FE Fibo Expansion
This is a powerful addition to your MetaTrader 4 toolkit designed to optimize market analysis and performance. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use FE Fibo Expansion
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
Hello to all traders..
This is FE fibo expansion that I create using 2 object(P[2]) in array that represent their properties for each direction UP or DOWN.
Here is a class look like:
Where for each direction they must have 3 prices A, B and C that is upper, lower and a price between upper and lower.While, aa, bb, and cc are the bar locations for their respective prices A, B and C earlier.
Then, I used the fractal formula and a little modification to determine the 3 points upper, lower and price between them along with its directions.
I use loop from the recent bar location:
If it found 3 points of either UP or DOWN direction, the loop breaks.
I have to take out the 3 points earlier.
And finally draw using OBJ_EXPANSION object..and I use a single function DrawExpansion(...).
Here, I use
0.618,
1.000,
1.618,
2.618 and
4.236 level.
