Auto Fractal Fibo Indicator;
MTF is required
Alert/ Alarm/ Email for every new auto fibo projection.
The conditions of Auto fibo projection;
Auto fibo projection takes place in a mono-wave (a single wave) which is from a confirmed fractal high to confirmed fractal low in downtrend
or from a confirmed fractal low to confirmed fractal high in uptrend.
Fibo projection will move to a next mono-wave (or single wave)
immediately if the following conditions/ filters are met.
1) the single wave (mono-wave) should have minimum 5 candles including the confirmed fractal high and confirmed low candles (this is a filter and number should be changeable in setting).
2) it should have minimum 21 pips (this is filter and number should be changeable in setting)
3) 2 options here, please double check the difference;
a) The new wave should break out high and or low of any previous mono-wave
b) The new wave should break out high and or low of previous fibo mono-wave (put this option as default please)
4) minimum 3 delay candles (this conditional option and number should also be changeable in setting), this is to avoid any re-painting issue.
In uptrend the fibo wave should be colored as DeepSkyBlue where fibo 0% at bottom and 100% on top of the wave
In down trend the fibo wave should be colored as Orange where fibo 0% on top and 100% at the bottom of the wave.
Non fibo waves should be left as Silver in color
Default Fibo levels
-40, -20, 0, 20, 40, 60, 100, 120, 140, 160, 180, 200 (these number should be changeable in setting)
By default;
Buy arrow signal at 60%
Add buy arrow at 40%
SL arrow at -20%
TP arrow at 160%
(these lines / levels should be shown in right hand side and their width, color and fonts should be changeable in setting)
for mono-wave guide,
an indicator called Zigzag-fractals.mq4 sent and
a rough picture file is also supplied.
Please re-check the picture and indicator file sent which should help you understand beyond this - if any confusion let me know so i can make them more clearer.
This indicator should be fast and should not require any refresh on any charts (this is important!)
Please help or advice any features make this indicator better.
Clean error-less MQ4 file is needed.
If any issues even after the deal is done the developer should be willing to solve them.
Happy Developing - be ready for building EA next.
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