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Published:

2016.06.30 12:34

Updated:

2016.11.22 07:32

ressupfibo.mq5 (16 KB) view

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The indicator displays a price momentum for a symbol accompanied by Fibo retracement markup. Pink and blue lines are displayed on a chart, as well as Fibo retracement markup indicating a market entry direction. Sell if the price breaks through the lower line and buy if it pierces the upper one. The indicator works best on H1 and higher. Support/resistance lines are calculated as local extreme values per the number of bars defined by iPeriod input parameter.

input uint  iPeriod=24;                     //price extremums searching period

The countdown for searching extreme values starts from the bar set in SignalBar.

input uint SignalBar=1;                     //bar index for searching extremums

Fig.1. ResSupFibo

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/15271

ResSup

The indicator displays a symbol price momentum.

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ResSupFibo - indicator for MetaTrader 5