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Fibo Retracement

Description 

Fibo Retracement is an indicator that automatically plots Fibonacci levels in the main chart based on Close prices, which distinguishes it from the Fibo Levels indicator that plots levels based on High/Low prices.

Thus, using both indicators provides the trader with the opportunity of determining support and resistance zones by Fibonacci!

The levels are calculated and plotted over a certain interval using the number of bars specified by the user.

The user can display Fibonacci levels of the bullish and bearish trends in different colors.

Furthermore, the indicator may be set to display the time remaining until the completion of the current bar in <d:h:m:s format, as well as Fibonacci retracements, where:

  • < - an indication of the current bar.
  • d - days.
  • h - hours.
  • m - minutes.
  • s - seconds. 


Purpose

The indicator can be used for manual or automated trading as part of an Expert Advisor. For automated trading, use the indicator buffer of double type: 

  1. Fibonacci retracement of the bullish trend - buffer 0, must not be equal to -1.
  2. Fibonacci retracement of the bearish trend - buffer 1, must not be equal to -1.


Input Parameters

  1. Bars_Number - number of bars (recommended value is 240 or 250).
  2. Show_Time - permission to display the time remaining until the completion of the current bar.
  3. Show_Percen - permission to display the current Fibonacci retracement.
  4. Fibo_Bulls - color of Fibonacci levels in the bullish environment.
  5. Fibo_Bears - color of Fibonacci levels in the bearish environment.
  6. Fibo_Style - color of the auxiliary line.
  7. Time_Info - color of the displayed information.


Recommendations

The indicator can be used successfully together with another indicators such as Impulse Systems, Inside Bars or Reversal Bars and so on.

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