This indicator keeps a fibonacci study automatically updated to encompass the lowest low and the highest high in the currently visible portion of your chart. For those of you price action traders who always have fibs drawn and are constantly updating them to take into account new highs and lows, this indicator can save you some time.Thank you for reading this post, don't forget to subscribe!
Also plotted are two lines, one from the highest high to the high that creates the trend-line with the highest slope. Opposite for the support line.
Finally, a rectangle showing the amount of the move not yet retraced (since price made the most recent highest high or lowest low) is plotted above or below current price. This is useful if you have only the right-most portion of your chart visible from underneath other charts or due to being dragged off the left side of your monitor: you can see how much of the retracement has actually occurred without needing to see the candles that far back. This can be toggled off by setting the external variable DrawRetracementBlocks to false.
This indicator is intended to give you an overall feel for recent price action of the pair you have it plotted on.
MT4 Indicators – Download Instructions
[post-title] is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
[post-title] provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install [post-title].mq4?
- Download [post-title].mq4
- Copy [post-title].mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on [post-title].mq4
- Attach to a chart
- Modify settings or press ok
- Indicator [post-title].mq4 is available on your Chart
How to remove [post-title].mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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