Auto Fibo with smart Trend Detection
I want to present to you my solution in the implementation of automatic drawing of Fibo levels on the whole trend and the last trend leg. The logic of the indicator is based on the principle of swings, and when indicator gets a signal for a trend direction change, the previous key point before reversing is considered the start point of the indicator's drawing. When you test the indicator, note that changing the direction of the whole trend leg of Fibonacci often leads to a reversal of the trend. This is the main feature of the indicator that the moment of the beginning of drawing is the moment of the trend reversion by the swing logic.
You can also add several instances of the indicator to the chart and receive Fibo data from several timeframes simultaneously. That is, on the chart H1, for example, you can see the levels with H4 and D1. You can also use this property in your EA for the simultaneous processing of several timeframes.
This tool allows you to:
- Find out the direction of the trend.
- The point of the trend reversal.
- And the Fibo levels will allow you to determine the levels of trend correction
- timeframeMain - timeframe, on which the indicator will work. current - current timeframe. That is, on one chart you can place several timeframes and see their trend direction and Fibo levels.
- Fibo description - description to distinguish your Fibo from the indicator.
- Whole trend color - color of the Fibo levels, which starts from the moment of the turn of the trend to the maximum/minimum point of the trend.
- Trend leg color - color of the Fibo levels for the last leg of the trend.
- Lines style - style of the level lines.
- Lines width - thickness of the lines.