Elliottwave Autofibo

Combining Elliott Wave (EW) theory with Fibonacci levels creates a comprehensive framework for market structure. In this setup, we use a ZigZag engine to define the waves and then project Fibonacci Retracements and Extensions based on those specific wave coordinates.

Trading Strategy Guide

By combining these two, you can look for specific "Rules of Thumb" in Elliott Wave theory:

  • Wave 2 Correction: Usually retraces to the 50% or 61.8% Fibonacci level of Wave 1.

  • Wave 3 Extension: Often reaches the 161.8% extension of Wave 1.

  • Wave 4 Correction: Typically shallower, often finding support/resistance at the 38.2% Fibonacci level of Wave 3.

Note: Elliott Waves are fractal and subjective. If the labels look too "noisy," increase the InpDepth parameter (e.g., from 12 to 24) in the indicator settings to focus on higher timeframe structures.


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AutoFibo
Ekkasawat Pitichalermroch
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Key Features of this Script Dynamic Updating: The indicator scans the last X bars (default is 100) and identifies the extreme swing points. Native MT5 Object: It uses the OBJ_FIBO class, meaning you can still hover over the lines to see price levels or manually adjust them if needed. Customization: You can change the "Lookback Period" in the settings. A smaller period makes it more sensitive to short-term scalping, while a larger period (e.g., 200) is better for trend trading.
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