ResSupFibo - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
This indicator shows the price momentum of the symbol as well as the Fibonacci retracement marks. The chart shows pink and blue lines, as well as Fibonacci retracement marks indicating the direction of market entry. If the price breaks the lower line, sell; if the price breaks the upper line, buy. This indicator works best on H1 and above. Support/resistance lines are calculated as local extrema i period input parameters according to the number of bars defined below.
Input unit i period = 24 ; //price extreme value search period
The countdown of the search for extreme values starts from the set signal bar .
Input unit signal column = 1 ; //Bar index for searching extreme values
Figure 1. Fibonacci suppression
Attachment download
📎ressupfibo.mq5 (16 KB)
Source: MQL5 #15271
ResSupFibo - MetaTrader 5 script | Foreign exchange indicator download - MT4/MT5 resource usage and screening suggestions
ResSupFibo - MetaTrader 5 script | Foreign exchange indicator download - MT4/MT5 resources are foreign exchange indicator related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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