Waddah Attar Weekly Fibo
Download script
This script is designed for the MetaTrader platform to provide traders with a clear visual representation of weekly price movements using Fibonacci retracement levels. Instead of manual calculations, it automates the identification of key price points based on the previous week's data to help users understand where the current market price sits in relation to that week's range.
Core Functionality
The script focuses exclusively on Weekly timeframes. It automatically scans the historical data to identify two primary anchor points for the preceding week:
- The Weekly High: The highest price reached during the previous week.
- The Weekly Low: The lowest price reached during the previous week.
Visual Elements and Calculations
Once the high and low are identified, the script calculates a series of specific Fibonacci retracement levels. These levels represent standard technical analysis milestones:
- 23.6%, 38.2%, 50%, 61.8%, and 76.4%: The script maps these percentages between the weekly high and low.
On your trading chart, the tool renders these as distinct lines accompanied by text labels. This allows you to see at a glance exactly where these "support" and "resistance" zones are located relative to the current price action.
Real-Time Data Tracking
Beyond just drawing static lines, the script provides dynamic information regarding the live market:
- Current Price: It displays the actual current market price on the screen.
- Fibonacci Percentage: It calculates the real-time percentage of where the current price is currently trading within that weekly range. For example, it tells you if the price has retraced 50% or if it is pushing toward the 76.4% mark of the previous week's move.
User Experience
The script is designed to be clean and informative:
- Automatic Updates: It constantly refreshes the labels and lines as the market moves.
- Clean Interface: It includes a toggle option (ShowPercent) that allows you to choose whether you want to see the live price and percentage data on your screen or just the Fibonacci lines.
- Visual Clarity: By labeling each line (e.g., "Weekly 61.8%"), it removes the guesswork, ensuring that every trader—regardless of experience level—can immediately identify the significant zones of interest for the week.
Price Data Components
Miscellaneous
9
Views
0
Downloads
0
Favorites
Waddah Attar Weekly Fibo
//+------------------------------------------------------------------+
//| Waddah Attar Weekly 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 Blue
#property indicator_color2 Blue
#property indicator_color3 DodgerBlue
#property indicator_color4 DodgerBlue
#property indicator_color5 DodgerBlue
#property indicator_color6 DodgerBlue
#property indicator_color7 DodgerBlue
extern bool ShowPercent=true;
//---- buffers
double P1Buffer[];
double P2Buffer[];
double P3Buffer[];
double P4Buffer[];
double P5Buffer[];
double P6Buffer[];
double P7Buffer[];
//----
int myPeriod = PERIOD_W1;
//----
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, 2);
SetIndexStyle(1, DRAW_LINE, STYLE_SOLID, 2);
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 Weekly Fibo");
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
ObjectDelete("WeekF1");
ObjectDelete("WeekF2");
ObjectDelete("WeekF3");
ObjectDelete("WeekF4");
ObjectDelete("WeekF5");
ObjectDelete("WeekF6");
ObjectDelete("WeekF7");
ObjectDelete("txtWeekF1");
ObjectDelete("txtWeekF2");
ObjectDelete("txtWeekF3");
ObjectDelete("txtWeekF4");
ObjectDelete("txtWeekF5");
ObjectDelete("txtWeekF6");
ObjectDelete("txtWeekF7");
ObjectDelete("WPercent");
ObjectDelete("WPrice");
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("WeekF1", Time[i], H, indicator_color1);
SetText("txtWeekF1", "Weekly High ", Time[i], H, indicator_color1);
//----
P2Buffer[i] = L;
SetPrice("WeekF2", Time[i], L, indicator_color2);
SetText("txtWeekF2", "Weekly Low ", Time[i], L, indicator_color2);
//----
P3Buffer[i] = L+(Q*0.236);
SetPrice("WeekF3", Time[i], L+(Q*0.236), indicator_color3);
SetText("txtWeekF3", "Weekly 23.6% ", Time[i], L+(Q*0.236), indicator_color3);
//----
P4Buffer[i] = L+(Q*0.382);
SetPrice("WeekF4", Time[i], L+(Q*0.382), indicator_color4);
SetText("txtWeekF4", "Weekly 38.2% ", Time[i], L+(Q*0.382), indicator_color4);
//----
P5Buffer[i] = L+(Q*0.50);
SetPrice("WeekF5", Time[i], L+(Q*0.50), indicator_color5);
SetText("txtWeekF5", "Weekly 50% ", Time[i], L+(Q*0.50), indicator_color5);
//----
P6Buffer[i] = L+(Q*0.618);
SetPrice("WeekF6", Time[i], L+(Q*0.618), indicator_color6);
SetText("txtWeekF6", "Weekly 61.8% ", Time[i], L+(Q*0.618), indicator_color6);
//----
P7Buffer[i] = L+(Q*0.764);
SetPrice("WeekF7", Time[i], L+(Q*0.764), indicator_color7);
SetText("txtWeekF7", "Weekly 76.4% ", Time[i], L+(Q*0.764), indicator_color7);
}
F=(Bid-L)/Q*100;
if (ShowPercent==true)
{
SetLabel("WPrice","Price ="+DoubleToStr(Bid,Digits),1,30,"Simplified Arabic Fixed",20,0,indicator_color1);
SetLabel("WPercent","W Fibo="+DoubleToStr(F,2)+"%",1,10,"Simplified Arabic Fixed",20,0,indicator_color1);
}
else
{
ObjectDelete("WPercent");
ObjectDelete("WPrice");
}
//----
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);
}
}
//+------------------------------------------------------------------+
Comments