Metatrader Indicator (MT4/MT5)
Are you tired of plotting fibonacci retracements or extensions manually? This indicator displays fibonacci retracements or extensions automatically, calculated from two different price points, without human intervention or manual object anchoring.
- Easy to use
- Manual anchoring is not needed
- Perfect for price confluence studies
- The indicator evaluates if retracements or extensions are needed
- Once drawn, you can manually edit the fibonacci anchors
The indicator adapts to your chart size and zoom automatically:
- Zoom out to get the big picture
- Zoom in to dive into price action
When loading the expert to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks.
- Indicator Settings
- Edit the size of the small fibo object and the behavior of the indicator.
- Drawing Settings
- Choose line widths for each type of price line.
- Does the indicator repaint?
- Once the fibonacci objects are drawn, it will not repaint for a while. But as new bars appear and close in the chart, old bars are pushed out of the chart to the left, and eventually, the fibonacci objects will redraw using the latest price data.
- If I zoom in or out, the fibonacci objects change!
- Correct, the big fibonacci object tries to encompass the maximum price range visible in the chart. The small one however, draws using only the last price leg.
- Does it draw retracements or extensions?
- It draws whatever is needed at the time, according to the current price and the price leg used to anchor the fibonacci object.
- Does the indicator implement alerts?
- No, it does not.
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