Hello all,
I am looking for someone who can construct an indicator in MT5 for the purpose of continuously populating a selected Currency’s chart with Bullish and Bearish Fibonacci Retracements to the effect that all candles on a selected chart within the preselected timeframe will be encapsulated in one or more Fib Retracements, as well as plot new Fib Retracements as new candlesticks close overtime and fulfill charting parameters. This indicator will ultimately function as the foundation to my trading strategy which depends on these charts, so before constructing a full trading EA, I am wanting to build this Charting Function first.
Upon startup, this indicator should look for any candlesticks that fulfill the parameters of any of the 4 Bearish or 4 Bullish charting situations that are detailed to be found on a chart.
-Essentially, every candle close that is immediately preceded by a candlestick of the opposite nature will then be eligible for an initial chart to be drawn with the coordinates for the fib chart placed at the high and low of the closed candlestick in question.
-If there is a sequence of 2 or more candles that are the same nature of the most recent initial candle, then a second chart would be eventually drawn after the sequence is ended by the formation of a closed candlestick of the opposite nature.
-The other two charting instances occur when the candle, or any candle from the series of candlesticks which immediately precedes the initial charting candle possess an extended high or low that reaches a higher or lower point than the high or low of the initial candle in question then that candles relative high or low would also be an eligible coordinate for use when plotting the second point in one of these charting instances.
-In the end, there are 8 charting instances in total, which is just the 4 scenarios described above in both Bearish and Bullish Charting Setups. The examples show extra levels, but the only levels that need to be assigned to each chart are 88.6%, 100.0%, 127.0%, 161.8%, and 400.0%. I am fine to color coding being whatever is convenient.
I am attaching images that show examples of how each of the chart types would look when drawn, but the desired end goal is fairly simple to understand. I am unsure of how complicated this will be to code, but once this is completed and functional, I have at least one or 2 more jobs that will build on this tool to equal a completely functional trading algorithm for MT5.
The other two task that will need to be done after this job will be a candlestick sequence identifier which needs to determine when candlesticks from a selected time frame close specifically after touching levels from Valid Fib Retracements. After that, it will just need a signal sending function to react to a completed candlestick sequence, as well as the various functions that can enable the final EA to determine order sizes, exits, place orders, and so on…
Thank you again to any who are interested, and I look forward to getting this job completed.
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