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2015.10.30 12:43
Indicators

FibonacciPivot - indicator for MetaTrader 4

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Published by:
noloxe
Views:
22254
Rating:
votes: 20

Real author:

The indicator of the author LeMan — AllPivotPoint is taken as a basis.

The indicator builds levels channels beginning from the line of closing of previous day, on the basis of data of previous day: dayClose+(dayHigh-dayLow)*fibo*koeff. On Monday, except the level of closing of Friday, the level of opening of Monday is in addition drawn.

  • mondayGAP defines how to build levels on Monday: if false — levels are drawn from closing of Friday, if true — from opening of Monday;
  • Days number of days for plotting, counting of today. Zero — the whole days available in the history are processed;
  • koeff allows to squeeze & stretch a grid of levels. I recommend to put Fibonacci's numbers (0.34, 0.55, 0.618, 0.89, 1.44, 2.33).

fibo eurusd

fibo gbpusd

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/13985

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