Auto Fibonacci Retracement MT5 Indicator
- Indicatori
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Yan Zhen Du
With over 13 years of experience in live trading and developing algorithmic strategies, we are proud to offer some of the most powerful and reliable Expert Advisors (EAs) for MetaTrader 4 and 5. Our tools are carefully designed to analyze real-time market movements, adapt seamlessly to changing - Versione: 2.0
What This Indicator Does:
This indicator automatically draws Fibonacci retracement levels based on ZigZag pattern detection. It identifies significant price swings and applies Fibonacci retracement levels without manual drawing.Key Features:
Automatic ZigZag Detection - Uses customizable depth, deviation, and backstep parameters to identify price swings Dynamic Fibonacci Levels - Real-time Fibonacci retracement based on the most recent ZigZag swing (updates as price moves) Static Fibonacci Levels - Historical Fibonacci retracement from previous ZigZag swing for reference Enhanced Visual Design - Clean, professional appearance with:- Green/Orange ZigZag lines for trend direction
- Blue Dynamic Fibonacci lines
- Red Static Fibonacci lines
- Customizable colors and line styles
- Enable/disable Dynamic and Static Fibonacci independently
- Ray extension options (extend lines to the right)
- Adjustable line styles and widths
Technical Parameters:
- ExtDepth (12) - ZigZag sensitivity for price swing detection
- ExtDeviation (6) - Minimum price movement required
- ExtBackstep (4) - Minimum distance between ZigZag points
Suitable For:
- All currency pairs (EURUSD, GBPUSD, USDJPY, etc.)
- Commodities (Gold, Silver, Oil)
- Indices and stocks
- All timeframes (M1 to Monthly)
- Both manual analysis and system integration
How It Works:
- Attaches to any chart automatically
- Detects ZigZag patterns based on your parameters
- Draws two sets of Fibonacci levels:
- Blue lines: Current/dynamic retracement levels
- Red lines: Previous/static retracement levels
- Updates automatically as new swings form
