Waddah Attar Monthly Fibo
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The Waddah Attar Monthly Fibo is a specialized trading tool designed to help market analysts visualize and track key price levels within a monthly timeframe. It automates the calculation of significant retracement levels, making it easier for traders to identify potential support and resistance zones at a glance.
Core Functionality
The script automatically identifies the highest point (High) and the lowest point (Low) reached during the current month. By measuring the distance between these two extremes, it establishes a "range" for the month's price action.
Key Features and Logic:
-
Automated Fibonacci Levels: The tool calculates seven specific price levels based on standard Fibonacci retracement ratios. These include:
- The Monthly High and Low.
- Key intermediate percentages: 23.6%, 38.2%, 50.0%, 61.8%, and 76.4%.
-
Visual On-Chart Mapping: Instead of requiring the user to manually draw lines, the script places visual markers directly on the chart. It identifies exactly where these Fibonacci levels sit relative to the month's price movement. Each level is clearly labeled with text (e.g., "Monthly 50%") so the user can instantly recognize the significance of each zone.
-
Real-Time Percentage Tracking: The script includes a dynamic display feature that calculates where the current market price sits relative to the monthly range. It provides a live percentage readout, showing how far the price has moved from the month's low toward its high.
How It Helps Traders:
By providing these fixed reference points, the tool helps traders understand the "geography" of the current month's price action. It highlights where significant historical pullbacks might occur or where the price might face heavy resistance, allowing for more structured decision-making based on institutional price levels rather than guesswork.
//+------------------------------------------------------------------+
//| Waddah Attar Monthly Fibo |
//| Copyright © 2007, Waddah Attar |
//| Waddah Attar waddahattar@hotmail.com |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2007, Waddah Attar waddahattar@hotmail.com"
#property link "waddahattar@hotmail.com"
//----
#property indicator_chart_window
#property indicator_buffers 7
#property indicator_color1 Orange
#property indicator_color2 Orange
#property indicator_color3 DarkOrange
#property indicator_color4 DarkOrange
#property indicator_color5 DarkOrange
#property indicator_color6 DarkOrange
#property indicator_color7 DarkOrange
extern bool ShowPercent=true;
//---- buffers
double P1Buffer[];
double P2Buffer[];
double P3Buffer[];
double P4Buffer[];
double P5Buffer[];
double P6Buffer[];
double P7Buffer[];
//----
int myPeriod = PERIOD_MN1;
//----
double Q,H,L,F;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
SetIndexBuffer(0, P1Buffer);
SetIndexBuffer(1, P2Buffer);
SetIndexBuffer(2, P3Buffer);
SetIndexBuffer(3, P4Buffer);
SetIndexBuffer(4, P5Buffer);
SetIndexBuffer(5, P6Buffer);
SetIndexBuffer(6, P7Buffer);
//----
SetIndexStyle(0, DRAW_LINE, STYLE_SOLID, 3);
SetIndexStyle(1, DRAW_LINE, STYLE_SOLID, 3);
SetIndexStyle(2, DRAW_LINE, STYLE_SOLID, 1);
SetIndexStyle(3, DRAW_LINE, STYLE_SOLID, 1);
SetIndexStyle(4, DRAW_LINE, STYLE_SOLID, 1);
SetIndexStyle(5, DRAW_LINE, STYLE_SOLID, 1);
SetIndexStyle(6, DRAW_LINE, STYLE_SOLID, 1);
//----
Comment("Waddah Attar Monthly Fibo");
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
ObjectDelete("MonthF1");
ObjectDelete("MonthF2");
ObjectDelete("MonthF3");
ObjectDelete("MonthF4");
ObjectDelete("MonthF5");
ObjectDelete("MonthF6");
ObjectDelete("MonthF7");
ObjectDelete("txtMonthF1");
ObjectDelete("txtMonthF2");
ObjectDelete("txtMonthF3");
ObjectDelete("txtMonthF4");
ObjectDelete("txtMonthF5");
ObjectDelete("txtMonthF6");
ObjectDelete("txtMonthF7");
ObjectDelete("MPercent");
Comment("");
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int i, dayi, counted_bars = IndicatorCounted();
//---- check for possible errors
if(counted_bars < 0)
return(-1);
//---- last counted bar will be recounted
if(counted_bars > 0)
counted_bars--;
int limit = Bars - counted_bars;
//----
for(i = limit - 1; i >= 0; i--)
{
dayi = iBarShift(Symbol(), myPeriod, Time[i], false);
H=iHigh(Symbol(), myPeriod,dayi + 1);
L=iLow(Symbol(), myPeriod,dayi + 1);
Q = (H-L);
//----
P1Buffer[i] = H;
SetPrice("MonthF1", Time[i], H, indicator_color1);
SetText("txtMonthF1", "Monthly High ", Time[i], H, indicator_color1);
//----
P2Buffer[i] = L;
SetPrice("MonthF2", Time[i], L, indicator_color2);
SetText("txtMonthF2", "Monthly Low ", Time[i], L, indicator_color2);
//----
P3Buffer[i] = L+(Q*0.236);
SetPrice("MonthF3", Time[i], L+(Q*0.236), indicator_color3);
SetText("txtMonthF3", "Monthly 23.6% ", Time[i], L+(Q*0.236), indicator_color3);
//----
P4Buffer[i] = L+(Q*0.382);
SetPrice("MonthF4", Time[i], L+(Q*0.382), indicator_color4);
SetText("txtMonthF4", "Monthly 38.2% ", Time[i], L+(Q*0.382), indicator_color4);
//----
P5Buffer[i] = L+(Q*0.50);
SetPrice("MonthF5", Time[i], L+(Q*0.50), indicator_color5);
SetText("txtMonthF5", "Monthly 50% ", Time[i], L+(Q*0.50), indicator_color5);
//----
P6Buffer[i] = L+(Q*0.618);
SetPrice("MonthF6", Time[i], L+(Q*0.618), indicator_color6);
SetText("txtMonthF6", "Monthly 61.8% ", Time[i], L+(Q*0.618), indicator_color6);
//----
P7Buffer[i] = L+(Q*0.764);
SetPrice("MonthF7", Time[i], L+(Q*0.764), indicator_color7);
SetText("txtMonthF7", "Monthly 76.4% ", Time[i], L+(Q*0.764), indicator_color7);
}
F=(Bid-L)/Q*100;
if (ShowPercent==true)
{
SetLabel("MPercent","M Fibo="+DoubleToStr(F,2)+"%",1,51,"Simplified Arabic Fixed",20,0,indicator_color1);
}
else
{
ObjectDelete("WPercent");
}
//----
return(0);
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
void SetPrice(string name, datetime Tm, double Prc, color clr)
{
if(ObjectFind(name) == -1)
{
ObjectCreate(name, OBJ_ARROW, 0, Tm, Prc);
ObjectSet(name, OBJPROP_COLOR, clr);
ObjectSet(name, OBJPROP_WIDTH, 1);
ObjectSet(name, OBJPROP_ARROWCODE, SYMBOL_RIGHTPRICE);
}
else
{
ObjectSet(name, OBJPROP_TIME1, Tm);
ObjectSet(name, OBJPROP_PRICE1, Prc);
ObjectSet(name, OBJPROP_COLOR, clr);
ObjectSet(name, OBJPROP_WIDTH, 1);
ObjectSet(name, OBJPROP_ARROWCODE, SYMBOL_RIGHTPRICE);
}
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
void SetText(string name, string txt, datetime Tm, double Prc, color clr)
{
if(ObjectFind(name) == -1)
{
ObjectCreate(name, OBJ_TEXT, 0, Tm, Prc);
ObjectSetText(name, txt, 10, "Times New Roman", clr);
ObjectSet(name, OBJPROP_CORNER, 2);
}
else
{
ObjectSet(name, OBJPROP_TIME1, Tm);
ObjectSet(name, OBJPROP_PRICE1, Prc);
ObjectSetText(name, txt, 10, "Times New Roman", clr);
ObjectSet(name, OBJPROP_CORNER, 2);
}
}
void SetLabel(string name,string txt,int x,int y,string font,int size,int angle,color clr)
{
int idx=0;
if(ObjectFind(name) == -1)
{
ObjectCreate(name, OBJ_LABEL, idx, 0, 0);
ObjectSetText(name, txt, size, font, clr);
ObjectSet(name, OBJPROP_XDISTANCE, x);
ObjectSet(name, OBJPROP_YDISTANCE, y);
ObjectSet(name, OBJPROP_CORNER, 2);
ObjectSet(name, OBJPROP_ANGLE, angle);
}
else
{
ObjectSet(name, OBJPROP_XDISTANCE, x);
ObjectSet(name, OBJPROP_YDISTANCE, y);
ObjectSetText(name, txt, size, font, clr);
ObjectSet(name, OBJPROP_CORNER, 2);
ObjectSet(name, OBJPROP_ANGLE, angle);
}
}
//+------------------------------------------------------------------+
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