- Zhen Yu Li
- Version: 2.1
- Updated: 11 April 2022
- Activations: 20
Three levels of Fibonacci support and resistance levels are automatically drawn.
Month Level: Medium Orchid
Weekly level: Orange Red
Dayline level: Turquoise
Color can be adjusted by parameters.
MT5 Version: https://www.mql5.com/EN/market/product/80068
This indicator is mainly used to analyze future support and resistance levels for better trade analysis.
If the support level is effectively supported for many times, the market will break through the previous high point, and the effective trend breakout will be long.
After the down, the market cannot overshoot the pressure level for many times, and then goes down and breaks through the previous low price again, and the effective trend breaks through the short position.
When the market reaches the historical high or low price area, only two levels of Fibonacii lines may be drawn on the chart, and there is no daily level prompt, which is normal, because the indicator needs to wait for a certain space for the market to pull back before drawing, the indicator automatically draws The filtered small fluctuations in the high price range are not enough to analyze the effective support and resistance positions in the short period.
high or low prices previous day-lines: If the high point drawn at the monthly level does not conform to the chart, please adjust this parameter, generally the number of K-lines on the daily line from the previous high (low) point to the present.
Month level color: Line and file prompt color at month level
Weekly Level color: Weekly level line and file prompt color
Dayline Level color: Line and file prompt color at dayline level
Text Font Name: Set the prompt font name
Font Size for month: The month-level prompt fontsize
Font Size for wee: The week-level prompt fontsize
Font Size for day: The day-level prompt fontsize
The indicator only draws a fixed price for support and resistance. For effective analysis, please automatically add a certain number of points to the price to calculate a support and resistance range, because the market development is affected by too many factors and cannot be accurate to a fixed value. price.