ifibonacci
Download scriptTechnical Logic Overview: iFibonacci Indicator
This script is a comprehensive technical analysis tool designed for the MetaTrader 4 platform. It automates the plotting of several advanced Fibonacci-based drawing tools on a price chart, primarily utilizing "ZigZag" data to identify significant market structural points.
Core Mechanics
The logic operates by first scanning historical price action to identify major structural swings (highs and lows) using a ZigZag calculation. Once these key coordinates are established, the script uses them as anchors to generate a variety of automated drawing tools.
Key Features & Functionalities
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Fibonacci Retracement & Arc: The script automatically identifies the most recent major swing and plots Fibonacci Retracement levels (e.g., 38.2%, 50%, 61.8%). It also includes "Arc" functionality, which provides a curved perspective on these levels, useful for visualizing price targets in non-linear markets.
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Fibonacci Fans & Expansion:
- Fans: These project various Fibonacci angles originating from a specific swing point, helping traders visualize potential trend directions and momentum.
- Expansion: This tool projects potential future price targets based on the previous move's proportions, identifying where the next "leg" of a trend might end.
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Dynamic Time Zones & Pivot Points: The script calculates and displays several important horizontal levels:
- Daily/Weekly/Monthly Highs & Lows: Automatically identifies the extremes of the current day, week, and month.
- Pivot Points: Calculates standard pivot levels based on previous price action to identify potential support and resistance.
- Time Zones: Allows for the visual marking of specific time intervals directly on the chart.
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Market Context Tools:
- Candle Time Left: A real-time countdown display that shows how many minutes and seconds remain until the current candle closes.
- Pattern Recognition: Includes the ability to automatically draw triangles based on identified market structure.
User Customization & Scaling
The script includes a sophisticated scaling engine for the Fibonacci Arc. Users can choose between:
- Math Scaling: Calculates scale based on the ratio of price change relative to time passed in the ZigZag swing.
- ClientRect Scaling: Adjusts the drawing based on the actual pixels of your current window size (requires DLL permissions).
- Manual Scaling: Allows the user to input a specific fixed value for consistent manual adjustments.
Visual Customization
Every tool plotted by the script—including colors, line widths, and styles—is fully customizable through the indicator's input settings, ensuring it can be integrated into any existing trading layout.
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