Fibonacci Retracement - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources - MetaTrader 5 Resources
This indicator plots a user-defined number of Fibonacci retracement levels on the chart without plotting Fibonacci retracement objects .
Users specify the number of bars they want to use for retracements, and the indicator then tracks the highs and lows and plots the levels accordingly.
If the new high is closer than the new low, the indicator assumes that this is an uptrend and the level indicates that the price may encounter support if it retraces. If the lows are closer than the highs, the indicator assumes it is a downtrend, and the lines show that the price may encounter resistance if it retraces.
The original ideas and code were published in the code base on mql4.com on April 11, 2011.
Attachment download
📎 fibo_retrace.mq5 (6.21 KB)
Source: MQL5 #445
Fibonacci Retracement - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resource Usage and Screening Suggestions
Fibonacci Retracement - MetaTrader 5 Script | Trading Script Download - MT4/MT5 resources are trading script 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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