Fibo Levels indicator.
Fibo Levels - Fibonacci Fans
Do you know how to use it?
All that I know that there are many software programs which are forecasting the price on the next day for example. And some people tried to create the indicator to use it in MetaTrader instead of separate software.
I am trying to find the book or some article about Fibonacci with the description about it.
But I think members of this forum may help as well. Especially people who are trading using this Fibonacci.
newdigital, too it is very interesting to me how to work with Fibo Levels indicator.
Pictures like beautiful , even something is clear. Whether there are concrete rules?
Well. I will find simething about it.
Because I have no idea now.
Download this indicator. It should be some comments inside the mql4 code in russian language. If you understand some of comments please let me know.
All that I understand that it is support and resistence lines based on Fibonacci numbers 23.6%; 38.2%; 50%; 61.8% and in some cases 76.4%.
The theory says that the the price is stopping on those numbers, floating between two lines sometimes etc. If the price left 3 lines this price will change the direction of the trend. Most probably. Those numbers 23.6%; 38.2%; 50% and 61.8% are the levels of market correction.
I have slightly understood as it works:).
Entering parameters: nLeft, nRight. The more we set them, the the greater interval is considered.
That the variable filter means - I do not know.
The problem is that fractal channel (the blue one) is self adjusting. But not selfadjusting in a common sense. It adjusts itself after you reload metatrader (sic!) and this is very bad. Is it possible to fix this somehow? If that could be fixed this channel would be one of the most powerfull indicators you have, belive me.
I change OBJ_FIBOFAN
trading: after a new daily high or low .....look for retracement 38 or 62.
76 or 24 ...in sideways market or strong trending market
(RSI (4) can help)
:o Thanks is Great
just i wanted MANY THX