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ZigZag with Fibonacci

This indicator uses the metaquotes ZigZag indicator as base to plot fibonacci extension and fibonacci retracement based in the Elliot waves.

A fibonacci retracement will be plotted on every wave draw by the ZigZag.

A fibonacci extension will be plotted only after the 2nd wave.


Both fibonacci will be updated over the same wave tendency. Supporting until 9 consecutive elliot waves.



Parameters:

  • Depth: How much the algorithm will iterate to find the lowest and highest candles
  • Deviation: Amount of points variation that will be ignored
  • Back Step: Maximum of candles to back for retracing (zigzag pattern is a lot less confuse with this correction enabled)


One last thing: The Data Window will indicates the zigzag levels and the fibonacci marks. The last data is the wave type code (MT5 only allows float numbers) that can be converted as:


Wave Mark Elliot Wave
0 The first (up or down)
2 The second wave up (retraction)
-2 The second wave down (retraction)
3 The third wave up (extension)
-3 The third wave down(extension)
4 The fourth wave up (retraction)
-4 The fourth wave down(retraction)
5 The fiveth wave up (extension)
-5 The fiveth wave down(extension)
6 The sixth wave up (retraction)
-6 The sixth wave down(retraction)
7 The seventh wave up (extension)
-7 The seventh wave down(extension)
8 The eighth wave up (retraction)
-8 The eighth wave down(retraction)
9 The nineth wave up (extension)
-9 The nineth wave down(extension)

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Volume Candle MT5
Rafael Caetano Pinto
This indicator shows the candles with the highest volume in the market, based on a period and above-average growth percentage. It is also possible to activate the "Show in-depth analysis" functionality that uses algorithms to paint the candles with the probably market direction instead of painting based on the opening and closing positions. EA programmers: This indicator does not redraw.
30 USD
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