IH_Fibo
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This tool is designed to automatically identify and plot key Fibonacci retracement levels on your trading chart. It simplifies the process of technical analysis by instantly calculating significant price zones based on recent market movements.
Core Functionality
The script scans the visible portion of your chart to locate the most recent significant "swing" points—specifically, the highest peak (high) and the lowest trough (low) within the current data range. Once these two points are identified, the tool determines the direction of the market trend to ensure the Fibonacci levels are plotted correctly.
Key Features and Logic
- Automatic Trend Detection: The logic distinguishes between upward and downward movements. If the highest point occurred before the lowest point, it recognizes a downward trend; if the opposite is true, it identifies an upward trend. This ensures that retracement levels always correspond to the actual flow of the market.
- Dynamic Retracement Levels: Based on the identified high and low points, the script automatically calculates and draws five primary Fibonacci levels:
- 38.2%, 50.0%, and 61.8% (Standard retracement levels used to identify potential pullbacks).
- 138.2% and 1618.0% (Extension levels used to project potential price targets).
- Visual Mapping: The tool populates the chart with distinct visual elements:
- Horizontal lines mark the specific price points for each Fibonacci level.
- A dashed trend line connects the high and low points, providing a clear visual path of the recent market move.
- The "High" and "Low" boundaries are clearly marked to define the core range being analyzed.
How it Benefits the User
Instead of manually clicking on chart peaks and troughs to draw Fibonacci levels, this script performs that calculation instantly. It updates based on the visible data, providing real-time visual cues for traders looking to identify entry points during pullbacks or take-profit targets during trend extensions.
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IH_Fibo
//+------------------------------------------------------------------+
//| IH_Fibo.mq4 |
//| Copyright © 2010,Investors Haven |
//| http://www.InvestorsHaven.com |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2010,Investors Haven"
#property link "http://www.InvestorsHaven.com"
#property indicator_chart_window
#property indicator_buffers 8
double Retrace382 = 0.0;
double Retrace50 = 0.0;
double Retrace618 = 0.0;
double Extend1382 = 0.0;
double Extend1618 = 0.0;
datetime PrevTime = 0;
// buffers
double FibHigh[];
double FibLow[];
double FibTrend[];
double FibRetrace382[];
double FibRetrace50[];
double FibRetrace618[];
double FibExtend1382[];
double FibExtend1618[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
datetime PrevTime = 0;
ObjectCreate("High", OBJ_HLINE, 0,0,0);
ObjectSet("High", OBJPROP_WIDTH, 2);
ObjectSet("High", OBJPROP_STYLE, STYLE_SOLID);
ObjectSet("High",OBJPROP_COLOR, Turquoise);
ObjectCreate("Low", OBJ_HLINE, 0,0,0);
ObjectSet("Low", OBJPROP_WIDTH, 2);
ObjectSet("Low", OBJPROP_STYLE, STYLE_SOLID);
ObjectSet("Low",OBJPROP_COLOR, Turquoise);
ObjectCreate("Trend", OBJ_TREND, 0,0,0);
ObjectSet("Trend", OBJPROP_RAY, true);
ObjectSet("Trend", OBJPROP_WIDTH, 1);
ObjectSet("Trend", OBJPROP_STYLE, STYLE_DASH);
ObjectSet("Trend",OBJPROP_COLOR, Salmon);
ObjectCreate("Retrace382_Line", OBJ_HLINE, 0,0,0);
ObjectSet("Retrace382_Line", OBJPROP_WIDTH, 1);
ObjectSet("Retrace382_Line",OBJPROP_STYLE, STYLE_DOT);
ObjectSet("Retrace382_Line",OBJPROP_COLOR, Turquoise);
ObjectCreate("Retrace50_Line", OBJ_HLINE, 0,0,0);
ObjectSet("Retrace50_Line", OBJPROP_WIDTH, 1);
ObjectSet("Retrace50_Line",OBJPROP_STYLE, STYLE_DOT);
ObjectSet("Retrace50_Line",OBJPROP_COLOR, Turquoise);
ObjectCreate("Retrace618_Line", OBJ_HLINE, 0,0,0);
ObjectSet("Retrace618_Line", OBJPROP_WIDTH, 1);
ObjectSet("Retrace618_Line",OBJPROP_STYLE, STYLE_DOT);
ObjectSet("Retrace618_Line",OBJPROP_COLOR, Turquoise);
ObjectCreate("Extend1382_Line", OBJ_HLINE, 0,0,0);
ObjectSet("Extend1382_Line", OBJPROP_WIDTH, 1);
ObjectSet("Extend1382_Line",OBJPROP_STYLE, STYLE_DOT);
ObjectSet("Extend1382_Line",OBJPROP_COLOR, Turquoise);
ObjectCreate("Extend1618_Line", OBJ_HLINE, 0,0,0);
ObjectSet("Extend1618_Line", OBJPROP_WIDTH, 1);
ObjectSet("Extend1618_Line",OBJPROP_STYLE, STYLE_DOT);
ObjectSet("Extend1618_Line",OBJPROP_COLOR, Turquoise);
SetIndexBuffer(0,FibHigh);
SetIndexBuffer(1,FibLow);
SetIndexBuffer(2,FibTrend);
SetIndexBuffer(3,FibRetrace382);
SetIndexBuffer(4,FibRetrace50);
SetIndexBuffer(5,FibRetrace618);
SetIndexBuffer(6,FibExtend1382);
SetIndexBuffer(7,FibExtend1618);
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
datetime CurrTime = iTime(Symbol(),0,1);
if( CurrTime != PrevTime )
{
int counted_bars=IndicatorCounted();
int bar = WindowFirstVisibleBar();
int shiftLowest = iLowest(NULL, 0, MODE_LOW, bar - 1, 1);
int shiftHighest = iHighest(NULL, 0, MODE_HIGH, bar - 1, 1);
double MyHigh = High[shiftHighest];
double MyLow = Low[shiftLowest];
bool isSwingDown = shiftHighest > shiftLowest;
ObjectSet("High", 1, MyHigh);
FibHigh[0] = MyHigh;
ObjectSet("Low", 1, MyLow);
FibLow[0] = MyLow;
if (isSwingDown == true)// && Ask > MyLow + 5*PipPoints)
{
FibTrend[0] = 2;
Retrace382 = MyHigh - ((MyHigh - MyLow)* 0.382);
FibRetrace382[0] = Retrace382;
Retrace50 = MyHigh - ((MyHigh - MyLow)* 0.5);
FibRetrace50[0] = Retrace50;
Retrace618 = MyHigh - ((MyHigh - MyLow)* 0.618);
FibRetrace618[0] = Retrace618;
Extend1382 = MyLow - ((MyHigh - MyLow)* 0.382);
FibExtend1382[0] = Extend1382;
Extend1618 = MyLow - ((MyHigh - MyLow)* 0.618);
FibExtend1618[0] = Extend1618;
ObjectSet("Trend", 0, Time[shiftHighest]);
ObjectSet("Trend", 1, MyHigh);
ObjectSet("Trend", 2, Time[shiftLowest]);
ObjectSet("Trend", 3, MyLow);
ObjectSet("Retrace382_Line", 1, Retrace382);
ObjectSet("Retrace50_Line", 1, Retrace50);
ObjectSet("Retrace618_Line", 1, Retrace618);
ObjectSet("Extend1382_Line", 1, Extend1382);
ObjectSet("Extend1618_Line", 1, Extend1618);
}
else if (isSwingDown == false) // && Bid < MyHigh - 5*PipPoints)
{
FibTrend[0] = 1;
Retrace382 = MyLow + ((MyHigh - MyLow)* 0.382);
FibRetrace382[0] = Retrace382;
Retrace50 = MyLow + ((MyHigh - MyLow)* 0.5);
FibRetrace50[0] = Retrace50;
Retrace618 = MyLow + ((MyHigh - MyLow)* 0.618);
FibRetrace618[0] = Retrace618;
Extend1382 = MyHigh + ((MyHigh - MyLow)* 0.382);
FibExtend1382[0] = Extend1382;
Extend1618 = MyHigh + ((MyHigh - MyLow)* 0.618);
FibExtend1618[0] = Extend1618;
ObjectSet("Trend", 0, Time[shiftLowest]);
ObjectSet("Trend", 1, MyLow);
ObjectSet("Trend", 2, Time[shiftHighest]);
ObjectSet("Trend", 3, MyHigh);
ObjectSet("Retrace382_Line", 1, Retrace382);
ObjectSet("Retrace50_Line", 1, Retrace50);
ObjectSet("Retrace618_Line", 1, Retrace618);
ObjectSet("Extend1382_Line", 1, Extend1382);
ObjectSet("Extend1618_Line", 1, Extend1618);
}
}
PrevTime = Time[0];
//----
//----
return(0);
}
//+------------------------------------------------------------------+
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