Discussing the article: "Price Action Analysis Toolkit Development (Part 46): Designing an Interactive Fibonacci Retracement EA with Smart Visualization in MQL5"

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Check out the new article: Price Action Analysis Toolkit Development (Part 46): Designing an Interactive Fibonacci Retracement EA with Smart Visualization in MQL5.

Fibonacci tools are among the most popular instruments used by technical analysts. In this article, we’ll build an Interactive Fibonacci EA that draws retracement and extension levels that react dynamically to price movement, delivering real‑time alerts, stylish lines, and a scrolling news‑style headline. Another key advantage of this EA is flexibility; you can manually type the high (A) and low (B) swing values directly on the chart, giving you exact control over the market range you want to analyze.

In our previous article in this series, Price Action Analysis Toolkit Development, we focused on testing price levels to review how the market had reacted to them in the past—identifying breakouts, touches, and empirical breakout probabilities. A key feature behind that tool’s functionality was the on‑screen input panel, which allowed users to type a price level and trigger analysis with a single Analyze button.  

In this installment, we build on that same idea of typing values directly on the chart, this time improving the experience for Fibonacci Retracement analysis in MQL5. Instead of applying the standard Fibonacci tool manually, a process that can be confusing for new users, this EA offers a simpler, interactive alternative. You simply identify the swing high and low, type those values into the panel, and press Draw Fib. The EA automatically plots all relevant retracement and extension levels, then continuously monitors the chart, issuing alerts as price interacts with those levels. This automation is valuable because manual drawing alone cannot provide ongoing analysis or real‑time feedback.

Author: Christian Benjamin