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Fibonacci SR Indicator

3

Fibonacci SR Indicator

This indicator creates support and resistance lines. This indicator is based on Fibonacci Retracement and Extension levels. It will consider many combinations of the Fibonacci levels and draw support/resistance lines based on these. This indicator uses tops and bottoms drawn by the ZigZag indicator in its calculations. The ZigZag can also be drawn on the chart, if necessary.

The indicator considers many combinations of past reversal points and Fibonacci ratio levels, and when it sees confluence of multiple lines at the same price, then this becomes a support/resistance line drawn by the indicator. A future market reversal will often occur exactly at these lines. This is an automatic indicator. So, old lines will be deleted and new lines will be drawn as the market advances.


Settings

  • Bars_Back - A certain number of bars back will be used for all calculations. The lower the number then the fewer reversal points will be used and therefore the less support and resistance lines will be drawn. The more the number of bars back then more reversal points will be used and therefore the more support and resistance lines will be drawn. 
  • Buffer_Space - This represents the maximum number of points between each calculated Fibonacci level required for confluence. The higher the number then the less exact the confluence must be. The lower the number then the more precise the confluence must be and therefore the higher the reliability. For example, let's say it is set to 10 points and the indicator is running on a non-fractional 4-digit broker (so the same as 10 pips). The indicator sees 3 Fib. retracement levels at 1.4995, 1.5000, and 1.5005. There is 10 pips difference here. So, these levels can be used. Let's say the buffer is set to only 5. Then these 3 levels cannot be used since there is a max. difference of 10 which is more than 5. The indicator can look for other combinations of lines though in this case.
  • Count_of_Lines - This controls the number of lines required to be in confluence in order to create a final support/resistance line. The higher the number, then the more reliable the drawn lines will be and vice versa.
  • The rest of the settings should be self-explanatory.


Notes

  • IMPORTANT: Check out our site using the link in my profile to find other FREE indicators and EAs!


Reviews 1
MIKHAIL GVOZDIKOV
143
MIKHAIL GVOZDIKOV 2024.01.14 13:14 
 

Отличный продукт!

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4.93 (15)
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Advanced version of CyberZingFx Volume Plus, the ultimate MT4 indicator for traders seeking highly accurate buy and sell signals. With an additional strategy and price action dot signals that enhances its effectiveness, this indicator offers a superior trading experience for professionals and beginners alike. The CyberZingFx Volume Plus Advanced version combines the power of volume analysis and historical price data with an additional strategy, resulting in even more precise and reliable signals
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Juvenille Emperor Limited
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Indicators
Matrix Arrow Indicator MT4  is a unique 10 in 1 trend following 100% non-repainting  multi-timeframe indicator that can be used on all symbols/instruments: forex, commodities, cryptocurrencies, indices, stocks.  Matrix Arrow Indicator MT4 will determine the current trend at its early stages, gathering information and data from up to 10 standard indicators, which are: Average Directional Movement Index (ADX) Commodity Channel Index (CCI) Classic Heiken Ashi candles Moving Average Moving Avera
Breakout and Retest Scanner MT4
Elif Kaya
4.71 (48)
Indicators
- Real price is 80$ - 40% Discount (It is 49$ now) - Lifetime update free Contact me for instruction, add group and any questions! Related Products:  Bitcoin Expert , Gold Expert - Non-repaint - I just sell my products in Elif Kaya profile, any other websites are stolen old versions, So no any new updates or support. Introduction The breakout and retest strategy is traded support and resistance levels. it involves price breaking through a previous level.  The break and retest strategy is design
Black dragon indicator
Ramil Minniakhmetov
4.86 (119)
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The trend detection indicator will compliment any strategy and can also be used as an independent tool. Be careful i not sell EA or sets at telegram it scam. All settings free here at   blog .  IMPORTANT! Contact me immediately after the purchase to get instructions and a bonus! Recomedation for work with indicator #8 Benefits  Easy to use; does not overload the graphic wih unnecessary information. The ability to use as filter for any strategy. Contains bult -in dynamic levels of cupport and res
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Aleksandr Makarov
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Special offer! https://www.mql5.com/ru/users/bossik2810 Gold AMS   - is a good technical stock indicator. The indicator algorithm analyzes the asset price movement and reflects volatility and potential entry zones. The indicator 100% does not repaint!!! The best indicator signals: If a signal appears, it does not disappear! Unlike indicators with redrawing, which lead to loss of deposit, because they can show a signal and then remove it. Trading with this indicator is very easy. We wait for a
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Gann Time Clusters Indicator This indicator is based on W. D. Gann's Square of 9 method for the time axis. It uses past market reversal points and applies the mathematical formula for Gann's Square of 9 and then makes projections into the future. A date/time where future projections line up is called a 'time cluster'. These time clusters are drawn as vertical lines on the right side of the chart where the market has not advanced to yet. A time cluster will result in a market reversal point (ex.
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MIKHAIL GVOZDIKOV
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MIKHAIL GVOZDIKOV 2024.01.14 13:14 
 

Отличный продукт!

Jean-Sebastien Laurent
4390
Jean-Sebastien Laurent 2014.08.23 14:18 
 

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