fiboretracementlevels_v2

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Author: Copyright 2014, Roy Philips Jacobs ~ 25/02/2014
fiboretracementlevels_v2

This script is designed to automatically plot and manage Fibonacci Retracement levels on a trading chart, providing traders with visual markers for potential price reversals or continuation zones. It combines traditional technical analysis tools—specifically moving averages and Fibonacci levels—to help identify market structure at a glance.

Core Functionality

1. Dynamic Trend Analysis (Moving Averages) The script calculates two specific types of moving averages based on the price median over a 20-period window:

  • Simple Moving Average (SMA): Represented as a red line, this provides a basic trend smoothing.
  • Smoothed Moving Average (SMMA): Represented as a yellow line, this offers a more weighted view of price momentum.

2. Automated Fibonacci Mapping Rather than requiring the user to manually click on highs and lows to draw lines, the script scans recent historical data (specifically looking at the last 77 bars) to identify significant price extremes. It then automatically calculates and draws the following key levels:

  • 0.0%
  • 23.6%
  • 38.2%
  • 50.0%
  • 61.8%
  • 80.9% (displayed with a distinct dashed style)
  • 100.0%

3. Visual Elements and Markers The script goes beyond simple lines by adding several decorative and informational elements to the chart:

  • Price Labels: It places text labels at each Fibonacci level so the exact percentage is clearly visible.
  • Trend Channels: It draws specific "cross" channels (dotted red lines) connecting key price points, helping to visualize the boundaries of a price move.
  • Special Symbols: It includes specific markers, such as stars and arrows, to highlight specific coordinates within the Fibonacci structure (like the 50% level or specific boundaries).

Operational Logic

The script is designed to be "reactive." It continuously monitors the current market state and updates its visual objects in real-time.

  • Initialization: When first loaded, the script clears any old drawings to ensure the chart remains clean.
  • Data Scanning: It identifies the highest high and lowest low within a set timeframe to establish the "range" for the Fibonacci calculations.
  • Real-Time Updates: As new price data comes in, the script recalculates these positions and moves the lines, labels, and channels automatically. This ensures that the Fibonacci levels stay relevant to the most recent price action without manual intervention from the trader.
  • Visual Polish: The script includes "Sleep" and "Refresh" commands, which ensure that the chart updates smoothly without flickering or causing performance issues during high-volatility movements.
Indicators Used
Moving average indicator
Miscellaneous
Implements a curve of type %1
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1 Downloads
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fiboretracementlevels_v2 
//+------------------------------------------------------------------+
//|                                     FiboRetracementLevels_v2.mq4 |
//|                 Copyright 2014,  Roy Philips Jacobs ~ 25/02/2014 |
//|                                           http://www.gol2you.com |
//+------------------------------------------------------------------+
#property copyright "Copyright 2014,  Roy Philips Jacobs ~ 25/02/2014"
#property link      "http://www.gol2you.com ~ Forex Videos"
#property description "Fibonacci Retracement Levels Version 2"
#property description "Latest update 2014.06.26"
//--
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 Red
#property indicator_color2 Yellow
//--
#property indicator_width1 1
#property indicator_width2 1
//---
extern string FiboRetLevels="Copyright © 2014 3RJ ~ Roy Philips-Jacobs";
double cntrBuf[]; // center line
double smmaBuf[]; // cons line
int perio=20;
//--
string CRight;
//---
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
   CRight="Copyright © 2014 3RJ ~ Roy Philips-Jacobs";
//--- indicator buffers mapping
   IndicatorBuffers(2);
//---
   SetIndexBuffer(0,cntrBuf);
   SetIndexBuffer(1,smmaBuf);
   //--- indicator line drawing
//--- center line SMA 20 Price Median 
   SetIndexStyle(0,DRAW_LINE,STYLE_SOLID,EMPTY,Red);
   //-- SMMA 20 Price Median
   SetIndexStyle(1,DRAW_LINE,STYLE_SOLID,EMPTY,Yellow);
   //--- name for DataWindow and indicator subwindow label
   SetIndexLabel(0,"Center");
   SetIndexLabel(1,"Cons");
//---
   SetIndexDrawBegin(0,perio);
   SetIndexDrawBegin(1,perio);
   //--
   IndicatorShortName("FRL");
   IndicatorDigits(Digits);
   //--
//--- initialization done
   return(0);
  }
//---
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function                       |
//+------------------------------------------------------------------+
//----
int deinit()
  {
//----
   for(int d=0; d<7; d++) 
    {
      ObjectDelete("FiboLineLevels_"+d);
      ObjectDelete("FiboLineLabels_"+d);
      ObjectDelete("FiboLineLimit_"+d);
      ObjectDelete("FiboLabelPrice_"+d);
    }
//---
   ObjectDelete("FiboLineLimit6");
   ObjectDelete("FiboLineLimit0");
   ObjectDelete("FiboLineCross1");
   ObjectDelete("FiboLineCross2");
   ObjectDelete("FiboStarCross");
//----
   return(0);
  }
//----
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
//---
int start()
//----
  {
//------
   if(FiboRetLevels!=CRight) return(0);
//---
   int counted_bars=IndicatorCounted();
   //---
   if(counted_bars<0) return(-1);
   //----
   if(counted_bars>0) counted_bars--;
   int pos=Bars-counted_bars;
   if(counted_bars==0) pos-=1+61;
//----
   int i,f;
   double divFL=80.9;  
   double maxHi[],minLo[];
   double Lvl[]={0.0,23.6,38.2,50.0,61.8,80.9,100.0};
   datetime Cor1,Cor2,CorC,CorL;
   datetime bartime[];
//--- Set the arrays as a series
   ArraySetAsSeries(Lvl,false);
   ArraySetAsSeries(maxHi,true);
   ArraySetAsSeries(minLo,true);
   ArraySetAsSeries(bartime,true);
//--- Set Last error value to Zero
   ResetLastError();
//----
 //--- prepare the maxHi[] and minLo[] arrays
   ArrayResize(maxHi,Bars);
   ArrayResize(minLo,Bars);
   //--
   for(i=pos; i>=0; i--)
     {
      //---
      int ind1=iHighest(NULL,0,MODE_HIGH,77,i);
      int ind2=iLowest(NULL,0,MODE_LOW,77,i);
      if ((ind1>=0)&& (ind1<Bars)) maxHi[i]=High[ind1];
      if ((ind2>=0)&& (ind2<Bars)) minLo[i]=Low[ind2];
      Cor1=Time[i];
      Cor2=Time[i+60];
      CorL=Time[i+61];
      CorC=Time[i+30];
     }
   //--
   RefreshRates();  
   //----
//--- main cycle indicator iteration --//
   //---
   for(i=pos; i>=0; i--)
     {
      //--- center line SMA 20
      cntrBuf[i]=iMA(NULL,0,perio,0,MODE_SMA,PRICE_MEDIAN,i);
      //-- SMMA line
      smmaBuf[i]=iMA(NULL,0,perio,0,MODE_SMMA,PRICE_MEDIAN,i);
      //---
//----- Time to create the Fibonacci object
      //---
      if(i==0)
        {
        for(f=0; f<7; f++) 
          {
            ObjectDelete("FiboLineLevels_"+f);
            ObjectDelete("FiboLineLabels_"+f);
            ObjectDelete("FiboLineLimit_"+f);
            ObjectDelete("FiboLabelPrice_"+f);
          }
        //--
        ObjectDelete("FiboLineLimit6");
        ObjectDelete("FiboLineLimit0");
        ObjectDelete("FiboLineCross1");
        ObjectDelete("FiboLineCross2");
        ObjectDelete("FiboStarCross");
        //---
        for(f=0; f<7; f++)
           {
             if(ObjectFind("FiboLineLevels_"+f)<0)
               {
                 //--- Create Fibonacci Retracement Levels
                 ObjectCreate("FiboLineLevels_"+f,OBJ_TREND,0,Cor1,minLo[i]+((maxHi[i]-minLo[i])/divFL*Lvl[f]),
                 Cor2,minLo[i]+((maxHi[i]-minLo[i])/divFL*Lvl[f]));
                 //--- level value
                 ObjectSetInteger(0,"FiboLineLevels_"+f,OBJPROP_COLOR,clrGold);
                 ObjectSetInteger(0,"FiboLineLevels_"+f,OBJPROP_RAY_LEFT,false);
                 ObjectSetInteger(0,"FiboLineLevels_"+f,OBJPROP_RAY_RIGHT,false);
                 if(Lvl[f]==80.9) {ObjectSetInteger(0,"FiboLineLevels_"+f,OBJPROP_STYLE,STYLE_DASHDOT);}
                 else {ObjectSetInteger(0,"FiboLineLevels_"+f,OBJPROP_STYLE,STYLE_SOLID);}
                 //--
                 ObjectCreate(0,"FiboLineLabels_"+f,OBJ_TEXT,0,CorL,minLo[i]+((maxHi[i]-minLo[i])/divFL*Lvl[f]));
                 ObjectSetInteger(0,"FiboLineLabels_"+f,OBJPROP_COLOR,clrSnow);
                 ObjectSetString(0,"FiboLineLabels_"+f,OBJPROP_TEXT,DoubleToStr(Lvl[f],1));
                 ObjectSetString(0,"FiboLineLabels_"+f,OBJPROP_FONT,"Bodoni MT Black");
                 ObjectSetInteger(0,"FiboLineLabels_"+f,OBJPROP_FONTSIZE,8);
                 ObjectSetInteger(0,"FiboLineLabels_"+f,OBJPROP_ANCHOR,ANCHOR_RIGHT);
                 //--
                 ObjectCreate(0,"FiboLineLimit_"+f,OBJ_TEXT,0,Cor2,minLo[i]+((maxHi[i]-minLo[i])/divFL*Lvl[f]));
                 ObjectSetString(0,"FiboLineLimit_"+f,OBJPROP_TEXT,CharToStr(119));
                 ObjectSetString(0,"FiboLineLimit_"+f,OBJPROP_FONT,"Wingdings");
                 ObjectSetInteger(0,"FiboLineLimit_"+f,OBJPROP_FONTSIZE,15);
                 ObjectSetInteger(0,"FiboLineLimit_"+f,OBJPROP_COLOR,clrDeepPink);
                 ObjectSetInteger(0,"FiboLineLimit_"+f,OBJPROP_ANCHOR,ANCHOR_CENTER);
                 //--
                 ObjectCreate(0,"FiboLabelPrice_"+f,OBJ_ARROW_RIGHT_PRICE,0,Cor2,minLo[i]+((maxHi[i]-minLo[i])/divFL*Lvl[f]));
                 ObjectSetInteger(0,"FiboLabelPrice_"+f,OBJPROP_COLOR,clrSnow);
                 ObjectSetInteger(0,"FiboLabelPrice_"+f,OBJPROP_STYLE,STYLE_SOLID);
                 ObjectSetInteger(0,"FiboLabelPrice_"+f,OBJPROP_WIDTH,1);               
                 ObjectSetInteger(0,"FiboLabelPrice_"+f,OBJPROP_ANCHOR,ANCHOR_LEFT);
                 //--
                 ObjectCreate("FiboLineCross1",OBJ_CHANNEL,0,Cor2,minLo[i]+((maxHi[i]-minLo[i])/divFL*Lvl[0]),
                 Cor1,minLo[i]+((maxHi[i]-minLo[i])/divFL*Lvl[6]));
                 ObjectSetInteger(0,"FiboLineCross1",OBJPROP_COLOR,clrRed);
                 ObjectSetInteger(0,"FiboLineCross1",OBJPROP_RAY_LEFT,false);
                 ObjectSetInteger(0,"FiboLineCross1",OBJPROP_RAY_RIGHT,false);
                 ObjectSetInteger(0,"FiboLineCross1",OBJPROP_STYLE,STYLE_DOT);
                 //--
                 ObjectCreate("FiboLineCross2",OBJ_CHANNEL,0,Cor1,minLo[i]+((maxHi[i]-minLo[i])/divFL*Lvl[0]),
                 Cor2,minLo[i]+((maxHi[i]-minLo[i])/divFL*Lvl[6]));
                 ObjectSetInteger(0,"FiboLineCross2",OBJPROP_COLOR,clrRed);
                 ObjectSetInteger(0,"FiboLineCross2",OBJPROP_RAY_LEFT,false);
                 ObjectSetInteger(0,"FiboLineCross2",OBJPROP_RAY_RIGHT,false);
                 ObjectSetInteger(0,"FiboLineCross2",OBJPROP_STYLE,STYLE_DOT);
                 //--
                 ObjectCreate(0,"FiboLineLimit6",OBJ_TEXT,0,Cor1,minLo[i]+((maxHi[i]-minLo[i])/divFL*Lvl[6]));
                 ObjectSetString(0,"FiboLineLimit6",OBJPROP_TEXT,CharToStr(119));
                 ObjectSetString(0,"FiboLineLimit6",OBJPROP_FONT,"Wingdings");
                 ObjectSetInteger(0,"FiboLineLimit6",OBJPROP_FONTSIZE,15);
                 ObjectSetInteger(0,"FiboLineLimit6",OBJPROP_COLOR,clrDeepPink);
                 ObjectSetInteger(0,"FiboLineLimit6",OBJPROP_ANCHOR,ANCHOR_CENTER);
                 //--
                 ObjectCreate(0,"FiboLineLimit0",OBJ_TEXT,0,Cor1,minLo[i]+((maxHi[i]-minLo[i])/divFL*Lvl[0]));
                 ObjectSetString(0,"FiboLineLimit0",OBJPROP_TEXT,CharToStr(119));
                 ObjectSetString(0,"FiboLineLimit0",OBJPROP_FONT,"Wingdings");
                 ObjectSetInteger(0,"FiboLineLimit0",OBJPROP_FONTSIZE,15);
                 ObjectSetInteger(0,"FiboLineLimit0",OBJPROP_COLOR,clrDeepPink);
                 ObjectSetInteger(0,"FiboLineLimit0",OBJPROP_ANCHOR,ANCHOR_CENTER);
                 //--
                 ObjectCreate(0,"FiboStarCross",OBJ_TEXT,0,CorC,minLo[i]+((maxHi[i]-minLo[i])/divFL*Lvl[3]));
                 ObjectSetString(0,"FiboStarCross",OBJPROP_TEXT,CharToStr(181));
                 ObjectSetString(0,"FiboStarCross",OBJPROP_FONT,"Wingdings");
                 ObjectSetInteger(0,"FiboStarCross",OBJPROP_FONTSIZE,15);
                 ObjectSetInteger(0,"FiboStarCross",OBJPROP_COLOR,clrAqua);
                 ObjectSetInteger(0,"FiboStarCross",OBJPROP_ANCHOR,ANCHOR_CENTER);
                 //--
                 ChartRedraw(0);
                 Sleep(1000);
                 RefreshRates();
                 //----
               }
             //--
             else // if(ObjectFind("FiboLineLevels_"+f)>0) //
               {
                 //--- ObjectMove Fibonacci Retracement Levels
                 ObjectSetInteger(0,"FiboLineLevels_"+f,OBJPROP_COLOR,clrGold);
                 ObjectSetInteger(0,"FiboLineLevels_"+f,OBJPROP_RAY_LEFT,false);
                 ObjectSetInteger(0,"FiboLineLevels_"+f,OBJPROP_RAY_RIGHT,false);
                 if(Lvl[f]==80.9) {ObjectSetInteger(0,"FiboLineLevels_"+f,OBJPROP_STYLE,STYLE_DASHDOT);}
                 else {ObjectSetInteger(0,"FiboLineLevels_"+f,OBJPROP_STYLE,STYLE_SOLID);}
                 //--
                 ObjectSetInteger(0,"FiboLineLabels_"+f,OBJPROP_COLOR,clrSnow);                 
                 ObjectSetString(0,"FiboLineLabels_"+f,OBJPROP_TEXT,DoubleToStr(Lvl[f],1));
                 ObjectSetString(0,"FiboLineLabels_"+f,OBJPROP_FONT,"Bodoni MT Black");
                 ObjectSetInteger(0,"FiboLineLabels_"+f,OBJPROP_FONTSIZE,8);
                 ObjectSetInteger(0,"FiboLineLabels_"+f,OBJPROP_ANCHOR,ANCHOR_RIGHT);
                 //--
                 ObjectSetString(0,"FiboLineLimit_"+f,OBJPROP_TEXT,CharToStr(119));
                 ObjectSetString(0,"FiboLineLimit_"+f,OBJPROP_FONT,"Wingdings");
                 ObjectSetInteger(0,"FiboLineLimit_"+f,OBJPROP_FONTSIZE,15);
                 ObjectSetInteger(0,"FiboLineLimit_"+f,OBJPROP_COLOR,clrDeepPink);
                 ObjectSetInteger(0,"FiboLineLimit_"+f,OBJPROP_ANCHOR,ANCHOR_CENTER);
                 //--
                 ObjectSetInteger(0,"FiboLabelPrice_"+f,OBJPROP_COLOR,clrSnow);
                 ObjectSetInteger(0,"FiboLabelPrice_"+f,OBJPROP_STYLE,STYLE_SOLID);
                 ObjectSetInteger(0,"FiboLabelPrice_"+f,OBJPROP_WIDTH,1);        
                 ObjectSetInteger(0,"FiboLabelPrice_"+f,OBJPROP_ANCHOR,ANCHOR_LEFT);
                 //--
                 ObjectSetInteger(0,"FiboLineCross1",OBJPROP_COLOR,clrRed);
                 ObjectSetInteger(0,"FiboLineCross1",OBJPROP_RAY_LEFT,false);
                 ObjectSetInteger(0,"FiboLineCross1",OBJPROP_RAY_RIGHT,false);
                 ObjectSetInteger(0,"FiboLineCross1",OBJPROP_STYLE,STYLE_DOT);
                 //--
                 ObjectSetInteger(0,"FiboLineCross2",OBJPROP_COLOR,clrRed);
                 ObjectSetInteger(0,"FiboLineCross2",OBJPROP_RAY_LEFT,false);
                 ObjectSetInteger(0,"FiboLineCross2",OBJPROP_RAY_RIGHT,false);
                 ObjectSetInteger(0,"FiboLineCross2",OBJPROP_STYLE,STYLE_DOT);
                 //--
                 ObjectSetString(0,"FiboLineLimit6",OBJPROP_TEXT,CharToStr(119));
                 ObjectSetString(0,"FiboLineLimit6",OBJPROP_FONT,"Wingdings");
                 ObjectSetInteger(0,"FiboLineLimit6",OBJPROP_FONTSIZE,15);
                 ObjectSetInteger(0,"FiboLineLimit6",OBJPROP_COLOR,clrDeepPink);
                 ObjectSetInteger(0,"FiboLineLimit6",OBJPROP_ANCHOR,ANCHOR_CENTER);
                 //--
                 ObjectSetString(0,"FiboLineLimit0",OBJPROP_TEXT,CharToStr(119));
                 ObjectSetString(0,"FiboLineLimit0",OBJPROP_FONT,"Wingdings");
                 ObjectSetInteger(0,"FiboLineLimit0",OBJPROP_FONTSIZE,15);
                 ObjectSetInteger(0,"FiboLineLimit0",OBJPROP_COLOR,clrDeepPink);
                 ObjectSetInteger(0,"FiboLineLimit0",OBJPROP_ANCHOR,ANCHOR_CENTER);
                 //--
                 ObjectSetString(0,"FiboStarCross",OBJPROP_TEXT,CharToStr(181));
                 ObjectSetString(0,"FiboStarCross",OBJPROP_FONT,"Wingdings");
                 ObjectSetInteger(0,"FiboStarCross",OBJPROP_FONTSIZE,15);
                 ObjectSetInteger(0,"FiboStarCross",OBJPROP_COLOR,clrAqua);
                 ObjectSetInteger(0,"FiboStarCross",OBJPROP_ANCHOR,ANCHOR_CENTER);
                 //--
                 ChartRedraw(0);
                 Sleep(1000);
                 RefreshRates();
                 //----
               }
           //---
           }
        //--- End for(f)
        }
     //--- End if(i)
     }
   //--- End for(i)
//----- done 
//-----
   return(0);     
  }
//----- End start()
//+------------------------------------------------------------------+

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