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Trend Based Fibo MT5
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Features of Trend Based Fibo MT5

  • Auto-calculate up to 7 Trend-Based Fibonacci levels on an adjustable frame.
  • Adjust Fibonacci levels as needed.
  • Adjust the start and end of the calculated frame in indicator settings or visual lines on the chart.
  • Use High/Low price or Open/Close price to calculate.
  • Freeze the levels and don't recalculate when the chart moves.
  • Keep the starting point and recalculate the ending point when the chart moves to catch the latest trend.
  • Auto-Recalculate everything in the selected frame.
  • Extend the right and/or left side of lines for ease of use.
  • Move the position of level info (Level and its value) to Right or Left.
  • Show/Hide level value.
  • Set up the style (Line color and line thickness) of Fibonacci levels for better visibility.

How to Use Trend Based Fibo MT5

  • Click on the indicator name to attach it to the chart.
  • Change settings as needed.
  • The Trend-Based Fibonacci levels will be calculated and drawn on the chart.
  • Click (double-click) on the vertical dotted lines and drag them left or right to adjust the calculated frame.

What's in the Chart

  • The first line arrow represents the main trend, from the start to the end of the main trend.
  • The second line arrow represents the retracement trend, from the start to the end of the retracement trend.
  • Seven horizontal lines in different colors are the Trend-Based Fibonacci levels. The 0 level will be at the end of the retracement trend, with larger levels following in the same direction as the main trend.
  • Text on the line indicates the level and the price at that level.

Settings

  • InitStartFrame: Custom starting point of the frame to calculate Trend-Based Fibo levels, measured in the number of candles to look back.
  • InitEndFrame: Custom ending point of the frame to calculate Trend-Based Fibo levels, measured in the number of candles to look back.
  • UseOpenClosePrice: Set to True to use the Open/Close price to calculate instead of High/Low price, reducing noisy signals in some cases.
  • FreezeMode: Set to True to freeze the Fibo levels as initialized, preventing recalculation when the chart moves.
  • KeepStartingPoint: Set to True to keep the starting point of the frame, preventing movement of the first point of levels when the number of bars from the first bar to the current bar exceeds the frame setup.
  • Level1 to Level7: Seven Fibonacci levels you want to calculate.

Advantages of Trend Based Fibo MT5

  • Flexibility: Adjust levels, frames, and styles to suit your trading strategy.
  • Accuracy: Choose between High/Low and Open/Close prices for precise calculations.
  • Convenience: Auto-recalculation and extension of lines make it user-friendly.
  • Customization: Freeze levels, keep starting points, and adjust visual settings for better clarity.

Practical Application

  • Attach the indicator to your chart and customize the settings to match your trading style.
  • Use the visual lines to adjust the calculated frame and capture the latest trend.
  • Monitor the horizontal lines for potential support and resistance levels.
  • Leverage the auto-recalculation feature to stay updated with the latest market trends.

Conclusion

  • Trend Based Fibo MT5 is a powerful tool for traders looking to incorporate Fibonacci levels into their trading strategy.
  • Its flexibility, accuracy, and user-friendly features make it a valuable addition to any trader's toolkit.
  • Whether you're a novice or an experienced trader, this indicator can help you make more informed trading decisions.