Fibonacci Trendline Indicator

sangnakhon

Trader
Apr 22, 2016
17
5
9
48
This indicator is very good. It changes trendline to Fibonanci with different colors & styles of lines. But it needs 2 improvement :
1. When click Visualization Tab, even we choose only some timeframe, it still appear on all
timeframes. Please change it to appear only timeframe that we choose.
2. When we delete the trendline that produce Fibonanci lines & number, only the trendline will
be deleted, but the things it produced still be on the chart. Please change it, so that when
we delete the trendline, all things it created will be deleted too.
Thanks in advance.

How to use this indicator :

Place indicator on your chart.

Setting "TrendName" to unique value will allow the
running of multiple copies of the indicator.
(this allows you to use multiple fibs at the same time to look
for areas of confluence)

Draw a trendline where you want the fibonacci levels calculated
(same as you would to use the MT4 fib retracement tool). Open the
trendline properties box and name the trendline the same as the name
at TrendName - i.e. "Fib1".

Fib levels will calculate on next tick or you can refresh your chart.

To make changes open the indicator properties box and make adjustments

You can choose which levels to display, what color the lines are, what width
the lines are, and what style the lines are all without redrawing the fib.

To make any of the settings the "default" make changes in MetaEditor and then
compile the indicator again.

To make multiple settings for multiple TrendNames, make your settings
and then save everything as a template.
 

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Enivid

Administrator
Staff member
Nov 30, 2008
12,425
494
114
Odessa
www.earnforex.com
1. When click Visualization Tab, even we choose only some timeframe, it still appear on all
timeframes. Please change it to appear only timeframe that we choose.
Can be done by adding a group of input parameters that control object visibility on each timeframe. Cannot be done via Visualization Tab because it only controls the indicator's output buffers, not the chart objects created by the indicator.

2. When we delete the trendline that produce Fibonanci lines & number, only the trendline will
be deleted, but the things it produced still be on the chart. Please change it, so that when
we delete the trendline, all things it created will be deleted too.
Probably, can be done by scanning the objects and deleting the created objects if the original trendline is not found.
 
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Andrew101

Active Trader
Oct 3, 2016
199
9
34
40
Manchester
Fibonacci can be a great leading indicator of price targets once a Retracement level is honored. Deciding which tool to use should be a personal choice for price targets because both methods have their benefits.