regression slope across M1 through D1 periods.

Rads 9Sq Gann

This indicator projects a series of quadratic price levels and time cycles by calculating the square root of a user-defined price anchor to map geometric growth patterns.

Ind_VilkaFractals_v1_2

ChuvaChu

GigaChu

Comments