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Automatic Fibonacci retracement

This indicator is based on use of Fibonacci retracement. I use Fibonacci levels for last year, month, week and day for important levels, where market stops and turns. These levels are important Price Action levels and market respect them. I do not use here traditional Fibonacci retracement, where you find high and low of certain period - such as big move up and then you look for price to retrace down and buy on fibo levels. This indicator finds high and low of last year, month, week and day and then draw Fibonacci from left to right (from high to low or low to high - it depends, what is first). Then it is good to focus on main trend and trade with trend or scalp countertrend on higher Fibonacci levels (year, month)

Yearly and Monthly Fibonacci are important for intraday trading - when you hold position from 30 minutes up to 1 day. Yearly Fibonacci is also important for swing trading - on D1 charts.

Weekly and daily Fibonacci are important for scalping - when you hold position up to 30 minutes.

Rule says, that higher Fibonacci has higher importance - Yearly Fibo is more important than daily.

In indicator you can basically setup Fibonacci levels, turn ON/OFF lines, color, style on line, width of solid line.


Parameters

For each period (Year, Month, Week, Day), you can setup:

  • Drawing - enable drawing of Fibo levels
  • Levels - Fibo levels which are used, separated by comma
  • Color - color of levels
  • Line Style - style of line - solid, dash, dot, dashdot, dashdotdot
  • Line Width - width of line, only valid for solid line
  • Text Size - size of text labels
  • Distance, Px - distance of text labels from levels
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版本 1.6 - 2017.03.10
1. You can choose different TF for finding High and Low for concrete period (Minimal Fibonacci period)
2. Normal Fibo - 100% on first high or low, from left to right. Analogically for inverted version. It is as Fibonacci retracement tool in MetaTrader 4.
版本 1.5 - 2017.02.08
1. Added normal and inverted versions of Fibo (high and low). Normal = high is 100%, low is 0%.
2. Dynamic finding high and low of period (month, year etc.), on M1 chart, little bit slower when switching TF, but more accurate levels.
3. Automatic refreshing when inserted into chart
版本 1.4 - 2016.12.23
1. Main bug fix
2. Added language versions: English, Czech, Slovak.
版本 1.3 - 2016.11.18
1. Main bug fixed
版本 1.2 - 2016.08.30
Major bug fix, option to setup text size, text distance from levels
版本 1.1 - 2016.05.18
Major bug fix and new levels - 2, 3.236, 1.618