Fibo Pivot Candle Bar
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 Fibo Pivot Candle Bar
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
This indicator is a composite of several indicators: Fibonacci, Pivot Point, ZigZag, MACD and Moving Average which are combined in this indicator.
This indicator gives advice to buy and sell with the direction of the arrow.
Update_01 (24/03/2015)
Reduced false signals, simplified the formula, and replaced the formula of the Stochastic indicator with MACD indicator.
Update_02 (26/04/2015)
Fixed code for Price Retracement FiboCandleBar.
Update_03 (18/05/2015)
Improved the performance of the Indicator.
Update_04 (16/06/2015)
Added Color Option, so that the user can change the color bar and font colors.
Update_05 (30/07/2015)
Made minor changes to the Pivot formula.
Removed unused variables.
Update_06 (16/09/2015)
Added a formula to improve the accuracy of the signal.
Update and simplify code.
Fix syntax, according to the latest updates MQL4.
Simplify the writing program.
Added Font model option.
