This indicator will draw a fibonacci retracement from the low to high (or high to low depending on trend) on the visible candles on the chart. This means if you zoom in or zoom out on the chart, the fibonacci retracement will adjust to those changes. The indicator redraws the retracement on the next candle close when the price is breaking out of the high or low. This indicator also show the area that has not been retraced. If you do not want this to show up, set "ShowUnretracedZone" to false.
ANY SUGGESTIONS FOR IMPROVEMENT? PLEASE POST IN THIS THREAD
DISCLAIMER: No representations or warranty of any kind are being made regarding the functionality of this tool. Please use your own due diligence and use this tool at your own risk.
By downloading this tool you are agreeing not to hold me liable for any loss resulting from the use of this software. This includes, but is not limited to, loss due to errors with the software, typographical errors, user input errors, etc. I expressly disclaim any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on this MT4 Custom Indicator Software.
WITH THAT SAID, ENJOY!
nicely done. 1. problem - the dark blue line and current price background obliterates the price on my chart. suggest you allow user to select colors.
even better, please post source.
I do not have any dark blue line in this indicator, are you referring to the green rectangle that covers the zone that has not been retraced (maybe the color shows up different because I use a white background on my charts)? If so, you can either disable this function by setting the variable "ShowUnretracedZone" to false under the Inputs tab, OR you can adjust the color by changing the variable "UnretracedZone_Color" under the Inputs tab to your desired color. You can also change the Fibonacci level colors by changing the variable "Fibo_Color" under the Inputs tab to your desired color. In case you are not familiar with how to change these settings, you do it either when you apply the indicator to the chart or by going to the Indicators List (ctrl I) and double clicking the indicator. When you do either of these, the properties box shows up, click on the tab labeled Inputs, and you can change the settings by double clicking in the column under values (see attachments).
I hope this resolves the problem that you are having.
Thanks. Indicator looks great.
I haven't been around in forex that long yet. Do you have some entry rules for trades with this indicator? What timeframe can be used best for this indicator?
Thanks for your help!
Wish one could have the option to have the highest high and lowest low taken from the same day (like you normally would do, when you use the MT4 fib retracement tool)...
Otherwise, very nice indicator.
Best wishes for the New Year to all!