ZigZag Fibo - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resources
This is a modified version of the original MetaQuotes MQL4 indicator with added automatic Fibonacci characteristics. It automatically plots Fibonacci retracement/projection levels based on selected swing highs/lows. Users can choose which volatility index (e.g., first, second, or third wave) to use as Fibonacci anchor points, simplifying technical analysis by eliminating manual drawing. This modification does not assert any rights to the original indicator - it simply enhances usability.
Attachment download
📎 zigzagfibo.mq4 (13.68 KB)
Source: MQL5 #58239
ZigZag Fibo - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resource Usage and Screening Suggestions
ZigZag Fibo - MetaTrader 4 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 on titles or short-term profit descriptions.
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