FibSwingFlip
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FibSwingFlip
Overview
FibSwingFlip is a chart indicator for MetaTrader 5. It reads swing points on the price chart and marks changes in the displayed trend direction. At each change the indicator can draw a set of reference price levels on the chart and send a notification. The indicator does not open, modify or close orders, and it does not manage positions.
The indicator is a chart analysis tool. Trading results are not guaranteed and depend on market conditions and on the decisions of the user.
What is displayed
Each element below is controlled by an input parameter and can be turned on or off.
Element | Description |
|---|---|
BULL and BEAR marks | Arrows and text placed at a direction change |
Swing point marks | Small arrows at the swing points used by the indicator |
Current swing leg | A line between the two most recent swing points, together with the selected level line |
Reference levels | An entry level, a stop level and three target levels, each with a price label |
Reached level labels | The label of a reached level is updated to show that the level has been reached |
Colored candles | Candles drawn in the bull or bear color while a direction is active |
How to use
Attach the indicator to a chart of any symbol and timeframe. Open the Inputs tab and set the values described below. The indicator works in the chart window and manages its own chart objects. These objects are removed when the indicator is removed from the chart.
Direction marks are placed on closed bars. The forming bar is used to update the displayed reference levels and to check whether a level has been reached. If you want terminal pop-up alerts, journal records, push notifications or email messages, enable the corresponding inputs in the Alerts group. Push notifications and email require the relevant settings in the MetaTrader 5 terminal.
The indicator can also be viewed in the visual mode of the Strategy Tester.
Values outside the ranges stated below are limited to the nearest boundary.
Input parameters
Core settings
Parameter | Default | Description |
|---|---|---|
InpLeftBars | 10 | Number of bars to the left used to identify a swing point, from 1 to 50 |
InpRightBars | 10 | Number of bars to the right used to identify a swing point, from 1 to 50 |
InpBreakLevel | FSF_LEVEL_382 | Retracement level used for direction changes; available values are 23.6%, 38.2%, 50%, 61.8% and 78.6% |
InpLockSignal | false | Withholds the most recent direction mark until the next bar closes |
Trade tools
Parameter | Default | Description |
|---|---|---|
InpTradeLevels | true | Enables the displayed entry, stop and three target levels |
InpAtrPeriod | 14 | Period of the volatility measure used to place the reference levels, from 1 to 100 |
InpAtrMultiplier | 1.5 | Multiplier of the volatility measure used to place the reference levels, from 0.1 to 10 |
Visuals
Parameter | Default | Description |
|---|---|---|
InpShowLeg | false | Shows the current swing leg and the selected level line |
InpShowSwings | false | Shows swing point marks |
InpShowMarkers | true | Shows BULL and BEAR arrows and text |
InpShowTrade | true | Shows the reference level lines and their labels |
InpColorCandles | true | Colors candles according to the displayed trend direction |
InpMaxFlips | 50 | Maximum number of recent chart elements kept on the chart, from 1 to 200 |
InpArrowGapAtr | 0.3 | Distance of the arrows from the candle, in volatility units, from 0 to 5 |
InpLabelGapAtr | 0.5 | Distance of the text labels from the candle, in volatility units, from 0 to 5 |
Alerts
Parameter | Default | Description |
|---|---|---|
InpAlertPopup | true | Terminal pop-up alert |
InpAlertJournal | false | Writes the message to the terminal journal |
InpAlertPush | false | Push notification to the MetaTrader 5 terminal |
InpAlertMail | false | Email message, using the settings of the terminal |
InpActLong | long | Word used in the notification text for a bullish direction change |
InpActShort | short | Word used in the notification text for a bearish direction change |
InpActCloseLong | closelong | Word used when a long reference state ends |
InpActCloseShort | closeshort | Word used when a short reference state ends |
InpActPartLong | partialcloselong | Word used when the first or second target of a long reference state is reached |
InpActPartShort | partialcloseshort | Word used when the first or second target of a short reference state is reached |
InpTp1Percent | 33.0 | Share reported at the first target, from 1 to 100 |
InpTp2Percent | 33.0 | Share reported at the second target, from 1 to 100 |
Colors
Parameter | Default | Description |
|---|---|---|
InpClrBull | Teal | Bull marks and bull candles |
InpClrBear | Red | Bear marks, bear candles and the stop level |
InpClrLeg | Grey | Swing leg line |
InpClrLevel | Orange | Selected level line |
InpClrSwing | Light grey | Swing point marks |
InpClrText | White | Label text |
InpClrSL | Red | Stop level |
InpClrEntry | Blue | Entry level |
InpClrTp1 | Light green | First target level |
InpClrTp2 | Green | Second target level |
InpClrTp3 | Teal | Third target level |
