#SpudFibo

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#SpudFibo

This script is designed for the MetaTrader 4 platform to automatically generate and display Fibonacci retracement levels based on daily price action. It streamlines the technical analysis process by identifying key price milestones from previous trading sessions and plotting them directly on your chart.

Core Functionality

Data Identification The logic begins by scanning the historical data to find the "High" and "Low" prices of the previous day. It specifically looks for the maximum and minimum prices reached during that 24-hour period. A unique feature of this script is its ability to handle weekend gaps; if the starting point of the data falls on a Sunday, it intelligently incorporates Friday's price range to ensure the Fibonacci levels remain accurate and continuous.

Automated Drawing Once the high, low, and time of the previous day are identified, the script automatically draws three distinct sets of Fibonacci lines:

  • Upper Fibonacci: Projected upwards from the previous day's high. This helps traders visualize potential extension targets in an upward trend. It includes a wide range of levels (from 0% to 500%).
  • Lower Fibonacci: Projected downwards from the previous day's low. This allows for the visualization of potential retracements or extensions in a downward trend, featuring a comprehensive set of levels (from 0% to -500%).
  • Inner (Main) Fibonacci: If enabled in the settings, this creates a primary "bridge" between the daily high and the daily low. This is the standard retracement tool used to identify where price might stall or bounce within the previous day's established range (from 0% to 100%).

Key Features for Traders

  • Dynamic Updating: The script automatically updates every time new data is processed, ensuring that your Fibonacci levels always reflect the most recent daily price action without manual intervention.
  • Visual Clarity: The script applies specific color coding (Navy, Royal Blue, and Dodger Blue) to differentiate between the various types of Fibonacci zones, helping you distinguish between "targets" and "retracement zones" at a glance.
  • Customizable Visibility: Users can toggle the "Inner" main Fibonacci lines on or off, allowing for a cleaner chart layout depending on your specific trading style.
  • Background Integration: The levels are designed to sit in the background of your chart to ensure that they provide structural context without obstructing your ability to see price candles clearly.
Price Data Components
Series array that contains the highest prices of each barSeries array that contains the lowest prices of each bar
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#SpudFibo 
//+------------------------------------------------------------------+
//|   #SpudFibo.mq4 - downloaded from ultimaforex.com
//+------------------------------------------------------------------+
#property  indicator_chart_window

extern string note1 = "Fibonacci colors";
extern color UpperFiboColor = Navy;
extern color MainFiboColor = RoyalBlue;
extern color LowerFiboColor = DodgerBlue;
extern string note2 = "Draw main Fibonacci lines?";
extern bool  InnerFibs = true;

double HiPrice, LoPrice, Range;
datetime StartTime;

int init()
{
   return(0);
}

int deinit()
{
   ObjectDelete("FiboUp");
   ObjectDelete("FiboDn");
   ObjectDelete("FiboIn");
   return(0);
}


//+------------------------------------------------------------------+
//| Draw Fibo
//+------------------------------------------------------------------+

int DrawFibo()
{
	if(ObjectFind("FiboUp") == -1)
		ObjectCreate("FiboUp",OBJ_FIBO,0,StartTime,HiPrice+Range,StartTime,HiPrice);
	else
	{
		ObjectSet("FiboUp",OBJPROP_TIME2, StartTime);
		ObjectSet("FiboUp",OBJPROP_TIME1, StartTime);
		ObjectSet("FiboUp",OBJPROP_PRICE1,HiPrice+Range);
		ObjectSet("FiboUp",OBJPROP_PRICE2,HiPrice);
	}
   ObjectSet("FiboUp",OBJPROP_LEVELCOLOR,UpperFiboColor);
   ObjectSet("FiboUp",OBJPROP_FIBOLEVELS,14);
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+0,0.0);	ObjectSetFiboDescription("FiboUp",0,"(100.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+1,0.236);	ObjectSetFiboDescription("FiboUp",1,"(123.6%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+2,0.382);	ObjectSetFiboDescription("FiboUp",2,"(138.2%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+3,0.500);	ObjectSetFiboDescription("FiboUp",3,"(150.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+4,0.618);	ObjectSetFiboDescription("FiboUp",4,"(161.8%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+5,0.764);	ObjectSetFiboDescription("FiboUp",5,"(176.4%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+6,1.000);	ObjectSetFiboDescription("FiboUp",6,"(200.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+7,1.236);	ObjectSetFiboDescription("FiboUp",7,"(223.6%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+8,1.382);	ObjectSetFiboDescription("FiboUp",8,"(238.2%) -  %$");
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+9,1.500);	ObjectSetFiboDescription("FiboUp",9,"(250.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+10,1.618);	ObjectSetFiboDescription("FiboUp",10,"(261.8%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+11,2.000);	ObjectSetFiboDescription("FiboUp",11,"(300.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+12,2.500);	ObjectSetFiboDescription("FiboUp",12,"(350.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+13,3.000);	ObjectSetFiboDescription("FiboUp",13,"(400.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+14,3.500);	ObjectSetFiboDescription("FiboUp",14,"(450.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+15,4.000);	ObjectSetFiboDescription("FiboUp",15,"(500.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_RAY,true);
   ObjectSet("FiboUp",OBJPROP_BACK,true);

	if(ObjectFind("FiboDn") == -1)
		ObjectCreate("FiboDn",OBJ_FIBO,0,StartTime,LoPrice-Range,StartTime,LoPrice);
	else
	{
		ObjectSet("FiboDn",OBJPROP_TIME2, StartTime);
		ObjectSet("FiboDn",OBJPROP_TIME1, StartTime);
		ObjectSet("FiboDn",OBJPROP_PRICE1,LoPrice-Range);
		ObjectSet("FiboDn",OBJPROP_PRICE2,LoPrice);
	}
   ObjectSet("FiboDn",OBJPROP_LEVELCOLOR,LowerFiboColor); 
   ObjectSet("FiboDn",OBJPROP_FIBOLEVELS,19);
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+0,0.0);	ObjectSetFiboDescription("FiboDn",0,"(0.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+1,0.236);	ObjectSetFiboDescription("FiboDn",1,"(-23.6%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+2,0.382);	ObjectSetFiboDescription("FiboDn",2,"(-38.2%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+3,0.500);	ObjectSetFiboDescription("FiboDn",3,"(-50.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+4,0.618);	ObjectSetFiboDescription("FiboDn",4,"(-61.8%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+5,0.764);	ObjectSetFiboDescription("FiboDn",5,"(-76.4%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+6,1.000);	ObjectSetFiboDescription("FiboDn",6,"(-100.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+7,1.236);	ObjectSetFiboDescription("FiboDn",7,"(-123.6%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+8,1.382);	ObjectSetFiboDescription("FiboDn",8,"(-138.2%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+9,1.500);	ObjectSetFiboDescription("FiboDn",9,"(-150.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+10,1.618);	ObjectSetFiboDescription("FiboDn",10,"(-161.8%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+11,1.764);	ObjectSetFiboDescription("FiboDn",11,"(-176.4%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+12,2.000);	ObjectSetFiboDescription("FiboDn",12,"(-200.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+13,2.500);	ObjectSetFiboDescription("FiboDn",13,"(-250.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+14,3.000);	ObjectSetFiboDescription("FiboDn",14,"(-300.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+15,3.500);	ObjectSetFiboDescription("FiboDn",15,"(-350.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+16,4.000);	ObjectSetFiboDescription("FiboDn",16,"(-400.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+17,4.500);	ObjectSetFiboDescription("FiboDn",17,"(-450.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_FIRSTLEVEL+18,5.000);	ObjectSetFiboDescription("FiboDn",18,"(-500.0%) -  %$"); 
   ObjectSet("FiboDn",OBJPROP_RAY,true);
   ObjectSet("FiboDn",OBJPROP_BACK,true);

	if(InnerFibs)
	{
		if(ObjectFind("FiboIn") == -1)
			ObjectCreate("FiboIn",OBJ_FIBO,0,StartTime,HiPrice,StartTime+PERIOD_D1*60,LoPrice);
		else
		{
			ObjectSet("FiboIn",OBJPROP_TIME2, StartTime);
			ObjectSet("FiboIn",OBJPROP_TIME1, StartTime+PERIOD_D1*60);
			ObjectSet("FiboIn",OBJPROP_PRICE1,HiPrice);
			ObjectSet("FiboIn",OBJPROP_PRICE2,LoPrice);
		}
   	ObjectSet("FiboIn",OBJPROP_LEVELCOLOR,MainFiboColor); 
   	ObjectSet("FiboIn",OBJPROP_FIBOLEVELS,7);
   	ObjectSet("FiboIn",OBJPROP_FIRSTLEVEL+0,0.0);	ObjectSetFiboDescription("FiboIn",0,"Daily LOW (0.0) -  %$"); 
   	ObjectSet("FiboIn",OBJPROP_FIRSTLEVEL+1,0.236);	ObjectSetFiboDescription("FiboIn",1,"(23.6) -  %$"); 
   	ObjectSet("FiboIn",OBJPROP_FIRSTLEVEL+2,0.382);	ObjectSetFiboDescription("FiboIn",2,"(38.2) -  %$"); 
   	ObjectSet("FiboIn",OBJPROP_FIRSTLEVEL+3,0.500);	ObjectSetFiboDescription("FiboIn",3,"(50.0) -  %$"); 
   	ObjectSet("FiboIn",OBJPROP_FIRSTLEVEL+4,0.618);	ObjectSetFiboDescription("FiboIn",4,"(61.8) -  %$"); 
   	ObjectSet("FiboIn",OBJPROP_FIRSTLEVEL+5,0.764);	ObjectSetFiboDescription("FiboIn",5,"(76.4) -  %$"); 
   	ObjectSet("FiboIn",OBJPROP_FIRSTLEVEL+6,1.000);	ObjectSetFiboDescription("FiboIn",6,"Daily HIGH (100.0) -  %$"); 
   	ObjectSet("FiboIn",OBJPROP_RAY,true);
   	ObjectSet("FiboIn",OBJPROP_BACK,true);
   }
   else
	   ObjectDelete("FiboIn");
}

//+------------------------------------------------------------------+
//| Indicator start function
//+------------------------------------------------------------------+

int start()
{
	int shift	= iBarShift(NULL,PERIOD_D1,Time[0]) + 1;	// yesterday
	HiPrice		= iHigh(NULL,PERIOD_D1,shift);
	LoPrice		= iLow (NULL,PERIOD_D1,shift);
	StartTime	= iTime(NULL,PERIOD_D1,shift);

	if(TimeDayOfWeek(StartTime)==0/*Sunday*/)
	{//Add fridays high and low
		HiPrice = MathMax(HiPrice,iHigh(NULL,PERIOD_D1,shift+1));
		LoPrice = MathMin(LoPrice,iLow(NULL,PERIOD_D1,shift+1));
	}

	Range = HiPrice-LoPrice;

	DrawFibo();

	return(0);
}
//+------------------------------------------------------------------+

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