Smart Fibonacci Entry MT5
- Indicators
-
Cao Minh Quang
Welcome to my profile. I am a developer MQL4 and MQL5.
Telegram: https://t.me/storevan
Thanks and regards! - Version: 1.0
- Activations: 5
The Smart Fibonacci Entry is an automated structural analysis tool, detects Break of Structure (BOS) events and automatically anchors a Fibonacci grid to the most relevant swing points. It specifically highlights the ENTRY zone, where institutional buying or selling typically occurs after a trend confirmation.
Detection
Swing Detection: The script monitors price for structural Swing Highs and Swing Lows based on your chosen pivot length.
Fibonacci Direction Shift Recognition: A direction shift is confirmed when pivot price exceeds the previous Swing Pivot High (Higher High), and a down direction shift is confirmed when price drops below the previous Swing Pivot Low (Lower Low).
Dynamic Stretching: Once a direction is established, the Fibonacci grid "breathes" with the market. If the trend continues to make new highs or lows, the grid automatically stretches to include the new extension, ensuring your retracement levels are always mathematically accurate.
Entry Zone
The Entry zone is the primary focus of this indicator. Based on ICT (Inner Circle Trader) concepts, the Entry zone represents the "sweet spot" of a retracement.
The Range: By default, the zone is plotted between the 0.618 and 0.786 Fibonacci levels.
Discount/Premium: In a bullish trend, price retreating into the Entry zone is considered "buying at a discount." In a bearish trend, a rally into the Entry zone is "selling at a premium."
Visual Clarity: The zone is highlighted with a colored box (teal for bull, rose for bear), making it easy to identify exactly where to look for price action reversal signals.
Features:
Structure Labels: Automatically marks HH (Higher High) and LL (Lower Low) points with Break-of-Structure (BOS) lines.
Swing Diagonal: A dotted line connects the two anchor points of the Fibonacci grid, providing a clear visual representation of the current swing's slope and magnitude.
Extended Levels: Horizontal Fibonacci lines (0.236, 0.382, 0.5, etc.) are projected across the chart, with price-sensitive labels that update every tick, these parameters can be easily customized.
Indicator Settings
Main Settings
- Pivot Length: Adjust this to filter between micro-structure (short length) and macro-structure (long length).
- Max Bars: The indicator starts calculating based on the number of historical candlesticks.
- Fibonacci Levels: Fully customizable boundaries for your entry zone and other levels.
- Visual Styles: Change line styles (Solid, Dashed, Dotted) and colors for the grid, labels, and structure shifts to match your chart theme.
Trading
- Entries: Instead of "chasing" a breakout, wait for the indicator identify the higher high or lower low, then wait for price to return to the Entry box.
- Confluence Tool: Use the Entry zone in conjunction with Order Blocks or Liquidity Sweeps. When an Entry zone aligns with a previously swept EQL or EQH, the probability of a reversal increases significantly.
- Objective Profit Taking: Use the 0.0 (origin) and various extension levels as objective targets for scaling out of positions.
Styles and Alert
- Styles: Adjust object line style, color configuration.
- Alert: Turn alerts on/off when Entry Zone First Touched and New LL/HH created.
