Fibonacci ZigZag - MetaTrader 5 Script - MQL5 #16319 - MT4/MT5 Resources

The Fibo ZigaZag indicator allows the calculation of possible support and resistance levels using Fibonacci ratios.

Indicator algorithm

The indicator locates subsequent highs and lows, finds the distance between them, and calculates the percentage of that distance to the high and low (23.6%, 38.2%, 50%, 61.8%). The calculation is performed when the minimum or maximum value is completed. This indicator is a completely revised version of the standard ZigZag indicator.

Application areas

This indicator can be used to set Stop Loss and Take Profit, and partially fix profits. Traders using the Joe DiNapoli system may also be interested in this indicator.

Fibonacci levels can be a good entry point for average experts.

Indicator parameters

Attachment download

📎 zigzag.mq5 (12.99 KB)

Source: MQL5 #16319