#SpudFibo_current

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#SpudFibo_current

This script is designed for the MetaTrader 4 platform to automatically generate and display Fibonacci retracement levels based on daily price movements. Instead of requiring a trader to manually identify highs and lows and draw lines, this tool automates the visual representation of key price zones.

Core Functionality

The logic operates by identifying specific price extremes from the previous trading day. Specifically, it looks for the highest price reached and the lowest price reached during the previous 24-hour cycle. It then uses these two data points to calculate the "Range" (the distance between the high and the low) and projects three distinct sets of Fibonacci levels onto your current chart.

Key Features & Logic Components

1. Dynamic Data Gathering The script automatically detects the highs and lows of the previous day. It includes a specific logic check for Sundays: if the current day is a Sunday, it expands its search to include the Friday price data. This ensures that the retracement levels remain consistent and don't "jump" or disappear during weekend gaps.

2. The Three Fibonacci Layers The script draws three different types of Fibonacci objects simultaneously to provide a comprehensive view of market structure:

  • Upward Projection: This set projects levels based on the daily high moving upward. It features a dense array of 15 levels, specifically tailored to show various extension percentages.
  • Downward Projection: Similarly, this projects levels based on the daily low moving downward. It is more extensive than the upward projection, offering 19 different levels to capture granular price movements.
  • Inner Fibonacci (The Main Retracement): If enabled in the settings, this draws a standard retracement between the Daily Low and the Daily High. It uses 7 primary levels (including the common 38.2%, 50.0%, and 61.8% marks) to help traders identify where price might "pull back" or find support/resistance within the previous day's range.

3. Visual Customization & Automation

  • Automatic Updating: The script is programmed to refresh its calculations every time the chart updates, ensuring the lines always reflect the most recent daily data.
  • Visual Hierarchy: It uses distinct colors for different Fibonacci groups (Upper, Main, and Lower) and sets them to appear in the background of your chart so they do not clutter your primary price action view.
  • Infinite Extension: The lines are set to project forward ("Rays"), allowing you to see where the levels will fall as the current day's price progresses.

Summary for the User

Essentially, this script removes the manual labor of "mapping" the previous day's range. It automatically calculates how far the market moved yesterday and places a professional grid of Fibonacci levels on your screen today, helping you visualize potential support, resistance, and extension targets at a glance.

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_current 
//+------------------------------------------------------------------+
//|   #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,13);
   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+8,1.500);	ObjectSetFiboDescription("FiboUp",8,"(250.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+9,1.618);	ObjectSetFiboDescription("FiboUp",9,"(261.8%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+10,2.000);	ObjectSetFiboDescription("FiboUp",10,"(300.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+11,2.500);	ObjectSetFiboDescription("FiboUp",11,"(350.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+12,3.000);	ObjectSetFiboDescription("FiboUp",12,"(400.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+13,3.500);	ObjectSetFiboDescription("FiboUp",13,"(450.0%) -  %$"); 
   ObjectSet("FiboUp",OBJPROP_FIRSTLEVEL+14,4.000);	ObjectSetFiboDescription("FiboUp",14,"(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,0,0);//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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