JJN-Fibo

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Author: Copyright � 2010, JJ Newark
JJN-Fibo

This tool is designed to automate the calculation and display of Fibonacci retracement levels on your trading charts. Instead of requiring you to manually identify price swings and draw lines, the script automatically analyzes price data over specific timeframes to project these key technical levels.

Core Functionality

Multi-Timeframe Analysis The script is designed to look at larger "Basis" timeframes (such as Daily or Weekly periods) even while you are viewing a smaller, more detailed chart (like a 15-minute or 1-hour chart). It calculates price movements based on these larger blocks of time to give you a broader perspective on market trends.

Automated Price Detection The logic automatically scans the history of the market to identify the highest and lowest price points within a specific period. Once it finds these "peaks" and "valleys," it determines the total price range (the distance between the high and the low) to calculate the correct Fibonacci proportions.

Dynamic Trend Recognition The script is intelligent enough to recognize the direction of the market:

  • Upward Trends: If the current price action shows a move from lower to higher, it labels the levels accordingly to show where the price might "pull back" during an uptrend.
  • Downward Trends: If the price action is moving from higher to lower, it flips the logic to reflect retracements in a bearish environment.

Visual Output Rather than cluttering your screen with permanent lines that can be difficult to manage, the script generates specific text labels on the far right of your chart. These labels display:

  • The exact price for each Fibonacci level (0.0%, 23.6%, 38.2%, 50.0%, 61.8%, 76.4%, and 100.0%).
  • Clean formatting that automatically adjusts its decimal places depending on the currency pair you are trading (for example, it recognizes "JPY" pairs and adjusts the precision to keep the display neat).

Summary of User Experience

Essentially, this script acts as a smart assistant. It looks at the big picture (the Basis Timeframe), calculates the mathematical proportions of recent price swings, identifies if the market is moving up or down, and then places clear, readable labels on your current chart so you can instantly see where key support and resistance levels sit.

Miscellaneous
Implements a curve of type %1
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JJN-Fibo 
//+------------------------------------------------------------------+
//|                                                     JJN-Fibo.mq4 |
//|                                      Copyright © 2010, JJ Newark |
//|                                           http://jjnewark.atw.hu |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2010, JJ Newark"
#property link      "http://jjnewark.atw.hu"

#property indicator_chart_window

#property  indicator_buffers 7
#property  indicator_color1  Chocolate
#property  indicator_color2  DarkSlateGray
#property  indicator_color3  DarkSlateGray
#property  indicator_color4  Chocolate
#property  indicator_color5  DarkSlateGray
#property  indicator_color6  Chocolate
#property  indicator_color7  DarkSlateGray
#property  indicator_width1  2
#property  indicator_width2  1
#property  indicator_width3  1
#property  indicator_width4  1
#property  indicator_width5  1
#property  indicator_width6  2
#property  indicator_width7  1


//---- indicator buffers
double     Fib0[];
double     Fib1[];
double     Fib2[];
double     Fib3[];
double     Fib4[];
double     Fib5[];
double     Fib6[];


double H,L,W;
//int UniqueId;

extern int        ProcessedUnits              = 1;
extern color      TextColor                   = Black;
extern string     Help_For_BasisTF            = "M:43200;W:10080;D1:1440;H4:240;H1:60";
extern int        BasisTF                     = PERIOD_D1;
extern string     Help_for_DisplayDecimals    = "Used only: 4,5!";
extern int        DisplayDecimals             = 4;


//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
//---- indicators

   SetIndexStyle(0,DRAW_LINE);
   SetIndexBuffer(0,Fib0);
   SetIndexStyle(1,DRAW_LINE,STYLE_DOT);
   SetIndexBuffer(1,Fib1);
   SetIndexStyle(2,DRAW_LINE,STYLE_DOT);
   SetIndexBuffer(2,Fib2);
   SetIndexStyle(3,DRAW_LINE,STYLE_DOT);
   SetIndexBuffer(3,Fib3);
   SetIndexStyle(4,DRAW_LINE,STYLE_DOT);
   SetIndexBuffer(4,Fib4);
   SetIndexStyle(5,DRAW_LINE);
   SetIndexBuffer(5,Fib5);
   SetIndexStyle(6,DRAW_LINE,STYLE_DOT);
   SetIndexBuffer(6,Fib6);
      
   SetIndexLabel(0,"Fib0");
   SetIndexLabel(1,"Fib1");
   SetIndexLabel(2,"Fib2");
   SetIndexLabel(3,"Fib3");
   SetIndexLabel(4,"Fib4");
   SetIndexLabel(5,"Fib5");
   SetIndexLabel(6,"Fib6");
      
   
   IndicatorShortName("JJN-Fibo");
   
   //MathSrand(TimeLocal());
   //UniqueId=MathRand();
   

//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//----
   ObjectDelete("FibLevel0"); 
   ObjectDelete("FibLevel1");
   ObjectDelete("FibLevel2");  
   ObjectDelete("FibLevel3"); 
   ObjectDelete("FibLevel4"); 
   ObjectDelete("FibLevel5"); 
   ObjectDelete("FibLevel6"); 
   
   Comment("");
    
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
   
//---- 
      
   datetime starttime[];
   int shift_open[];
   int unitbars[];
   ArrayResize(starttime,ProcessedUnits);
   ArrayResize(shift_open,ProcessedUnits);
   ArrayResize(unitbars,ProcessedUnits);
   for(int i=0; i<ProcessedUnits; i++)
   {
      starttime[i]=iTime(NULL,BasisTF,i);
      if(BasisTF==10080) shift_open[i]=iBarShift(NULL,0,starttime[i])-1; // mert a heti start vasárnap van!
      else shift_open[i]=iBarShift(NULL,0,starttime[i]);
      // unitbars: egy egységben lévõ gyertyák száma (pl: M15 charton D1 CustomTF mellett 96)
      if(i!=0) unitbars[i]=iBarShift(NULL,0,iTime(NULL,BasisTF,i))-iBarShift(NULL,0,iTime(NULL,BasisTF,i-1));
   }
   unitbars[0]=iBarShift(NULL,0,starttime[0])+1; // az utolsó egységben maradó gyertyák száma (mert nem teljes egység az utolsó)
   // summabars: az összes gyertyák száma
   int summabars=shift_open[ProcessedUnits-1]+1;
   
   int k=1;  
   for(int j=ProcessedUnits-1; j>=0; j--)
   {
   for(i=unitbars[j]-1; i>=0; i--)
   {
                                
         int shift_close=iBarShift(NULL,0,Time[summabars-k]);
         int countbars=shift_open[j]-shift_close+1;
         
         
         H=High[iHighest(NULL,0,MODE_HIGH,countbars,summabars-k)];
         L=Low[iLowest(NULL,0,MODE_LOW,countbars,summabars-k)];
         W=H-L;
               
         Fib0[summabars-k]=H;
         Fib5[summabars-k]=L;
         
         Fib1[summabars-k]=H-(W*0.236);
         Fib2[summabars-k]=H-(W*0.382);
         Fib3[summabars-k]=H-(W*0.50);
         Fib4[summabars-k]=H-(W*0.618);
         Fib6[summabars-k]=H-(W*0.764);
      
         k++;
   }
   }
   
   //
   ObjectDelete("FibLevel0"); 
   ObjectDelete("FibLevel1");
   ObjectDelete("FibLevel2");  
   ObjectDelete("FibLevel3"); 
   ObjectDelete("FibLevel4"); 
   ObjectDelete("FibLevel5"); 
   ObjectDelete("FibLevel6"); 
         
   int Is_JPY=StringFind(Symbol(),"JPY",0);
   if(Is_JPY==-1)
   {
   int DisplayDec=DisplayDecimals;
   }
   else if(Is_JPY!=-1)
   {
   DisplayDec=DisplayDecimals-2;
   }
   
   if(iHighest(NULL,0,MODE_HIGH,unitbars[0],0)<iLowest(NULL,0,MODE_LOW,unitbars[0],0)) 
   {
   // up
   ObjectCreate("FibLevel0",OBJ_TEXT,0,Time[0],Fib0[0]);
   ObjectSetText("FibLevel0",StringConcatenate("                      0.0% - ",DoubleToStr(Fib0[0],DisplayDec)),8,"Tahoma",TextColor); 
   ObjectCreate("FibLevel1",OBJ_TEXT,0,Time[0],Fib1[0]);
   ObjectSetText("FibLevel1",StringConcatenate("                       23.6% - ",DoubleToStr(Fib1[0],DisplayDec)),8,"Tahoma",TextColor);  
   ObjectCreate("FibLevel2",OBJ_TEXT,0,Time[0],Fib2[0]);
   ObjectSetText("FibLevel2",StringConcatenate("                       38.2% - ",DoubleToStr(Fib2[0],DisplayDec)),8,"Tahoma",TextColor);   
   ObjectCreate("FibLevel3",OBJ_TEXT,0,Time[0],Fib3[0]);
   ObjectSetText("FibLevel3",StringConcatenate("                       50.0% - ",DoubleToStr(Fib3[0],DisplayDec)),8,"Tahoma",TextColor); 
   ObjectCreate("FibLevel4",OBJ_TEXT,0,Time[0],Fib4[0]);
   ObjectSetText("FibLevel4",StringConcatenate("                       61.8% - ",DoubleToStr(Fib4[0],DisplayDec)),8,"Tahoma",TextColor); 
   ObjectCreate("FibLevel5",OBJ_TEXT,0,Time[0],Fib5[0]);
   ObjectSetText("FibLevel5",StringConcatenate("                        100.0% - ",DoubleToStr(Fib5[0],DisplayDec)),8,"Tahoma",TextColor); 
   ObjectCreate("FibLevel6",OBJ_TEXT,0,Time[0],Fib6[0]);
   ObjectSetText("FibLevel6",StringConcatenate("                       76.4% - ",DoubleToStr(Fib6[0],DisplayDec)),8,"Tahoma",TextColor); 
   }
   else
   {
   // down
   ObjectCreate("FibLevel0",OBJ_TEXT,0,Time[0],Fib0[0]);
   ObjectSetText("FibLevel0",StringConcatenate("                        100.0% - ",DoubleToStr(Fib0[0],DisplayDec)),8,"Tahoma",TextColor); 
   ObjectCreate("FibLevel1",OBJ_TEXT,0,Time[0],Fib1[0]);
   ObjectSetText("FibLevel1",StringConcatenate("                       76.4% - ",DoubleToStr(Fib1[0],DisplayDec)),8,"Tahoma",TextColor);
   ObjectCreate("FibLevel2",OBJ_TEXT,0,Time[0],Fib2[0]);
   ObjectSetText("FibLevel2",StringConcatenate("                       61.8% - ",DoubleToStr(Fib2[0],DisplayDec)),8,"Tahoma",TextColor);   
   ObjectCreate("FibLevel3",OBJ_TEXT,0,Time[0],Fib3[0]);
   ObjectSetText("FibLevel3",StringConcatenate("                       50.0% - ",DoubleToStr(Fib3[0],DisplayDec)),8,"Tahoma",TextColor); 
   ObjectCreate("FibLevel4",OBJ_TEXT,0,Time[0],Fib4[0]);
   ObjectSetText("FibLevel4",StringConcatenate("                       38.2% - ",DoubleToStr(Fib4[0],DisplayDec)),8,"Tahoma",TextColor); 
   ObjectCreate("FibLevel5",OBJ_TEXT,0,Time[0],Fib5[0]);
   ObjectSetText("FibLevel5",StringConcatenate("                      0.0% - ",DoubleToStr(Fib5[0],DisplayDec)),8,"Tahoma",TextColor); 
   ObjectCreate("FibLevel6",OBJ_TEXT,0,Time[0],Fib6[0]);
   ObjectSetText("FibLevel6",StringConcatenate("                       23.6% - ",DoubleToStr(Fib6[0],DisplayDec)),8,"Tahoma",TextColor); 
   }
   
   
   Comment(">> JJN-Fibo || http://jjnewark.atw.hu");
   
//----
   
//----
   return(0);
  }
//+------------------------------------------------------------------+

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